Why would you buy in Sydney?

[cu@thetop]

This auction happened yesterday:
http://www.realestate.com.au/property-house-qld-dutton+park-118907119
Seems to have sold for $1,650,000 according to Property Monitors.

Given all the hoo-haa about 1mill median Sydney prices if you had a few extra quid you could get this. Better capital gains I reckon.

 

[Scott No Mates]

Country town, volatile prices and prolly subject to flooding. You could pick up something similar on the Maclean, Yarra or Brisbane Waters too.

 

[Biz]

Flood effected being on the river?

Plenty good buys in Sydney in the 1.5mil area. It is mainly the stuff under 700k that has gone crazy.

 

[cu@thetop]

http://floodinformation.brisbane.ql...rty_report.html?searchAddressCheck=13BORVASTD

Quite a steep block- bottom bit would have flooded but the house was miles above.
UCV of the land was 1.6 mill so I still think it was a bargain. Just sayin.

 

[DaveM]

Given all the hoo-haa about 1mill median Sydney prices if you had a few extra quid you could get this.

Why buy in Sydney? Not very useful having a PPOR in Brisbane if you work in Sydney

 

[cadence]

Prices go up ... why wouldnt you! (if you had capacity)

 

[hugh72]

Prices go up ... why wouldnt you! (if you had capacity)

Maybe that is the case but anyone contemplating joining the party late without knowing what they are doing are taking a risk IMHO

 

[Azazel]

Prices go up ... why wouldnt you! (if you had capacity)

Hehe. Wouldn't like to be the one buying right at the peak...

 

[WattleIdo]

beautiful area but rivers naturally overflow on the meanders.
Plenty of other nice places outside Sydney.

 

[cadence]

Hehe. Wouldn't like to be the one buying right at the peak...

Today's peak is tomorrow's trough
Think of those poor souls who bought at peak in 2004

 

[cadence]

beautiful area but rivers naturally overflow on the meanders.
Plenty of other nice places outside Sydney.

Couldn't agree more!

 

[C-mac]

1.5 mill in Brisbane could be spent more smartly than that.. I'd pick up 4 x houses on 600+ sqm blocks in the 10km ring of Brisbane. The combined capital growth between the four would be roughly the same, and you have a more flexible portfolio structure. Still, the land tax payable in Brisbane or Sydney is a bit off-putting!

 

[Swearengen]

There is no way I would spend 1.5 million on an investment property in sydney in today's market.

There is going to be tears when the music stops...

 

[skater]

Country town, volatile prices and prolly subject to flooding. You could pick up something similar on the Maclean, Yarra or Brisbane Waters too.

First time I've heard Brisbane quoted as a Country Town.

 

[Biz]

There is no way I would spend 1.5 million on an investment property in sydney in today's market.

There is going to be tears when the music stops...

I would spend 1.5mil before I spent 600k in Sydney at the moment.

 

[ej89]

What are the drivers of growth fir Brisbane? How undersupplied is it? How confident are the people there considering consumer confidence is what helps the growth.

 

[see_change]

Hehe. Wouldn't like to be the one buying right at the peak...

We did that with our first PPOR in concord west in around 88 .

Didn't go up for seven years . Paid just over 200 k for it in Myall .

Wish we had it now .

Leant a good lesson . Timing is important , though time helps . I like to get both on my side .

Cliff

 

[see_change]

Flood effected being on the river?

Plenty good buys in Sydney in the 1.5mil area. It is mainly the stuff under 700k that has gone crazy.

WRONG . Obviously you haven't been looking in that price bracket .

My observation is that it only when you get closer to 2 mill its softer , but if it's the right property then people will fight over it .

Late last year we saw a corner house in pymble which was very nice , but I thought would sell around 2.2-2.3 go over 2.5 because there were several people fighting for it .

Just down from us a knock down job on a good block had around 8 bidders when it went just over 1.5 . Turramurra East side . Who ever builds there , will probably only just break even , but it's a good position .

Cliff

 

[Biz]

WRONG . Obviously you haven't been looking in that price bracket .
/QUOTE]

I have, but more acerage style properties in south west sydey. There are 3 acre lots with nice houses going for around 1.5mil while 2 minutes away a 3 bed house on postage stamp block is going for 650k.

 

[cu@thetop]

First time I've heard Brisbane quoted as a Country Town.

I can't say I disagree with Scott on this point. Certainly the mentality is prevalent.