在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m
Lucky owner gets 0.8 million! Good case of emotional buying!
Look, the Inner West is hot property! You see this kind of thing in every RE cycle. People are often prepared to pay more for un-renovated than fully renovated so that they can put their own stamp on things.
If the purchaser does a good reno then his figures of it costing over $1M should still stack up OK.
The floor being removed saves the demolition and removal costs for any renovator. Even better if you need to reblock, or putting in hydronic heating or ducted heating.
Even in homes where you have old floor boards in tact, you will find gaps in them, broken ones, combination of timber species from old repairs. Starting from scratch is more expensive but you may get yourself a better result.
Annandale as Prop says is a great suburb/location. However, $800k is still a good price for the vendor. That's what you get, when you have a original, well located property.
You just need to the money, effort and a little bit of vision and you have yourself a fantastic, contemporary renovated inner city property in Sydney.
The successful bidder did say he would need to spend $120k for structural repairs. Not sure if that would include the construction cost for going up one level. My guess, he would go close to that again for a full cosmetic upgrade
The full property details are showing up here on Realestate.com.au.
I'm in the "how much?!?" camp.
Graemsay said: ↑
I'm in the "how much?!?" camp. Click to expand...$650-750K is probably about right when there is plenty of this kind of stock on the market.....but there is not much 'poor quality' but good location stock at present. So the purchaser paid $50-100K over the odds BUT you can't get past the fact that there were 5 other bidders competing for the same property.
That's just where the market is. There is more demand than there is supply in the under $1.2M space in the Inner West
Graemsay said: ↑
The full property details are showing up here on Realestate.com.au.Thanks for the link - its fully detached as well.
I'm in the "how much?!?" camp. Click to expand...
That facade could look great, by water pressuring then having it tuckpointed (inclusive of the small gable), new iron verandah, some decorative Victorian lacework under the verandah, get rid of garden and replace with slate or bluestone tiles, maybe a small strip in front for some white rose (icebergs) and either a timber fence or a wrought iron fence with bluestone plinth. Maybe even some leadlight in the front windows, but a light/subtle red orange to suit brown brick and to maintain as much light in the front room.
hard to pay "too" much at an auction where there is more than 1.5 bidders ?
I don't think this is indicative of the inner west. Annandale has be come a very aspirational suburb with every yuppie sipping a latte and pushing a pram in Sydney wanting in.
I think it has tight supply and is a relatively small suburb with low listings and volume. This house in any surrounding suburb (Leichhardt for one eg) would not have brought anything like that price.
BTW: I think Annandale is the most boring inner west suburb, especially these days as its lost its character with white anglo money competing for properties like this. Ridiculous.
Propertunity said: ↑
$650-750K is probably about right when there is plenty of this kind of stock on the market.....but there is not much 'poor quality' but good location stock at present. So the purchaser paid $50-100K over the odds BUT you can't get past the fact that there were 5 other bidders competing for the same property.
That's just where the market is. There is more demand than there is supply in the under $1.2M space in the Inner West Click to expand...
As Alan points out, and I do agree here, Annandale is a hot suburb and good stock is hard to find under $1m. Most buyers in this price bracket expect to renovate or add on eventually (note no. 139 in this street sold recently for $1.04m and it had a 2nd storey with 3rd bed and 2nd bath) and are prepared to get into the area, even if it means a place that needs serious work and has no parking
Also agree that they paid $50-100K too much but that's what happens when the demand is high and there's a couple of bidders with more money in their pocket. It happens at auctions.
If you think this property is bad you should see the one we missed out on for clients late last year at nearby Forest Lodge. It was unlivable, with missing floors and ceilings yet achieved $768K at auction (more than we appraised it at and what our clients were willing to pay) but on a block about double the size of View St. Sometimes buyers also pay over the odds because they get tired of the search, think they're going to miss out, despair of finding anything in their budget etc. Like Alan, we've heard it all before and urge our clients to move on with the search if the price exceeds expectations and what we consider to be "fair" market value.
they paid 800k.
why? do you actually know why?
if not, then move along, folks. nothing to see here.
Ahh it's not that bad. Why not just live in it as is?
Would suit Lord Of The Rings Enthusiast
How does termite treatment work with townhouses like that? If that was left for 8 years with termites..wouldn't they then spread to the neighbours?
fokas said: ↑
How does termite treatment work with townhouses like that? If that was left for 8 years with termites..wouldn't they then spread to the neighbours?Click to expand...Well it was a detached property - so no common walls. Termites could not spread to neighbours if they had their own control measures in place - like chemical barriers etc.
fokas said: ↑
How does termite treatment work with townhouses like that? If that was left for 8 years with termites..wouldn't they then spread to the neighbours?Click to expand...always a possibility that they spread
but also a possibility that this was not the ony house termites from the same nest wer eating from ... they don't live in the wood, they live in underground nests.
it's almost pot luck where they turn up but sure, if you're aware of infestation next door, I'd be looking at getting your own place protected so if they choose to come looking, they can't get in.
Land Value in Hampton - Beach Rd
Melbourne has an equivalent here - well sort of. Like the old ute in the front.
nah nah this is the best one that takes the cake: http://www.domain.com.au/Public/PropertyBrochure.aspx?adid=2008455051&mode=Buy
Wunderbar said: ↑
nah nah this is the best one that takes the cake: http://www.domain.com.au/Public/PropertyBrochure.aspx?adid=2008455051&mode=BuyClick to expand...Oh Wunderbar you can't compare Melb to Sydney- we run rings around you guys Plonk that in the middle of Glebe or Annandale and you'd get twice the price!