澳洲Australia property Will this Parramatta property ever sell @


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


Hi guys,

Will the following property ever sell any where near the asking price? (Keen to hear from Buyers Agents as well - I have no interest in the property. Just keen to hear the thoughts and if you've gone in and seen the place)

http://www.realestate.com.au/property-house-nsw-north+parramatta-107552882

Recently a relative went to see this house for purchase with intent that this could be renovated. Although I myself didn't go to see it, my sister and mum went to give their opinion. The last decision was that this house is in dire need for a knockdown or a rebuild.

The property is now listed for $575k, was listed for $658k and has been on the market for over six months now. It is currently rented for $450 given the condition (though apparently the photos tell a better story than it is).

As per onthehouse it appears that the vendor bought it for $475k in 2009. Not sure if it was a high price then for the condition house is in. I am assuming the vendor may have been a first home buyer and purchased emotionally? Also, just wonder why he/she doesn't try for a DA approval instead and there may be a chance that they get a much better price than they paid for and spend on the DA...just curious.

So thoughts? comments?  

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Hard to tell from the photos but it looks like it would come up OK with a paint, recarpet and new kitchen. Bones look good enough to not be a knockdown.

Trouble is by the time you spend $50k on renos, what else can you get?  

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From what my sis and mum told me, the property had two W.C's without a sink/wash basin in the area :eek:

Understand it needs more than 50k. May be land value is what one should pay for this, but it's possible the vendor themselves over paid in 2009. A 1000sqm block with a house (not sure what condition) sold for $780k. This is around half of that and needs a lot of work. Not sure what number would an experienced investor/renovator would put on it?  

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I didn't know ppl paid that much in Parra?

Surely 2 in Mt Druitt is better value for same price or 3 in Housing Comm areas further West?  

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James, Parra is popular! It's the new CBD! 2 bed old apartments on the market start at $330k!

This was being considered as a PPOR by my relatives. But the current vendor has it on rent...so yeh definitely doesn't seem like a good investment when the rent is $450.

I had family friends who purchased brand new OTP 2 bed apartments in Parramatta with a gym, pool, tennis courts (possibly strata of $1000?) around seven or eight years ago for $450k. Sold again for "apparently" around $450k...but made a loss overall. Not sure what people do when making these decisions. I learnt the hard way too but only lost 1k and it was worth the lesson!  

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Maybe popular but definitely not investment worthy (I suppose ok as PPOR).

If you want to feel good, buy a nice place.
If you want to make money, buy the right place.

Is Granville much cheaper? Was watching Selling Houses Aust and 4 bed, 2 bath, 2 story sold for around 400k but that was 4 years ago. I'd imagine this would be over 500-550 now?  

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I don't know enough about Granville. But I'd expect it to be a bit cheaper than Parramatta. From the limited info I have the thing that isn't going for Granville and Harris Park is the demographics and the not so recent riots...  

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lol - glad I will only invest there eventually and not live anywhere near there in my lifetime!  

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I'm close to Parra and I love it. IMHO, it doesn't matter as long as you are happy where you live.  

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JWR said: ↑
lol - glad I will only invest there eventually and not live anywhere near there in my lifetime!Click to expand...
Nothing wrong with Parramatta precinct.

You may find that quite a number of the forum members here live around that middle west area of Sydney. They are also folk that have accumulated significant wealth through property. This, of course, can be done irrespective of where one lives.

I have a few doors there and I don't buy anything that I couldn't live in myself. I may not choose to live there in the first instance, however if I had to I could very easily. Great amenity.  

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Great for investing - I'm just a scaredy cat with the riots MsAli mentioned!

I'd live there too if I had to (and would have to if parents kicked me out) but will work hard to hopefully have all the choices in the world where to live.  

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Depends on your definition of 'significant wealth' I suppose.  

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MsAli said: ↑
and the not so recent riots...Click to expand...
are you referring to the Costco opening :)

ta

rolf  

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Haha :) Rolf I meant the issues in Harris Park....  

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MsAli said: ↑
Hi guys,

Will the following property ever sell any where near the asking price? (Keen to hear from Buyers Agents as well - I have no interest in the property. Just keen to hear the thoughts and if you've gone in and seen the place)

http://www.realestate.com.au/property-house-nsw-north+parramatta-107552882

Recently a relative went to see this house for purchase with intent that this could be renovated. Although I myself didn't go to see it, my sister and mum went to give their opinion. The last decision was that this house is in dire need for a knockdown or a rebuild.

The property is now listed for $575k, was listed for $658k and has been on the market for over six months now. It is currently rented for $450 given the condition (though apparently the photos tell a better story than it is).

As per onthehouse it appears that the vendor bought it for $475k in 2009. Not sure if it was a high price then for the condition house is in. I am assuming the vendor may have been a first home buyer and purchased emotionally? Also, just wonder why he/she doesn't try for a DA approval instead and there may be a chance that they get a much better price than they paid for and spend on the DA...just curious.

So thoughts? comments?Click to expand...
Parramatta and surrounds are a very diverse area and, from a simple geographical view, Brabyn St houses look cheap compared to nearby Oatlands which is considered prestigious. North Parra has some lovely renovated older homes, but this one is definitely not one of them!

Yes it's overpriced and my experience with Edmond's listings are that they seem to often be listed at whatever price the vendor wants... other properties that larger profile agencies wouldn't take on due to them being considered a waste of time. When you can still pick up a cute renovated house on the same size block for under $600K still, this one doesn't appear to be good value. Though it's a corner block size of 530sqm you're still limited by what you can build and, even then, land value isn't the price they're hoping for. Move on to other better deals IMHO. Happy hunting!  

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