2 bed TH sold for record price at auction - Sydney still hot?

One of my mate lives next door to this and has beeen thinking of selling his 2 bedder, but had around 800K in mind. But, he got shock of his life when the property next door was sold at auction:

Sold Price for 66/1-5 Busaco Road Marsfield NSW 2122

 

Excellent news for us!

 

Omg... shock. So cool!!
My friend has 2 in the area.

 

We bought an IP in the complex for $550k in 2011, has performed well for us since. I've seriously considered letting it go to help pay for our recent PPOR purchase. Good to know the demand is still strong at those prices, need to get it on the market asap before the spring stock comes around.

 

I beg to differ can we review this in 12 months, me thinks suckers buying at peak....ouch

 

Yes, 1 mill does sound over the top. But over time, more apartments are being built. The proportion of townhouses and houses will drop, leading to greater demand for what's existing. Anything with land will do well. Its also not far from Mac Uni, there will always be demand there. My older sister's first property was in that area but they later upgraded to Cherrybrook.

I have another friend with a 3 br unit, easy walk to Mac Uni and supermarket. It has a small "courtyard", she bought maybe 5 years ago for 550k, she reckons its worth ~950k. Having a bit of land differentiates these properties to the apartments.