2 bedder in Croydon Park deal

Been helping another friend who is wanting to buy a 2 bedder older unit relatively close to the CBD NSW. She identified a few areas and asked for my feedback. We settled on Croydon Park and she wanted me to negotiate on her and hubby's behalf. They wanted an older place with good open space so that they will renovate (hubby is very handy and carpenter by trade) and then move in and live for a few years then perhaps upgrade later on. Budget was 620k.

I spoke to many agents in the area and we inspected quite a few properties before the new year and after. I managed to get an off market deal (about to go to market). The lady is moving back to Ireland and wanted a quick, hassle free sale I was told. The place is in a boutique block with very generous sized units. This one is almost 90sqm plus lock up garage. I put in an offer that I knew would never get accepted. We offered 540k no clauses and they retuned with 560k. Personally i'd put the value at easily over 600k. Needless to say we accepted. Buyer is ecstatic and seller is happy she got her quick sale without having to go on line to make it public. Win-win.

 

Who was the agent?

 

Sorry it's private.

 

Market crash confirmed.

 

Yes, Mega crash

 

Sounds like great value in Croydon Park - your friends are lucky to have you!

 

Great work @Leo2413! Gotta say, Christmas/New year vendors are generally happy to consider to all offers presented, because you generally only list at that time if you really have to. More experienced sellers won't list at that time.

 

@Leo2413 - did you really travel that far west?

 

Cheers @Meristone . Very easy going friends so its a pleasure to help.

 

Hi @Gockie ,

That was sorta the strategy we were going for. There are lots of 2 bedders but not so many with this size sqm and lock up. All in all we made 14 or 15 offers knowing we only needed 1 great deal for the right circumstance and we were 'lucky' to come across it. Win -win for everyone and the couple are excited to bits. They find it insane that I actually enjoy the whole process.

 

It's been known to happen now and again

 

Isn't Sydney un-affordable?

 

Unless you live in Sydney.

 

This couple have been budgeting and saving for awhile. They had this goal for quite awhile and have been ready for a long time now. They feel so chuffed to finally see it become a reality. Their dream would be a terrace or semi in a similar distance to the CBD but they know they need to be realistic and work their way there. They still have quite abit of money left over so I am now helping them put a plan together to get a few IPs over the next 24 months. Eventually will sell down other assets to put their money into a semi in the future. If not 12km from the CBD then even a little further out they would be super happy with. Wife said hubby has a new bounce in his walk now.

Is Sydney unaffordable? Only if your expectations are unreasonable.

 

So may people complain about Sydney prices. In your example its easy to see even in time like now its not an issue 90sqm of living space is a large apartment buy world standards .

Me an my wife started in a 1 Bedroom apartment .
It took 10 years for us to move up the chain.
Mover to house and have IPS.

 

Great work and definitely great buying!

 

I just love reading yarns like this.

As Sydney comes back down to normality I expect to read a few more.

Corrections aren't all bad!

 

It's really all about expectations imo. That's it. Well done btw.

 

Thanks, I think the vendor had ideas of Ireland property markets and perhaps was comparing it to Australia... etc so to be honest I think that worked in our favor. Won't know for sure but it sure felt that way from the feedback I was hearing from the agent. That's what made me believe we can try to really low ball and work that angle.

 

Unless its a 35% bitcoin one