$2430 per sqm - 45km from Sydney CBD

Discussion in 'Property Market Economics' started by standtall, 20th Oct, 2020.

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  1. standtall

    standtall Well-Known Member

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    standtall, 20th Oct, 2020
    #1
    datto and wombat777 like this.
  2. Lacrim

    Lacrim Well-Known Member

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    Buyer will prob stick a granny flat in given its a corner site and > 450sqm.
     
    Lacrim, 20th Oct, 2020
    #2
  3. Maximus

    Maximus Well-Known Member

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    Went to a duplex site auction 630m2 ~15km from the city, house was liveable brick but not great. Highest bid ended up at 800k and didnt sell, vendor bid was 900k.
    We found out from the neighbour the owner paid 860k for it in 2017 so his trying to get his purchase price plus stamp duty back.
    FOMO is real, i gotta get in quick before money is not worth holding.
     
    Maximus, 20th Oct, 2020
    #3
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    Unless they're going to hold out, they won't achieve that price considering that the last sale was near the top of the market and there has been a correction since.
     
    Scott No Mates, 20th Oct, 2020
    #4
  5. Jana

    Jana Well-Known Member

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    Shouldn’t necessary judge the herd based on one goat. This appears terrible financial decision buying this land to this price. 4 bedder with similar land would sell for that price...
     
    Jana, 20th Oct, 2020
    #5
    ashish1137 likes this.
  6. Never giveup

    Never giveup Well-Known Member

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    Never giveup, 20th Oct, 2020
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  7. snoopy

    snoopy Well-Known Member

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    Is this right? That’s an incredible price and there must have been other interest to push the price this high.
     
    snoopy, 20th Oct, 2020
    #7
  8. standtall

    standtall Well-Known Member

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    I couldn’t believe it myself but it’s being discussed to the death on FB groups and the price is correct!
     
    standtall, 20th Oct, 2020
    #8
  9. wombat777

    wombat777 Well-Known Member

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    wombat777, 20th Oct, 2020
    #9
  10. twobobsworth

    twobobsworth Well-Known Member

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    Prices in the North West on the way up. 5-10% up in the last few months. Low interest rates and metro.
     
    twobobsworth, 21st Oct, 2020
    #10
  11. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Statistical outlier and we dont know why someone would pay X.

    there may good commercial reasons that are not obvious ?

    ta
    rolf
     
    Rolf Latham, 21st Oct, 2020
    #11
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  12. Melbourne_guy

    Melbourne_guy Well-Known Member

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    It was obviously purchased based on a federal Department of Infrastructure valuation?:D
     
    Melbourne_guy, 21st Oct, 2020
    #12
    Never giveup, spludgey, marty998 and 1 other person like this.
  13. KevinJ

    KevinJ Well-Known Member

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    That is crazy, even duplex sites in NW i.e Carlingford can be bought for $1600-$1800 per sqm...
     
    KevinJ, 22nd Oct, 2020
    #13
  14. Chabs

    Chabs Well-Known Member

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    S
    Surely that’s not in Sydney?

    in which city.

    900k for 15kms from Sydney CBD is cheap..
     
    Chabs, 22nd Oct, 2020
    #14
  15. hash_investor

    hash_investor Well-Known Member

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    Very cheap. New airport is not that far from the area.
     
    hash_investor, 22nd Oct, 2020
    #15
  16. The_Billy

    The_Billy Well-Known Member

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    The airport is in completely the opposite direction.
     
    The_Billy, 23rd Oct, 2020
    #16
  17. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Was about to write the exact same thing. I can't see anything as to why someone would pay this price just for land. Maybe some desperately wants their own designed home and they work out that knocking down anything existing there would cost more...but still, there are better ways to go about this. At a bit of a loss on this one. o_O
     
    MyPropertyPro, 26th Oct, 2020
    #17
  18. wombat777

    wombat777 Well-Known Member

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    Corner location on a main road through The Ponds. Maybe something commercial - medical centre, dental practice?
     
    wombat777, 26th Oct, 2020
    #18
  19. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    They can't - that particular block is zoned R3 (medium density residential). Only possible use is a duplex or similar. Unless it has a B classification then its use is restricted.


    Parcel
    House Number 27
    Road Name Camomile Street
    Suburb The Ponds
    Type Torrens Title
    Lot Number 2701
    Plan Type Deposited Plan
    Plan Number 1178872
    Section
    Garbage Collection     Friday
    LZN (Land Zoning) BLEP2015:R3
    Bushfire Zone None
    Mainstream Flooding none
    Local Flooding none
     
    MyPropertyPro, 26th Oct, 2020
    #19
  20. Maximus

    Maximus Well-Known Member

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    In Punchbowl Sydney, so about 18km driving to CBD.
     
    Maximus, 27th Oct, 2020
    #20
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