NSW $540,000 For a Whalan House & GF???

I have a house and granny flat IP in Whalan and contacted the agency that PM's it for a conservative market value estimate.

Their estimate is $540,000 to $580,000

The block is 596m2 and nothing special (Found by Propertunity - Yo the Man!!!).
The GF is a small 2 bed 45m2
Layout is like a battle axe block with shared driveway and private entry to the GF area.


$340,000 bank valuation October 2013
$420,000 bank valution February 2015

and now this extremely high estimate!!!

An estimate of $540,000 for a basic no thrills plain label property seems too high.

Would people actually pay that much or is this agent getting carried away???

 

Haha yeah I think you would get it no worries people are paying really high amounts for properties in sydney. Your combined rent would be about $680-700 ?

 

Nothing that impressive.

$560 ($310 + $250)

I understand people paying high amounts in Sydney but not the 2770 backwaters.

 

I can see little piggies flying around my head...tell him to pull the other one....

 

Yup, $540k is way too high and probably thrown out to motivate me to sell through them. The PM is great, too bad the sales people can't give reliable/honest estimates.

 

I was at a property conference on the weekend and saw someone speak who had just bought at whalan for that exact price.

 

Is this the gf build you posted in great details in ss from start to finish, as you're remote?

I believe 500k for house plus gf that is recently built, is achievable in 2770.

St marys a better suburb, but likely your bank valuer would go there for comparable if can't find any in 2770, there was on recently sold for over 700k

I see I can find some comparable in rpdata for you when I get around to it

 

Wow, would never have thought Whalan could have such high prices. Makes the Sydney market a little scary to me.

That's the one. Kudos to your memory

From what I can see (which is limited for Sydney), Whalan is one of the least desirable areas in 2770.

Comparable rpdata would be very interesting.

 

@MindMaster

don't be surprised if you get closer to that amount!

flick them to me, i ll find you buyer in few days! Plenty buyers out there with Bank approval letter with "Amount" but less knowledge of property value.

 

That Feb valuation seems very low for something with a GF. Yes, your agent is right, it IS definitely possible to get that much, however there are Agents, and there are Agents, if you know what I mean.

Wrong! The worst is Willmot! Whalan is more in demand, especially as some parts are walking distance to the shops & trains. Mind you, most in the area wouldn't walk that far, but it certainly IS doable!

 

Is the GF approved? Valuer may have ignored it if it wasnt

 

It all depends on how much of a DH the valuer is. We had two 3 bedders on one subdividable block & got a valuation of a standard house, on a standard block because the valuer thought the second one wasn't approved, which it was, and didn't think it was sub-dividable, which it was. Grrrrr

 

Here is your living proof.

35 Feramin Avenue Whalan, NSW, 2770



Purchased 2011 off DoH, put a GF on it, sold in 2015 for $540K

Sold in 7 days of listing. Plot of land and size of GF might be superior than yours, BUT the land size and yield is comparable to yours.

 

I went to an open the other day for a house with DA approval for a GF. It was on the corner of Carlisle Ave & wood.....mind blank, can't think of the name. Anyway, very busy corner with no parking. They wanted offers over $500k, and there were some people that appeared VERY interested in it. Not sure if it sold & not sure for how much, but you'd need to add another $100k min to get the flat built and there's NO parking for the flat with no room to add any. One parking space for the house, with maybe another behind it. The nearest parking spot is 5 houses away as there's a bus stop first.

 

What is the yield on that? If your getting 700 a week combined then that's a 6 almost 7 % yield which most people now would think is attractive in Sydney's mad market? No?

 

This one got me gobsmacked, on the subject of House + GF sale..

http://www.realestate.com.au/property-house-nsw-north+st+marys-119594363

North St Marys, on borderline to 2770.
PM in St Marys doesn't think N St Mary is St Marys.

 

Thank you Retirerich and every one else for your feedback.

Looks like I was too hasty in critisizing the agent and dismissing their estimate. I've exchanged more emails with the agent (helpful guy) who gave me a list of comparables in the $500's and higher.

He also mentioned that investers where keen for dual income properties where they could get gross yields of 5.2%

That made me smile. Keen for 5.2% in the current Sydney market!!! Not what you would call sophisticated investors

Be Developer, these investors must be the type you'd find

 

You mention your is battle axe. this one is also battle axe, with a teenage retreat ( legally can't rented out to separate household)..

Have a look this one

 

Try this one also.. nothing superior than your

 

should I stop? ;P
Purchased in 2014 for 355K, put a GF in, sold 570k 12months later. Look at the photos of the GF exterior..its like a shed

http://www.realestate.com.au/property-house-nsw-tregear-119226471