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

Discussion in 'Where to Buy' started by MindMaster, 29th Jun, 2015.

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  1. RetireRich101

    RetireRich101 Well-Known Member

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    last few...

    upload_2015-6-30_13-51-12.png

    upload_2015-6-30_13-55-21.png
     
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  2. Biz

    Biz Well-Known Member

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    I just had my one in St Clair revalued house + GF....680k.
     
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  3. RetireRich101

    RetireRich101 Well-Known Member

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    Nice, so it should be sold in open market 750K easily?. St Clair/Minchinbury/Oxley are very up market to 2770
     
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  4. Propertunity

    Propertunity Well-Known Member

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    I just saw your posts Brendon. I think your agent is pretty right on the money. Have a read on a recent experience I had in W Syd that I posted on SS: http://somersoft.com/forums/showpost.php?p=1302303&postcount=273
     
  5. Biz

    Biz Well-Known Member

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    750K might be a bit high but I wouldn't be surprised if it went for 700k. It cost me 480k all up. Rents for $795 per week combined. Cash cow.

    moooo mooooooooooo
     
  6. RetireRich101

    RetireRich101 Well-Known Member

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    Your St Clair is superior in both location and yield to below.. but yet this property achieved $725k. I think you're bit conservative..... http://www.realestate.com.au/property-house-nsw-north+st+marys-119594363

    Also St Clair is 10-15min to Badgerys Creek. When the road construction is in full swing, you're likely see interstate/contractor in the area, hence lifting rental prices.
     
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  7. Tonibell

    Tonibell Well-Known Member

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    This is exciting stuff !

    So, do granny flats now add more than their build costs in Western Sydney valuations ?
     
  8. Propertunity

    Propertunity Well-Known Member

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    I'm reliably informed by a number of mortgage brokers that there are enough comparables now for houses & granny flats (which was the issue before), that they seem to come in at $ for $ instead of 70-80c for $.
     
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  9. Biz

    Biz Well-Known Member

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    I'm still finding they don't quite make it to 1 for 1 based on the last one in Newcastle. Sydney im not so sure.

    FACT: They add value more than 1 for 1 regardless of what the valuer says. I have seen it over and over again now that the finished product sells for more than the replacement value if it is done properly.
     
  10. bythebay

    bythebay Well-Known Member

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    540k is reasonable in sydneys hot market
    I know people at my work who would be prepared to buy it off you if youre seriously considering sellimg at that price
     
  11. RetireRich101

    RetireRich101 Well-Known Member

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    probably 1 in 3 bank valuer in Sydney West still not ready to accept what house+ granny flat can achieve in open market transaction today. they will use all sort of inferior comparable against your property.
     
  12. skater

    skater Well-Known Member

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    That is very low.
    I live in St Clair & some of the prices are just silly! Unless it's a dump, I would say that $700k is quite conservative.
     
  13. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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  14. RetireRich101

    RetireRich101 Well-Known Member

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    Does anyone know if they're still selling off housing commission properties in the area?. It used to be Richardson and wrench at the root hill carousel...
     
  15. skater

    skater Well-Known Member

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    No, that stopped a while ago now.
     
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  16. sash

    sash Well-Known Member

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    OK...lets assume..$355k for house...+ stamps/purchase costs $15k + reno costs for front house $45k + GF costs 90k plus sell costs +15k...

    So the total costs $520k...that is $50k profit...really??

     
  17. RetireRich101

    RetireRich101 Well-Known Member

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    Wrong.

    no reno was done on front house. 355k included the reno to front house. rpdata archive photos confirmed

    so 355k + 90k + 15k + 15k = 475k cost

    profit 95k in 4 months!!

    yes I would
     
  18. sash

    sash Well-Known Member

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    So what does that say about its future value....no finance no deal! ;)


    Chump change mate.....sell under 4 months....40-50% tax....a mugs game...:D
     
  19. RetireRich101

    RetireRich101 Well-Known Member

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    Sash you making too much assumption here

    The vendor is Pty Ltd, so lesser tax.

    18-24 months ago, I would say 0 in 3 bank valuer would go 100% of valuation House + granny.

    Today it is 2 in 3

    Tomorrow may be 3 in 3
     
  20. sash

    sash Well-Known Member

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    Let me ask you have you done this??