Can't comprehend this

$1,346,000 for an old 3 bedroom unit in Burwood
13/11 Clarence Street, Burwood, NSW 2134 - Property Details

 

it is a 3 2 2 , bit diff to a 2 1 1 or 2 1 0

What is a similar located 3 2 2 house worth there ?

 

In the same building:
Unit 16 (3-2-2) sold for $800K in July 2015: Property Report for 16/11-13 Clarence Street, Burwood NSW 2134
Unit 10 (3-2-2) sold for $630K in September 2012: 10/11-13 Clarence St, Burwood, NSW 2134 - Property Details

 

If you look at the 2012 one it is non renovated (as is the other one, original), but the 2012 price, it could have doubled, so if you factor in renovated and someone who really wanted to live there, maybe that is why ?

A 3 2 2 there is not going to be 800k today, 2-3 years from now, who knows....

Also, I do not take any price as gospel, as do not know exactly what has happened in the transaction.

 

3 br units are fairly rare to come onto the market, but it does seem like a lot of money....

 

The price is 35% higher than some typical available desktop valuations to be seen at around 1 million. It seems too far off the mark given all the relativities.

 

not worth the figures considering the numbers involved and what you can purchase with a bit of land - could be other factors involved though

 

Yep, 35% overpriced seems about right. This unit last sold in Jun 2008 for $500,000. With Sydney roughly doubling in price since then, the fair value would be around $1m. Some investor, or OO is going to be in a world of pain with negative equity when the Sydney correction comes.

 

I saw that too and my reaction was WTF.... guess someone wanted it REALLY bad.

 

This is like the third (or maybe fourth?) "WTF are they thinking in Sydney!?" Thread I've seen....

Feeling very sorry for anyone out there trying to buy their first home.....

 

What desktop valuation/s ?

If you mean the free websites, I would pay little attention to them. You would need to know this market well and look at all other sales and see the places to know if it is fair or high.

People are paying silly money everywhere for many things, later they may really regret it, or it may be chump change for them. I would not buy it either as looks high, but if was going to that area, what are the options costing, i.e a 3 bed house.

I must be getting used to the Sydney pricing

A quick search for 3 beds in area, shows all houses going to auction, I suspect all will be 2 mil probably, and there is one 3 bed townhouse, a 3 2 1 for 1.3 mil

10/218-224 Wentworth Road Burwood NSW 2134 - Townhouse for Sale #124037106 - realestate.com.au

 

This is a huge tradeoff... this has some garden but its nowhere near the train station and Burwood shops...

 

Actually it's pretty close to the station... about 5 min walk

 

?The townhouse? The units are, but not the townhouse.

 

Sorry, I thought we were still talking about Clarence St.

Yea those townhouses aren't close the station at all. At least 20-25 min walk.

 

It's a great unit: northerly aspect, largish, 2 bathrooms, privacy, quietish street, close to station.
Price? Wtf!

 

Yeah, imagine those that have been overseas for 4/5 years and not followed what has been happening, you would think you had missed 20 years.

I know some people who came back recently from working OS, thought they would just be buying a house, wrong !

 

Maybe they were hardcore AC/DC fans with a sense of history vis a vis http://burwoodhistory.com.au/wp-content/uploads/2013/02/The-Young-House2.pdf

 

As for the Burwood unit, the lounge/dining/bath is bigger than many 2 bed units of a similar age. The bedrooms are generous to say the least.

When compared to a freestanding house you're looking cheap for the area.

 

Answer: school catchment zones.