NSW Glebe

What's everyone's opinion on Glebe?

There is a small 2 bedroom apartment (50sqm) going to auction in 2 weeks with a price guide of $650k.

Is this realistic?

Really like the area.

 

I like Glebe Point Road. .. lovely atmosphere.

 

Glebe Point Rd is really busy but I like the shops. How many in a block? What's the strata? I have lived in Ultimo for more than 3 years and I like it close to university, amenities and the city. Broadway shopping centre has really become attractive. I think it would go more than $650k if well positioned. Is it close to any houso?

 

^ ^ this. Properties in Sydney generally sell for over the higher end of the price guide.

 

I've been to a few apartment auctions around this range recently and it seems like in most cases, you need to add at least 100k to the price guide

 

I'll just say, you never know. Everybody might think the same way therefore nobody buys it. Worth a shot.

 

Check title. Plenty of company title in Glebe

 

Yes, but all it takes is two interested parties and the price will only go upwards. To put a price guide of 650k on a 2 bedder in Glebe almost guarantees you'll have 2 interested parties... in fact with the way things are in Sydney's inner west at the moment, you'd probably have closer to 20!

Looking at 12 months of comparables, the only thing close to that price guide was on the top floor of the big houso complex next to the dog track. OP, if 650k is getting close to the top of your budget for a 2 bedder I'm not sure Glebe is your playground.

In saying that, it is a great suburb. I rented there for a couple of years and it has everything you could want for an inner city lifestyle. But similar to Redfern next door, it has well and truly gentrified, is absolute blue chip, and the days of grabbing a bargain in the less desirable parts are over.

 

Overpriced... Not even near Glebe Point Rd ... Its up towards the end near the Deot of housing.

For 650k you can get a 1 bedroom in the City not that old unit in Glebe.

 

Yes but this is 2 Br. Small, but it is a second bedroom.
My negatives on it is that it's lacking balconies and the outlook from the windows isn't fantastic. And bedrooms a little small. Orientation not great (South-West facing). If it can be bought for 600-650k it's a good purchase for the area though.

 

I have a feeling it will go closer to the $700k mark. A 1 bedder in the block recently went for $630k.

 

And I won't disagree with you. But you never know. I bought my Darlington apartment 2 years ago, it was supposed to be sold via auction (strong market at the time too) but it didn't sell. So I made an offer the Monday straight after the auction. Got it for a price I was very happy to pay.

 

How much does the fact it is ground floor and south west facing take off the price do you think? Agent refusing to listen to offers prior to auction.

 

Gosh it's a hard one... maybe ask the agent how many contracts have been requested.

 

They just feed you crap, honestly.

 

Do you know if that agent routinely quotes low prices in their advertising but ultimately sells at much higher prices?

 

Unrenovated apartment on a higher level has gone for $715k.

For those saying $650k was too low, looks like you were right.

Thanks for the help everyone.

 

That's usually the case with Sydney properties where agent give a lower estimate to get bidding or buying frenzy. The aim is to lure you in and sell you. When everyone is trying to check out the property because it sounds like a good deal...everyone starts to think the property is worth a lot more... The difference can be huge.

 

What the OP forgot to mention was the property is with a carspace

 

You worked out the location of the property in your earlier post so you were fully aware it had a car space.