NSW Glebe

Sold for $703,000

 

Cheers.

 

Case closed

 

Yes, fair bit higher than the $600k the agent quoted. In fact, the day before the auction he changed it from $600-650k to $650k on its own.

The North facing apartment on the top floor went for $715k during the week and this ground floor west facing one went for $705k today. Both seem like great buys when you look at the market and in areas that I don't think will crash as hard as others.

 

There's always another one on the market.

 

Glebe is a fantastic suburb. I happen to live there so I know

However, in some parts of Glebe or in neighboring suburbs they are building lots of modern apartment complexes so I think at some point the market for apartments will be pretty diluted and the bargain today may end up being that hard to get rid of apartment of tomorrow as it competes with the flood of new properties.

It is however totally a blue chip suburb and one of the first in Sydney to be gentrified. It has an eclectic mix of long term residents, housing commission (in one area in particular), mixed cultures and all ages from young backpackers to yuppies to the oldies who've lived there forever. It also has great transport links, with both a bus and light rail in the suburb and lots of restaurants, parks and cafes. It's a very desirable place to live.

If you are buying an apartment then I would advise to select the location carefully.

 

I'm not sure that additional supply would bring Glebe down... It's near both UTS and Sydney Uni, so there will never be a shortage of tenants. It's not so far from Chinatown. Secondly, people like to live near the city. If their other options are similar prices but involves a commute, then why not just live somewhere that's convenient? I think the city will expand southwards and it will always be well placed.

But no crystal ball here.

 

Yes I agree with you. I don't think the apartment supply will bring Glebe down, all I'm saying is choose the location of the apartment carefully as there are some parts of Glebe that are more desirable than others and at some point there may be quite a lot of new apartments on the market. If your apartment is in the same area and doesn't have all the mod cons like the new ones then it may be hard to compete.

There are some beautiful older style apartments in the suburb that are well located and in good condition that need some spit and polish to show their real shine. In my (unprofessional) view they are the ones worth looking at. Smaller block size (12 units or so), mostly in streets with houses or few units and with parking.

That's just MHO.

 

Buy those with unique features.

 

A new apartment in Glebe is $1m up, where as an older one can be picked up for $700-800k if you look hard enough. For me they are completely different t markets.

All of Sydney is being inundated with apartments, but that for me is a risk when you're 20km from the city, not 2km. Within a 5km radius of the city, regardless of the supply, I personally don't think you can go wrong.

 

Yep.

 

Not cheap at all. I feel those older ones will definitely hold their value in the area.

Personally if you are talking a mill for a new apartment, I'd want to stretch that little bit more and go for a terrace.

 

You'd be hard pressed to get a terrace now though for under $1.1m, there's one up for auction at the moment with a price guide of $1.05m-$1.1m and it's in what I would consider a less desirable part of Glebe. I also suspect its sale price will be more around the $1.15m mark.

They are gems though. If you can get your hands on one hang onto it!

 

For my own understanding, what price difference do things like the following make:

• top floor apartment vs bottom floor apartment (boutique block of 3-5 levels)
• west facing vs east facing

If you had 2 identical apartments but one was top floor facing east and the other was bottom floor facing west, what difference would you expect?

 

Top floor vs bottom floor depends on a number of factors- does the bottom floor have a courtyard, does the top floor have views, is there a lift? One thing I like about top floors (personally) is there is no sound coming from above, and there is also the potential to purchase the roof space and build into it.

Ultimately though as an apartment buyer, neither of these factors would have a huge impact on our pricing- our apartment is on the top floor (floor 2) and when we looked at it I remember my Mum saying, "do you really want to be on the top floor and go up two flights of stairs?"- it didn't really bother us though. That said, if you had kids./ small children, I can see the benefits of living on the ground floor.

Just thinking this through now, if there were two identical apartments, lets assume no courtyard, no views and no lift, I would probably pay slightly more for:
- top floor (for reasons stated above, especically the ability to build into the roof space)
- more light
But probably no more than 5% more.

 

A November sale in Glebe.
Bargain...

http://www.domain.com.au/news/tin-s...ls-at-auction-for-169-million-20161114-gsnymh