NSW How much will you buy this? Valuation experts

Hi everyone! Anyone here wants to give me a rough idea how much will you pay for this property?

14/5-9 Garfield Street, Carlton, NSW 2218

Thanks in advance for your replies.

 

You need to do better than that, no one is going to do the analysis for you....
Why do you wish to but there to live in?
Around 19 units, pool in the complex last 3B, 2B, 1G Unit 6 sold for $736K and fetches $600 rent.
For my strategy no go...

 

Yeah, it will be an OO, the street is good very close to train station and work. 20 units in the complex. If this sells for less than 650k is this worth it?

 

Enjoy shopping

 

Unit 15 sold for $622k recently (3mths) so given that was 2/1/1, had slightly better presentation and wasn't sold under duress then Unit 14 being a 3/1/1 would gain a slightly higher price although I think living floor area in Unit 14 is sacrificed to squeeze in that 3rd bed so that is a downside so I think $680K is being very optimistic in a cooling market (maybe) and closer to the suggested $650K is more likely. Just my 2c

 

And this is the reason why you need to do your own research and due diligence as unfortunately @MWI has identified the incorrect units as there are no A's or B's and definitely no pool mentioned in any listings for 5-9 Garfield Street, Carlton, NSW 2218 as confirmed by the aerial of the complex:

Google Maps

 

Yeah unit 15 was sold recently but it is more well presented, new kitchen and bathroom. This unit is just in from of 14 they are on the same floor and same building the other two buildings have different entrance, u15 is facing the back side of the complex. The smallest room still looks ok but this one has another bath so its 3-2-1.

 

If I am to renovate this unit how much does it usually a bathroom, ensuite and kitchen will cost? and if this is renovated can I get 700k valuation for this next year, given that the other units with the same size was sold for 700K+ like this one?

Property Report for 20/5 Garfield Street, Carlton NSW 2218

it's just beside this unit facing the same side of the street but in the other building.

 

My apologies I only spend a minute or so checking I did not do a thorough analysis, so one RP Data unit mentioned the pool, so my mistake.
I would assume we all do our due diligence, do you just follow blindly what someone said, regardless?

 

Seriously, how can I answer... In renovations it depends whether it will be bottom or middle or top range renovation. I would presume you would want similar what was done, so usually for cosmetic renovation you would not go beyond 10% overall cost as you may over capitalize.
In addition no one has a crystal ball, you can only go by today's value, so I have no idea what valuation will be like next year.
Perhaps compare the data for units in the suburb within last year and see how it went up or down, but past performance is not an indication of future performance.
Since you plan to live in it then I see no problem renovating and living in it and revaluing it once it's done to see if you created hence can pull out some equity, if that's what you are after?
It shouldn't matter if it will be a year precisely or more, time and market will dictate that....

 

In this market? $610/620K

 

I reckon you may only get back what you put in if lucky based on U14 ready being of reasonable quality and maybe as there are signs of a slowing market the recent upward trend may flatten so your valuation may even be the same or in a worst case scenario even lower so be careful not to over capitalise.

Tread cautiously in trying to gain large short term capital growth in strata properties where the percentage of growth is all relative to land value increases and you only own a very small portion of that in the overall value of the property.