NSW IP in St Mary's

Thanks There is sewerage piper in middle of property which will need to be considered if multi dwellings are allowed in future.. I shared sydney water diagram in another thread..

 

@thunderstrike888 this one has sydneywater diagram

 

I'm sure time will forgive all sins.

 

On The Great Western Hwy. How much you guys think this will go for? 800+Sqm. hmmmmm

https://www.realestate.com.au/property-house-nsw-st+marys-135320874

 

Too much money.

 

$680K ish?

 

Congrats, I don't think its a bad buy comparative to all other info on the page (100-150k premium for and additional 400m2 and r3 zoning)

I wouldn't care about sewage pipe (can be encased and while its costs money in the bigger picture of a development not much)

Though the property would not be developable for a while as penrith council recently (maybe 2 yrs ago) tightened up and would need need a wider frontage. Look into buying neighbours property or if your unable to consider selling with them (when their ready)

 

Yeah I was thinking between $650-$700k. I'm going to keep an eye on this one knowing this market and looking at the turnout in Whalan this may fly over the $700k mark.

 

We are thinking of buying a house in Durham St, Mt Druitt. We like the location because it’s close to the station but there is a large apartment complex on the other side of the road. We are only starting so we don’t have a good idea of what this means for the value of the place. What do you think of this part of Mt Druitt and do you have a feel about the how apartment complex affects Durham St?

 

This one right? What is the indicative price the agent have given you?

https://www.realestate.com.au/property-house-nsw-mount+druitt-135405898

To be honest I would not worry about that, infact if your lucky builders will buy this house off you for a big premium if they decide to develop units across the road. I'd be willing to buy that place if the price was right.

 

My gut's telling me this will go for $720-$750K.

 

Congrats on your home purchase James.

If it's any consolation, I found a few comps: 63 Adelaide St went for 1 mil, 31 Melbourne St went for $855k, 15 Melbourne St sold for $870k, 173 Canberra St went for $868k. You didn't do too badly on price.

All comps have similar sized land (ie. massive quarter acre blocks), within 1km of your place.

 

A few years back we considered buying this, but decided it was too much a risk for us at the time. It was three blocks in one line, on the Great Western Highway. Had an old shop at the front of one, and two houses in poor condition. Agent told us the whole lot would need demolishing, but the houses were fixable, with some elbow grease. At the time, to do it, we would have had to move there, and either rent out or sell the PPOR, as our finances just wouldn't hold up to just hold this while vacant for a long time.

Fast forward and the purchaser has fixed & leased out the two homes. The shop is still vacant. We would have put our skate business in the shop, if we couldn't have found someone to lease it.

 

Yes. That one. Guide is $800K.

 

$800k hey. I think the agent might be targeting people thinking like me and that there is a chance of rezoning and redevelopment across the road into large units as well.

If it does happen you could be in for a good profit.

 

Directly across the road on the even numbered side of Durham St is a massive complex with 72 units. So yea, they are targetting those that see the redevelopment potential.

https://www.onthehouse.com.au/prope...-1--5-durham-st-mount-druitt-nsw-2770-4139714

 

If the price guide is $800k that means it will most likely sell for $900-$1M in todays market. Plus as you mentioned and what both of us are thinking is the agent will 100% market the campaign that it has a very high chance of rezoning. If it gets rezoned this will fetch north if $1.5M+ and potential for the new owner to make some very very good profit.

 

I'm going to go bearish and say the final selling price will have an 8 leading it. I mean, they couldn't even be bothered to mow their backyard for the official marketing pics. Which I predict means every other aspect of presentation of the house would be subpar. People tend to make first impressions last. Especially in real estate for a normal person walking through a house things like decor choices and general cleanliness tend to go a long way.

Plus the selling agent is a one man band, based out of Bankstown. So very likely the current owner has a familial relationship with the agent.

 

Thanks I did my preps before bidding and bough pricefinder subscription so had sort of an idea what are compraratives.. still it is my first property and so far the biggest purchase of my life

 

When's the PropertyChat house warming party taking place?