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NSW It will be interesting to see how these Marrickville sales play out

Discussion in 'Where to Buy' started by Depreciator, 30th Jun, 2015.

  1. Depreciator

    Depreciator Moderator Staff Member

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    This first one bedder was listed about ten days ago at 'offers above $525K'.

    http://www.realestate.com.au/property-unit-nsw-marrickville-120031949

    Then mid last week the unit directly above it was listed at 'offers above $450K'.

    http://www.realestate.com.au/property-apartment-nsw-marrickville-120072253

    Steven Ryan here told me about the second one - I didn't know it was on the market because there was no sign for a while. Steven knows everything about Marrickville listings.

    I had a stickybeak at both of them - the second one is across the hall from a flat I bought about 18 months ago.

    The one that was listed second had possibly the most disinterested agent I have even come across at the open. He was a nice bloke, but over 70 and he was out of area. He wasn't keen to talk much about the flat, but would talk about everything else. One potential buyer commented on the traffic in the crazy narrow street out the front. The agent shook his head and said, 'terrible street. Hopeless.'

    I waited for the agent till he was finished and helped him with his sign. I asked him what he reckoned it would go for and I said I could sign the contract and write him a cheque then and there for a 10% deposit on a $480K sale price. He said $480K might do it. Then he pointed to the other sign and said , 'They reckon they're going to get over $520K. They're kidding themselves.' When he said offers would need to be submitted Monday, so I knew it was gone.

    They changed the asking price on that second flat today to 'offers above $520K.'
     
  2. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Very interested in what happens with these. Rare for two to come up in the same block at the same time, especially in a tight market. Rarer still for two less than shining examples of agents to be selling in the area.. last one I saw sold to me $40k under value. That was over a year ago.

    I senses an opportunity and tried to take the one listed at $450k+ off the market immediately but no luck. After spending a few days trying to get a copy of the contract, I was told the vendors wanted to open it a few times first).

    These are both great units in a great spot. I'd totally live in one of them. I think both will get early $500s, maybe creep closer to mid $500s. In years to come, they'll do well. BIG, excellent open plan layout, right near Woolies and the train station + short walk to the action in Marrickville.

    Most of the 1 bed stuff that's sold in the area in the last few years has been a bit crap–small, bad location, no balcony, above commercial etc, or absolutely awesome so there aren't many comparable sales. Just really cheap and really expensive ones.
     
  3. gnome

    gnome New Member

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    Post edited as OP has updated the price
     
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    And neither have car spaces either
     
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  5. WinDyz.

    WinDyz. Well-Known Member

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    No car space = nono
     
  6. Depreciator

    Depreciator Moderator Staff Member

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    Cars aren't a big deal to lots of youngish people theses days. There is a bus stop 50 metres away, a train station 400 metres away, and two GoGet cars parked within 200 metres. Having owned cars forever, I would find it difficult to be without one, but I have nieces and a nephew who have never bothered to get a licence.
     
  7. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Scott's right. Though parking is ideal, in the inner west, particularly for this demographic (1 bed renters), many don't drive and parking isn't a priority.

    I've strategically purchased 2 x apartments in Marrickville without parking (though on-street isn't too hard to find...at the moment–that will change over time) as they are brilliantly located for transport (public transport in Marrickville is fantastic–light rail, train and bus are between 20-400m from my places).

    No vacant days and the valuers who've helped me milk and milk equity from those places don't seem fussed about the lack of parking either.

    And the $100k I saved by not buying places with car spaces left me with the deposit for another $600k property purchase.
     
  8. sash

    sash Well-Known Member

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    If that goes for that price....my 1 bdr in Dulwich Hill is a dead cert to be valued at 475k!

     
  9. Depreciator

    Depreciator Moderator Staff Member

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    The second flat is 'under contract'. I'll be interested to see how much over $520K. It's a better flat (by about $20K) than the one below it.
     
  10. WinDyz.

    WinDyz. Well-Known Member

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    Over 520 for an old 1 bed without a parking..... hmmmm... that's pretty crazy
     
  11. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    Very quick hot market still!
     
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  12. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    I spoke to the agent a couple of days ago. Vendor isn't disclosing the sale price on that one.

    That's pretty Marrickville.

    It'll probably be worth $1mil in 2025.
     
  13. WinDyz.

    WinDyz. Well-Known Member

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    You're right man..... demand is VERY strong in inner west
     
  14. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Marrickville in particular is its own beast. I'm going to be posting a topic dedicated to the suburb soon. Scott and I have both lived here for years and have watched it transforming.

    No signs of slowing down with great reputation and a slew of growth drivers to keep things ticking along.
     
  15. WinDyz.

    WinDyz. Well-Known Member

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    hahahah The problem is finding one there ahhahaha! I really want an IP there. Just need to find right time to buy!
     
  16. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    The right time to buy was prior to now.

    If you are actually interested, and OK with the possibility that the suburb may flatline for a while when Sydney slows up, let me know what you're looking for. I have pretty good rapport with a bunch of the local agents who are happy to let me know about stuff before it hits the market.
     
  17. WinDyz.

    WinDyz. Well-Known Member

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    OMG Awesome! You're the man :) I'll let you know when I'm ready. I think will be looking @ 1 bed potentially with 1 car-space. don't really mind flatline. I think Sydney is the powerhouse of Australia, and it has been proven through history that growth is strong and less volatile than say Brisbane.
     
  18. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    @WinDyz., I'd say about 60% of 1 bedders have a car space in Marrickville but most of those are a bit further away from the train lines (Dulwich Hill, Marrickville) so keep that in mind.

    It is an option to buy in a complex with separately titled car spaces (most of them are assigned to 2 bed apartments) and buy one form a neighbour in the future.

    Certainly, with a longer term investment timeline, you'll be hard pressed not to do well out of Marrickville. I'm quietly confident it'll outperform Sydney as a whole by a fair margin in the next few years.

    The two properties Scott posted in here are screamers...very rare for good (size, location, layout) 1 bedders to pop up. Let alone two at once. In fact, there's only one established 1 bed on the market at the moment in Marrickville and it doesn't even have internal photos or a description...just a disclaimer: http://www.realestate.com.au/property-unit-nsw-marrickville-120010953
     
  19. C-mac

    C-mac Well-Known Member

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    No parking is still a concern for me in this suburb. The trains on this line are actually all-stops, though the buses get to the CBD fairly fast. Still, car reliance is considerible in this area; I would try to avoid buying without parking personally.
     
  20. neK

    neK Well-Known Member

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    Actually marrickville gets the express train that skips erskineville and goes town hall first instead of museum.