Opal Tower at Olympic Park - Residential Tower Evacuation

Show me a $400k comparable to prove your point.

 

Did I say that's the current value? As the price correction continues, that's what they will get to IMO. There is barely anything in the area. To suggest that apartments in Olympic Park and surrounds represent million dollar (or close to it) real estate is laughable. They were only purchased because people thought it was a get rich quick scheme - there is no real demand for that kind of product, certainly nothing to justify the previous purchase price. If you think otherwise, feel free to buy a couple of apartments and test your theory

 

I manage 22,000 units in the area so am perhaps more knowledgeable than you think.
You clearly said the Real Value of better apartments IS $400k. You can’t deny a statement that you have made. It’s in print!
But I’m happy to accept that you erred in your comment if you can’t find comparables within 10 kilometres. BTW this is how you find comparables
Apartments & units for Sale in Western Sydney, NSW - realestate.com.au

 

Isn't that the theory behind property investment in the 2000's? Or was it just to get money out of China before they tightened the screws?

According to the Dept of Education planners, families do not live in units, so no need for schools, no-one wants to live near the Parramatta River,

The place is a desert - Bicentennial Park, a few small sports grounds, bike paths, a high security housing development nearby, a couple of oil tanks, 4,000,000t of asbestos waste & dioxin, Wentworth Point & Rhodes shops, a rail line or two, wetlands, ferry wharf. Yup, nothing to see or do.

 

@Car tart - what's comparable with those units?

Spoiler

They both provide parking

 

At $400k these perhaps 33/6-12 The Avenue, Mount Druitt, NSW 2770

 

One is in a ********,
The other is in deep ****!

 

and both have crack

 

It probably owes the developer over 400k per unit. Goodluck getting it for 400k ... goodluck getting it at 600k.

 

Yes, the "real value" not "the current value" - i.e. the current prices are inflated. Get it?

 

Very craic

 

If the strata manager is on the hook, then it's highly unlikely they should be managing the building, especially if the building is under the current standard SCA strata management agreement.

The current standard SCA strata management agreement should be considered very carefully by any Owner's Corporation as to whether or not it is in their interest.

And, if anyone's unsure, they should reread the previous paragraph.

 

Maybe - look at the top ancestries in the suburb:
Ancestry, top responses Sydney Olympic Park %
Chinese 481 24.6 (five times the NSW average)
Korean 209 10.7
English 157 8.0
Australian 109 5.6 (four times less than the NSW average)
Indian 102 5.2

Yep, that's right. The average household size in Olympic Park is 2 people - i.e. not families.

Yep sounds like million dollar real estate to me - snap them up quick!

 

What a calamitous ending to a real estate cycle!

 

NO!
I finance $23 million in developments for third parties, $18.5 million of my own developments proceeding, a factory, a few businesses and I have residences in Sydney, Terrigal and Melbourne, and have worked 39 years in the industry, No I don’t have a clue how you can calculate what the real value is without using comparable sales. Perhaps you can give me advice.

It seems you do not understand the basics of putting a value on property.

 

Would that be specific in Olympic Park or Homebush suburb only?

 

So storm in a teacup?

 

You cracking out some moves outside your own turf Dats ?

And how much is a cracking machine worth, could the students there afford one ?

 

Yeah....journos today are a joke.....they do ask anyone, and write anything, it is why Trump could use the fake new line so effectively, they have themselves too blame.

 

It is worth more now the settlement has happened and they know it can stand up to the forces of gravity for over 6 months,