Owner occupier in Sydney

thanks that's good to know.

 

What was the valuation? How did you get a copy of the valuation?

 

feel like i'm going to be burned for this but this was from an ANZ property profile

 

Haha, its OK no burning! Those things are notoriously erratic and can be quite inaccurate with the values that come back so I'd take it with a grain of salt

 

That sort of property profile is no more accurate than what you get on the property websites.

it is not a bank valuation, which has specific meaning for loans.

look your going to get a lot of information from experienced people here. Your opinions might be based on mistaken information. Read everything with an open mind.

 

Im seeing the same thing as you are, went to an auction today small block approx. 360m2, crappy but livable house with a fibro garage about 800m from Punchbowl station it sold for $752,000.

It just doesnt make sense to me either that people are paying this kind of money for something that needs to be knocked down in 5 years or significantly renovated and its not even brick cladding.
My relative's bought a full brick period home in Marrickville not more than 9 years ago for $650,000 with $50k worth of renovation needed.

The fact is people are willing to pay these prices and the powers that be will continue to enable them however they can as its in their interests to do so.
Its just my opinion but i cant help but feel that the pent up demand due to people waiting out the the past few years is whats driving the prices as well as lower interest rates.

 

But... what does that mean for future prices?

 

Im defiantely no expert but alot of people including an agent managing property for people i know say we are in for a recession next year and to hold off, but it all depends on how far the government is willing to go in maintaining/inflating property prices as well as external international occurences.

After todays auction for myself im really not sure, no one can say for certain what will happen and previous performance is no indicator of future performance. There can be a crash or the prices can go even more crazy all i know is real estate is bloody depressing.

Im still interested in buying but i might look for a 2 bedroom unit with add value potential in a boutique block somewhere early next year to take advantage of the first home deposit scheme, easier entry and i can maintain a healthy buffer in case of a crash.
But the question for me now is where in Sydney hasnt had a bunch of units dumped into it causing an oversupply?

 

I've been looking in the same area and ended up purchasing just west of what would be considered inner west.
Yes the market has heated up.
One observation I made was that every man and his dog was competing up to about the $1.8-$1.9million mark (this was for free standing houses)
Once you went over $2million mark, the crowd thinned out and there seemed to be better value for money.

 

Stamp duty on a 1.6m vs 2m plus property though... 1.6m and it's $73k. 2m and it's $95k.

Glad we bought when we did.