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NSW Property valuation

Discussion in 'Where to Buy' started by forever_learning, 25th Jul, 2016.

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  1. forever_learning

    forever_learning Member

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  2. Gockie

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

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    If you want to buy it, i'd honestly delete this whole thread... and pricewise... I highly doubt you'd be able to buy it for the 1.1mill
     
  3. Biz

    Biz Well-Known Member

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    Spend time researching the market. These online tools that give you an estimate are for boobs.
     
  4. Gockie

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

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    Agree. The solid/best way you'll know what its worth is by tracking what the recent comparables in the area have sold for. Ps. I see this has a wide frontage....
     
  5. forever_learning

    forever_learning Member

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    Hi Gockie, I have looked at the recent comparables but the market seems to be be moving very quickly. The house across the road sold for $1.48m but had 4bed 3 bath. The agent expects this to go higher.
    BTW what is the benefit of the wider frontage.
     
  6. forever_learning

    forever_learning Member

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    Hi Biz, have been trying my best. Just feels like I am on a treadmill, not getting anywhere!
     
  7. Biz

    Biz Well-Known Member

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    That's a good sign, means it is all going to make sense in a week or two.
     
  8. Biz

    Biz Well-Known Member

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    Seriously but... Hit the opens, look at what's on offer, take note of what it sells for and then just keep comparing. I find within a couple of months you can get a good handle on any market with reasonable stock turnover. Some areas it's easy because a lot of properties are very similar, some it takes longer but you'll get there.
     
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  9. Gockie

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

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    People love wide frontages, better street presence. And if council changes their rules... easy duplex there.
    Ditto high side, people love houses on the high side of a street. They can command 100's of thousands more.

    There is something people don't all universally love though... backing onto bush. I personally don't mind and love the bush, but others dont.

    Ditto T intersections are usually a thing that many people don't like... especially Chinese.
     
  10. forever_learning

    forever_learning Member

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    Hi Gockie, geez you have a sharp eye (picked up on the bush and T intersection). I need to do a lot of learning.
     
  11. Gockie

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

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    How about looking at places that look a bit run down and tired, but still with good bones? This one looks styled and done up - if you find a place that hasn't been given the full beautification treatment, you might not have much competition to buy, and save a bundle?
     
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  12. Gockie

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

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    Also there's a high voltage power tower down the street - that gets big negative marks.
     
  13. AlbertWT

    AlbertWT Well-Known Member

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    Using this simple tool: Onthehouse.com.au: Your Home for Property Research

    upload_2016-7-25_21-56-2.png

    is that can be considered as accurate ?
    or does it have to use RPData professional subscription for more trusted valuation ?
     
  14. Gockie

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

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    Just take all tools with a grain of salt... it may not understand everything about your property. This what it said about mine at the time I bought it, and I actually paid 1.6mill. Screenshot_2016-07-25-21-59-15.png
     
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  15. forever_learning

    forever_learning Member

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    Hi Gockie, I did notice the high voltage power tower down the street (sigh) but didn't make much of it as I thought the wires weren't running close to the house. Is there a good rule of the thumb when it comes to power towers?
     
  16. Gockie

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

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    I'll just say this house is far away enough, but I would really mark it as a negative if you were any closer. Ideally though, you wouldn't be able to see outside your house, or driving on your street at all. It's another detractor. Obviously there has to be some compromises otherwise you'd have to pay even more....
     
  17. AlbertWT

    AlbertWT Well-Known Member

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    Ah I see now.

    Thanks for the sharing @Gockie
     
  18. Scott No Mates

    Scott No Mates Well-Known Member

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    Makes the owner look slimmer when standing in front of it.
     
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  19. Mypropertyopinion

    Mypropertyopinion Member

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    Hi Forever Learning,

    I have IPs in the Hills area including Cherrybrook and Castle Hill and personally live in the area so I know the suburb relatively well.

    My estimate of this house would be ~$1.5M. This is largely based on the following:

    1. Louis Carr sold a property on the same street in June 2016 for $1.48M and hence has set the benchmark for the property you are interested in buying.

    2. I can see AlbertWT have already done some homework for you using onethehouse.com which estimated a medium price of just over $1.5M. I find that in most cases properties are usually sold between the estimated medium value and the upper estimated value.

    3. Louis Carr does quiet well in achieving great sales results for their clients compared to other agents in the area. Hence unfortunately as a buyer it will mean that you will less likely pick up a bargain with them and more likely pay a little higher than if the property was marketed through another agent in the area. I bought my Cherrybrook IP in 2013 through them, and knew even at the time that I paid $5k-$10k higher but no regrets as I locked in an IP I believed will perform well.

    4. I can see in the description that the property is zoned for Cherrybrook Tech and as a result of this you will end up paying a 10-20% premium than a property in the same suburb that is not within this school zone. I highly recommend if you are thinking of buying in Cherrybrook that you do purchase a property in the Cherrybrook Tech zone as you will be able to achieve greater CG (due to higher demand) and higher rental.

    Some useful sites to use for valuing your property or looking at historical sales would be:

    1. onthehouse.com.au
    2. Property estimate tools available on realestate.com and domain
    3. Get a RP data report. Best way not to pay is to obtain one through your bank
    4. www.ksou.cn

    Hope this helps and good luck in your property search!
     
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  20. kamchatsky

    kamchatsky Well-Known Member

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    I live in Cherrybrook. With the high voltage power lines around it, especially the tower at 55 Pogson Drive. I would offer $1.25 million at absolute most, even though I wouldn't be surprised if it sells for $1.4-5 million as they have done very well inside.

    Trevor from Louis Carr is a very shrewd REA and always drives hard for vendor. However the high voltage power line could work in your favour. I personally won't touch it. It is very hard to sell in slow markets.

    @forever_learning, Is this your PPOR?
     
    Last edited: 25th Jul, 2016
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