NSW Request for guidance for PPOR in Merrylands

Hello

I inspected a unit in Merrylands, NSW (Mombri Street, Merrylands, NSW 2160) ( 2 Bedrooms +1 bathroom (with an extra toilet in the laundry) + 1 garage parking.

Price Guide is 410,000--430,000.

I offered 405K but after some research, I found out that 2 units (same configuration) were sold recently in the same building for 375K--380K ( In March and April 2020).

I discussed with an agent and he said the owner of the property I am looking is Freshly painted with new blinds and carpets throughout and its ground floor and has some common grassy area for kids.

Do you think the above things should make a huge difference when compared to recent sales in the same building?

Please advise if I should go ahead with the purchase at 405K or should offer less or let it go and wait for some other property?

My plan is to get out myself from rent and due to some restrictions, I prefer to keep myself within Merrylands.

Please advise.

Thanks

 

Some do not like ground floor.

If you have kids and you have a grassy courtyard to use for yourself, then how much is that worth too you ?

Only you can ultimately decide what suits you best, do you have many other similar options at similar price ?

 

Thanks for the reply..

Well grassy coutyard is something is good to have but I dont prefer tonpay extra for that...
for other options yes I guess I can find aomething in same range

But I am not sure if I should stick with what I offered (405k) or offer less according to recent sales in the same buidling??

 

Noting that March / Apr 20 was a strange time in the market and it's probably a little higher now........

 

Agree but there is a gap of about 25k$.
Is it ok?

 

Why were you willing to offer 405?

 

To be honest It was my lack of information...I offerred 405k just randomly....now when I did some research I found that market values less than what I offerred.

 

Offer what you think its worth. Though you should find more recent comparables. Doesnt have to be in the same building.

 

Do you often offer that much money randomly? ;-) I've got a perfect place or two for you

 

There is lots to choose from in Merrylands and prices have gone nowhere with units in the last few years. One I sold about 4 years ago at $465K now selling around $420-430K. Make sure you have full understanding of the strata levies and current balances. Lots of disengaged owners.

 

Yeah, I was gonna say, your the one that needs to make your case, you already dropped them and seem to have made a deal, now you risk being a tyre kicker unless you can state a solid reason why you want to lower your offer.

If I was owner, would tell agent to ignore you if you reneg.

If you have an exclusive use grassed area on top of same floor space as others, then, it sounds ok, I mean, you could get a cheap middle floor and have the kids and you locked inside all day ?

Anyways, as said, you need to nut this all out for yourself, your basically asking us to make decisions for you, it don't work that way.