Sale did not make sense

Discussion in 'Property Market Economics' started by New2Property, 3rd Jun, 2018.

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  1. New2Property

    New2Property New Member

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    Hi, I am looking to buy in inner Brisbane. I've seen some properties go for crazy prices, and wondered why...for example this property sold for around $1.2m - and it only has 279sqm!
    It sold in Dec '17 and is back on the market now! Is there something I am missing? Like maybe the developer is showing a 'fake' sale at crazy prices to then sell his other development (right next door - 10A Queens Rd, Clayfield) for the same inflated price?? Does anyone know if 'fake' sales' are possible??
     
    New2Property, 3rd Jun, 2018
    #1
  2. wylie

    wylie Moderator Staff Member

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    Land size really doesn't come into it when you have a great suburb in high demand, beautiful new house with all the bells and whistles.
     
    wylie, 3rd Jun, 2018
    #2
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  3. Biz

    Biz Well-Known Member

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    You realise that is the house size not the land, right?
     
    Biz, 3rd Jun, 2018
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  4. Sackie

    Sackie Well-Known Member

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    Haven't done much research but not according to rpdata.

    Screenshot_20180603-203020.jpg
     
    Sackie, 3rd Jun, 2018
    #4
  5. Biz

    Biz Well-Known Member

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    You wanna blue?
     
    Biz, 3rd Jun, 2018
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  6. namrata

    namrata Well-Known Member

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    You can't just lump inner city Brisbane all together. Clayfield is a premium inner city suburb. Much more expensive than others.
     
    namrata, 3rd Jun, 2018
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  7. Scott No Mates

    Scott No Mates Well-Known Member

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    When I lived in Brisvegas, I would rarely travel out that far, how is it inner city?
     
    Scott No Mates, 3rd Jun, 2018
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  8. Sackie

    Sackie Well-Known Member

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    @New2Property look at this baby in Clayfield 10km from the CBD. Granted the block is 500+sqm. Built 12 years ago too. But nice price tag. Its all about supply and demand. If you have 50 of these puppies come on the market at the same time in the same area then price will take a hit. But slowly put higher end stock (supply to meet demand) in the right market areas will be snapped up.

    6 Brentwood Street, Clayfield, Qld 4011 - Property Details
     
    Sackie, 4th Jun, 2018
    #8
  9. PresentNow

    PresentNow Member

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    Fake Sales doesn't make sense, as once there is the transfer of title involved you have to pay stamp duty.

    Properties that are close to the major cities have always attracted a premium price due to closeness to amenities, to the place of work, social attractions etc... and as other posters have mentioned it is supply and demand.

    The value of the house at the end of the day is dictated by what people are willing to pay for it.
     
    PresentNow, 4th Jun, 2018
    #9