NSW Small land cherrybrook

Hello all

new to this forum

I’m looking to buy a 380m2 land in cherrybrook.

Trying to understand what guide to expect with auction this weekend as the vendors / agent not giving a figure. Recent sales similar size nothing around that place. Only sales are 500 plus land with swimming pool

Any experts here who can give me an idea with current market not sure

regarding the property

catchement of CTHS
800m to metro
It’s irregular shape land
Backyard is very less ( perfect for us- easy to maintain )
4 bhk decent size
2.5 km to cths and shops
No pool
It’s got a levy under 500$ a year


Thank you

 

Such land may have a valuation impact as the size may limit its use especially if a unusual size and this also hiders use. I would want to know what limits to development apply. Setbacks may consume a decent % of the land available. or restrict design choices etc.

What levy?

I would be seeking urgent TP advice on use of the land before anything. Then legal advice if you remain interested. Also should be raising with broker who may indicate any concerns and desktop val etc.

 

Seek independent town planning advice or contact the council's duty planner to discuss the land potential. DCP may have some restrictions on the development. 380sqm subdivision is a little unusual for that area. FSR (0.5:1) 190sqm construction will be small for that area. irregular shape will make construction expensive.

 

Levy - as it’s group of properties in one big plot most of the properties near metro have those charges. It’s not town house

construction is 15 years old by binnet homes

legal side all clear

broker says as per corelogic 2-2.1

Sorry what’s TP advice

 

It’s 15 years old property .. with broker corelogic price range 2-2.1

it’s by binnet homes

 

Recent one or 2 sale corelogic price didn’t match - auction that’s y trying to see what to expect

 

okay, i thought you buying land and you will construct later.

For an existing home, you don't need to seeking town planning advice.

 

Oops sorry

Ya it’s constructed plot unable to see what’s the price expected

I don’t want to over quote also how can I gauge the price

 

https://www.realestate.com.au/sold/property-duplex+semi-detached-nsw-cherrybrook-136991246
Sold for $ 1.56m it is a duplex with 380sqm land. I think the price may be $ 1.6-18m.

I would not pay $2-21m for a tiny home.

$ 2.2-2.3 can get you a decent house in the area.

You buying at hot market when you sale in future, people will compare it with duplex and ask for massive discount. good luck with auction.

 

Is this the property you are referring to? I knew some people who lives in the same street/complex.

https://www.realestate.com.au/property-house-nsw-cherrybrook-137301746

If it is, it would easily for more than 2m for sure. The house within the same complex was sold at 2.055m:
https://www.realestate.com.au/sold/property-house-nsw-cherrybrook-136752290

So I would say mid 2.1-2.2m.

 

yes same property

the house which sold for 2.05 was 450m2 land

not sure if that can b considered as a bench mark? As the other property has more backyard too plus small study larger bedrooms

thanks for your input …

 

We gave an offer of 1.85 but vendors said they don’t want to negotiate will wait for auction

 

in my view, $ 1.85 is a fair and reasonable offer. However, vendor's expectation is very high in this current market. Don't overpay there will be always an opportunity somewhere.

 

That’s what we feel

Like mentioned above my concern is just because next door went 2.05 I’m not sure what they have in mind.

Houses away from metro close to schools are going for 2.1 bigger land I’m saying 600-700m2

just coz it’s out of the primary school zone we are not able to look into it plus we assumed if this is smaller land will b lesser

 

That complex (all of the properties at Arundel Way) is actually quite popular. Given that it is so close to Cherrybrook station plus zoned into CTHS. I cannot see it going under 2m at all.

I live in Cherrybrook myself, and would love to live there for convenience, and low maintenance. I live in 750m+ block and I hate the maintenance side of things even though I do appreciate the backyard.

If it does go into 2.1 - 2.2m in the auction, then you should think about whether to buy there, as you should look at those 700m+ blocks older houses, that are further away from the station.

 

The ones with bigger land for 2.1-2.2m are actually older properties though, with smaller bedrooms. The ones at Arundel Way are newer, and have bigger bedrooms in general.

So another option is to buy those older properties and then just renovate yourself. I have been renovating our home last year, and more next year.

 

I have visited couple of houses on this street as some friends lived in one of the houses there. These are very nice houses with a short walk to metro so expect a lot of buyer interest.

18 Arundel sold for over $2.05m in June but it was a slightly bigger block. Block size probably doesn’t matter as much as other Cherrybrook because of it being a private estate. Market has also considerably moved since June.

This is arguably the most expensive Cherrybrook pocket due to train proximity.

I think you have very little chance of being competitive if your budget is under $2m and it may go as high as over $2.2m at this time of the year.

Edit: Another community title house just next street from Arundel recently sold for $2.64m. Bigger lot size and a pool but right next to council land where a high rise will be built. However that didn’t deter someone from paying over $2.6m.

12 Oliver Way, Cherrybrook, NSW 2126
https://www.realestate.com.au/sold/property-house-nsw-cherrybrook-137272342

 

Cherrybrook is an extremely competitive market these days and under $2m is not possible for a 4 bedroom anymore.

 

I know the builders and the area backing Hastings Rd. Some are community title. Not a conventional builder but very high end. Binnet is a bespoke builder of quality. They command the best prices. Its a hard area since many families are asian and that small size may be very appealing for a expanded family nearby as many parents want to be close etc. Whats $2m ? Its in school catchments like Cherrybrook Tech, good state schools, Oakhill and others. Expect competitive bids. Compare it to the other side of the main road where Castle Hill around First Farm is $3m+ (without views)

 

Thank you all for your response

I live in cherrybrook right now so for me it’s more an upgrade just for an extra room and space

being in cps and cths catchement and moving to same is important.

hoping for best otherwise wait for something else

with the HV lines around it becomes tricky to find right property