NSW Sydney appartment price crashing may be bigger than I thought !

How do you mean, that it's a plus that there's already a light rail station there?

 

Sorry miss read previous post. Thought the light rail is being built rather than new builds near the light rail.

 

So @Kangaroo what is happening on th eground in Campsie now ? A quick look seems that ask is all over the place.

 

It definitely is. Seen mid 7's asking for 3 bedder, high 6's for 2 bedder to low 5's for 2 bedder (talking about existing blocks here). I reckon some RE's are just trying it on and seeing what they can get.... there are probably unrealistic vendors too.

There are also quite a few developments where demolition has completed and they are starting to lay the foundations to build.

Should be interesting to see what happens in the Canterbury - Bankstown corridor... heaps of new builds... and i just don't know if there are enough people to fill them.

Canterbury / Campsie... sit and wait in my opinion - unless something good comes up.

I just picked up a 3 bedder villa for my brother in the next suburb or Belfield about 3 weeks ago. Last week, a 2 bedder in the next street (same suburb) sold for $3k more... and I thought the one I picked up for my brother was overpriced by $20k.

That said, 3 bedder villas single level are becoming rarer and will be the closest thing one can buy to a house without buying a house. I just don't know how these people who buy 2 bedders are going to continue living there once they have kids.

 

Maybe Kanga is out.

I have been watching to see if units fall back in the SW, there is signs as the price brackets have slipped back a bit and I know someone who just bought at a price similar to 18 months ago, I see and get lots of emails now about new units, even from the builders direct some claim.....but then I thought most of the builds were done, but seems not, many still to complete.

I know some that bought units OTP & are already talking of offloading.

If rates hold and no major shocks, is likely to be very slow pull back, I see no fire sales online where I look anyway.

 

Man i stuffed up in Campsie. I had the opportunity to buy a 2 bed newish apartment for $264k on 5th ave or 3rd ave one of those streets. I would imagine these are well over $600k now.

 

How long ago was this?15 years ago?

 

Nope. LOL 15 years ago I was only 17 years old and still in high school. Hahahah

2011 it was. Missed out on at least $400k right there. Stupid me young and naive and no balls to do anything.

 

Looky - crash in the wings.

 

are you only 32? you have something like 17 properties ... right?

 

2011 for a 2 bed OTP in Campsie for 264k?
Are you sure you haven't mixed the numbers up?

That sounds ridiculously cheap - I sold my unit in the same suburb for 420k in 2009 (built in 2000). I then spent the next 2 years looking for a place to buy and all i saw was prices creeping up.

In 2012, my sister purchased a place in Campsie for $345k (older red brick walk up style 72sqm).

 

I just checked the contract of sale. 20/08/2010 - so pretty much 2011. I never said it was OTP. Its was an established already built but newer place.

It was a Friday if I remember correctly because we went out after to celebrate and I got a bit too drunk.

I didn't proceed because my other half at the time was being picky back then due to not liking the kitchen layout. Damn should have just bought the place anyway. LOL

 

Yes. Well 18 now. When I was 30 I had even more properties.

 

Sorry, don't know how i managed to insert OTP into that.

The price looks ridiculously cheap. But i'm sure as hell interested to know how i missed such a bargain!

Even in 2010 prices were in the mid 3's (for older 1970's apartments).
Skimming through RPData, the closest i could find to that price between the 2010 - 2012 period was 1 bedders.

Do you mind sharing some more info as to how you came across this deal?

 

http://awealthofcommonsense.com/?utm_campaign=newsletter&utm_source=email

an interesting read about Canada....

 

Have you guys seen the new apartments on Veron St, Wentworthville 2bedders going for less than 650k with low strata. A good option as a IP? within 650k budget

 

Link?

 

Purchased a 2/2/1 apartment at the end of last year in Redfern as a potential future pad for ourselves or the kids (once they hit uni age, 15+ years, lol). An apartment of the same configuration on the same level but with greener view (ours has a building view) sold for an extra $250k on top of what we paid over the weekend

Our vendor was wanting to do a quick deal prior to the new year (otherwise he was going to put it to auction) so I think we may have profited a bit at purchase.

 

There is a lot of talk about Sydney crashing and burning..I don't see the issue here..just buy in Brisbane instead and you won't have to stress over this

 

53-55 Veron Street Wentworthville NSW 2145 - Apartment for Sale #120509329 - realestate.com.au

Any thoughts?