NSW Sydney *good* Suburbs : Examples where its getting hard for vendor/RE to sell and sign of correction

Just starting this thread to discussion some well known Sydney suburbs (which were very popular couple of years before) and where its getting hard for vendor/RE to sell and already seeing sign of price correction.

https://www.realestate.com.au/property/202-the-ponds-boulevard-the-ponds-nsw-2769
On market over 6+weeks and no offers yet (per RE).
Range 1075000-1150000$

 

how much will this property sell for at the boom time, say 2 yrs ago?

 

May be +$100k

 

Sydney Price Correction - post examples

 

I think the ads is pretty good. I wonder why this one is not selling while the recently sold properties (according to RE.com) with similar features had higher price point.
Is this really because of the timing?

• 3 Glenbrook Street, The Ponds, NSW 2769 Bedrooms 4 Bathrooms 2 Car Spaces 2 $1,130,000 03 Apr 2018
• 70 Greenview Parade, The Ponds, NSW 2769 Bedrooms 4 Bathrooms 2 Car Spaces 2 $1,160,000 29 Mar 2018
• 5 The Ponds Boulevard, The Ponds, NSW 2769 Bedrooms 4 Bathrooms 2 Car Spaces 2 $1,120,000 23 Mar 2018

 

Do we need exactly same threads?
Maybe combine into. 1 @Simon Hampel

 

Seeing this thread and another, it looks like The Ponds is the only 'good' suburb in Sydney. Or is it even? As if Sydney had no good suburbs in 40km of CBD's radius and the best one falls only at 45km distance from CBD. Meh..

'Overrated' is a milder word.

 

I wonder what happened there

83 Clissold Parade, Campsie, NSW 2194 - Property Details

 

What's your thoughts? Do you think the price was too low, too high or on the money?

 

Bidding started at $1.5 mil then a few big jumps before going to the Sydney classic of $1k-$10k bids between 2 main bidders. The successful buyer then did a knockout bid at the very end for $1.9 mil. I'd reckon the price is about right; if not lower than potential value. The new buyer can form an amalgamation with neighbours to resell for much higher.

There's already been private sales around Campsie with 5-15 homeowners banding together to sell off-market to developers for future DPE upzoning (which is still at draft stage). For example, last year there were 2 big sales on Evaline Street and Claremont St both of which netted each individual homeowner (avg. block size = 450 sqm) at least $4.5 million.

 

Nevermind, it was actually 9 properties for $55 million. So a little over $6 mil each.

 

I heard Wellington is also struggling to sell.........

 

R4 zone on a 493sqm block.
Sounds about right.
Probably a strategic purchase to secure the corner block.

 

But how much can they realistically sell to a developer and add in the costs of holding until a developer knocks on the door. And I guess a developer is also indifferent between R4 zoned property. What is to say it's not the property in the other street that gets developed

 

I t

I think it's a bit on the expensive side. What if your neighbour refuse to develop with you? What if the property developer liked the properties on the other street? Too many uncertainties, and the rental yields cannt good. So it's essentially speculation rather than investment. But then lots of people know a lot more than me

 

Ahhh... I wonder if that site alone is ok to develop into apartments without needing to join forces with a neighbour? It is pretty small though, I agree with you there.

 

From a REA's marketing email I received:

19/176-180 Salisbury Rd, Camperdown

Property details: 2 bedroom , 2 bathroom apartment with 1 parking spot

Passed in, no bid.

Previously sold: $419,000 in 2007



305 Victoria Rd, Marrickville

Property details: 3 bedroom, 1 bathroom house with 1 parking spot on approx 195m2

Passed in at $1,185,000.

Opening bid: $980,000

Number of bidders: 2

Previously sold: $ 450,000 in 2003



176 Rochford Street, Erskinsville

Property details: 2 bedroom, 1 bathroom house on approx 120m2

Sale price: $1,330,000

Opening bid: $1,200,000

Number of bidders: 2

Previously sold: $653,000 in 2006



27 Iredale Street Newtown

Property details: 2 bedroom, 1 bathroom house

Auction cancelled. Under negotiation. Price undisclosed.



1/68A Brocks Lane, Newtown

Property details: 1 bedroom, 1 bathroom studio approx 529m2

Auction cancelled.Sale price: $425,000

Previously sold: $124,500 in 1996



22A Henderson Rd, Alexandria

Property details: 2 bedroom, 1 bathroom house approx 120m2

Sale price: $1,155,000

Opening bid: $1,100,000

Vendor bid: $1,130,000

Number of bidders: 1

Previously sold: $ 680,000 in 2012



16 Griffin Street, Surry Hills

Property details: 4 bedroom, 3 bathroom house on approx 82m2

Auction cancelled. For sale price: $2,100,000

Previously sold: $ 440,000 in 2001



34 Darley St, Newtown

Property details: 3 bedroom, 1 bathroom house on apprize 221m2

Auction cancelled. For sale $1,425,000 - $1,525,000

Previously sold: $ 308,000 in 1999



10307/177-219 Mitchell Rd, Erskinsville

Property details: 1 bedroom, 1 bathroom apartment with 1 parking spot

Passed in.



2/48 Beauchamp Street, Marrickville

Property details: 2 bedroom, 1 bathroom apartment with 1 parking spot

Auction cancelled. Sold before auction

Previously sold: $ 420,000 in 2011



8/252 Wardell Street, Marrickville

Property details: 2 bedroom, 2 bathroom apartment with 1 parking spot

Passed in. For sale $900,000



59 Wyndham Street, Alexandria

Property details: 2 bedroom, 1 bathroom house with 1 parking spot on approx 57m2

Auction cancelled. For sale $1,000,000

Previously sold: $ 840,000 in 2015



62 Railway Avenue, Stanmore

Property details: 4 bedroom, 1 bathroom house on approx 174m2

Sale price: $1,410,000

Opening bid: $1, 000,000

Number of bidders: 5



86 Kepos Street, Redfern

Property details: 3 bedroom, 1 bathroom house with 1 parking spot on approx 113m2

Auction cancelled. For sale $1,880,000.

Previously sold: $ 885,000 in 2007



5 Union Street, Newtown

Property details: 2 bedroom, 1 bathroom house on approx 82m2

Auction cancelled. For sale $1,150,000 - $1,195,000.

Previously sold: $ 200,000 in 2003



4 Westbourne Street, Stanmore

Property details: 3 bedroom, 1 bathroom house on approx 304m2

Auction cancelled, for sale $1,900,000-$2,090,000.

Previously sold: $ 1,116,000 in 2010



137 Cambridge Street, Stanmore

Property details: 4 bedroom, 2 bathroom house on approx 251m2

Sale price: $1,920,000

Opening bid: $1,600,000

Number of bidders: 3

Previously sold: $ 432,000 in 1999


6/8-10 Brennan Street, Alexandria

Property details: 3 bedroom, 2 bathroom house with 1 parking spot on approx 154m2

Sale price: $2,310,000

Opening bid: $2,100,000

Number of bidders: 3

Previously sold: $ 1,850,000 in 2014