NSW Sydney Price Correction 2018 - post examples

Not sure that's a low asking price - the land size is small for Dural.

 

Its also on Kenthurst Rd right in the centre of town directly opposite the busy shops.

Being 2 houses away from 2 busy roundabouts is also a huge no no. Cars accelerate hard out of roundabouts and cause even more noise than usual. Soundproof glass in the ad says it all.

Your next door neighbour is a busy medical centre and their carpark is next to your backyard

Whilst there are plenty of examples of properties experiencing price correction across Sydney, I'f say this is not one of them

 

$1.4m should get it

 

Poor example as 17 Kenthurst Rd is clearly overpriced- terrible position (noisy, low, surrounded by commercial properties) and isn't worth the $1.68m they're asking. Good example of a vendor originally overpricing in the market (originally asking $1.8-1.97m!!!!) and then dropping to garner interest. Nice reno by the looks of it (though not my cup of tea ) but when you can pick up a 4x2x2 in quieter streets around here on similar sized blocks at $1.2-1.4m they're going to struggle to find a buyer.

 

Any idea of build cost?

 

No idea but it looks like a partial rebuild not a complete KDR. Then again, I could be wrong....

 

Ball park to the nearest 100k... what would it cost to replace?

 

I find it hilarious...about the justification provided for Sydney....the market there is in correction mode period.

In some places ...$3m plus homes...what would have sold for $3m is now down to $2.5m.

The market which is under pressure most is the $1m-2.5m market ....the Royal Commission has stuffed this part of the market. People can't borrow as much.....the bargains will be found on the Hills, SW, Northshore...just about everywhere.

You would have to be a dill to jump into Sydney at the moment. Lots of noisy ones about Sydney never goes down..have all but disappeared...but some of the vested interests still talk up Sydney...

 

Rubbish. Market is normal. It goes through cycles. That’s normal. What is now is normal.

 

http://www.onthehouse.com.au/4592758/49_pindari_dr_south_penrith_nsw_2750

829 then a year later 805. Not your typical house which limits its appeal a good example of unappealing houses selling easily in boom time then struggling to sell later. I would think most other houses in the area would be slightly up over the same period

 

I'e notice that happening to a fair few homes in the Penrith area.i saw one that went on the market at 815k about 4 months ago it was down to 745k about 1 month ago and has now been taken off the market.

 

I

We visited the property yesterday , it's a complete renovation and a massive addition , everything you see is new and the quality and workmanship is amazing , the glass tiles and the water feature in the pool are very refreshing, even the large garage is fully tiled, Iam an engineer/builder and can't build it for under $650k , cafe across the road, it's a shame we can't afford it yet.

 

What happens at this point is a lot of agents out contacting and scouting for listings, they say anything to people to get listing, many people who would not normally list or not even that keen on selling get talked into listing, only to find out the expectation will not be met.

 

Yeah fair enough.if that is the case I'd say there will be a fair few disappointed people because as I said I've seen it happening a fair bit around the Penrith area.there was also a brand new duplex on the market for around 3 or 4 months.eventually it was taken off the market and by the look of it they have been rented out.

 

Yeah, agents did not have to work much after 2014, now is back to chasing buyers and listings, they normally promise the world then start working on the seller to lower expectation once hooked.

You will find a lot of developers who have the money will hold and rent out, waiting for better times again.......and a lot who are forced to sell to whatever is on offer....

 

The house isn't as nice as the video makes it seem, the finishes on the outside, the cheap cladding, the main floor tiles are entry level polished porcelain, bathrooms have the cheapest fittings, kitchen looks cheaply done.. If you're in the industry you would recognise it is not as it seems.

Its even got a tin / colorbond roof!!

Tho the video does make it look very nice

Edit: I should give credit where its due, they have invested in lots of windows - natural light in the living area combined with very high ceilings, gives the feeling of grandeur and really lifts the entire look of the house, especially as you look out onto a pool. A lot of money was invested in this section of the house and on the stairs (though they gimped on a proper steel spine timber tread stair case and tried to cut costs).

 

lol.....you *hope*

 

Actually agents are a rare breed, these days they promise you the earth and once they sign you up , they start their tactics of reducing the expectations they have promised you, as long as they make a sale they make their money.

 

Strongly disagree here and it seems you don't know the market sufficiently if you believe this is going to be worth $2.2m in 12 mths time . Without viewing the house looks nice enough but it appears the owners may have over capitalized if they want $1.7m - take a look at the data for the cold hard facts: attached are all the 4 bed homes that have sold in Dural this year to date in the sub 1000sqm land size and there's no way this is worth anywhere near even the $1.7m range. It's not even on 700sqm. Location also lets it down severely. FYI the two "price withheld" Millstream Gr houses sold for $1.2m(no. 3) and $1.605m (no. 32) and they are in superior locations too. You can find far better value out there in MHO

PS: Ignore 2 Ridgewood Pl as it's either a transfer or anomaly on Pricefinder

 

I would love to get something (House with some land and not on the main road) under or around 1mil in areas like beecroft, carlingford or pennant hills.