NSW Sydney prices falling fast

check this out, domain value ~ 1.8 https://www.domain.com.au/property-profile/19-gore-street-arncliffe-nsw-2205, sold under 1.5 today, with water views. https://www.realestate.com.au/sold/property-house-nsw-arncliffe-138752243

for houses in sydney within 20 km of cbd domain price guide is often reliable.

 

There’s water views and there’s water views.

I’d have no desire to pay a premium to look out onto Botany Bay. Pollution, containers and cranes.

On the face of it it seems cheap for Sydney but then again needs a lot of work and the area is Bluechip.

 

Time for markets too cool after some amazing years. Albo will be able to say he's made home ownership easier in 12 months time.

 

Meant to say *is not Bluechip

 

A lot of the heat has come off in the last month, in Sydney and Melbourne.. basically even after the floods, investors are more cautious.. and this whole interest rate rises that we are to expect.

 

All in Sydney.
My house was valued $1mill under value
Another i sold was showing $330k under eventual sold price .
Auto vals are extremely vague.


Not to say Sydney prices are not falling or anything else.

Your example just has 0 merit.

 

I don't see how that would be worth 1.8m - that'd be a great result for a cliffy unrenovated and a lot of wasted land home in the area. Stock that is a bit cliffy always trades a bit low compared to flat stock. Seems about right for that type of stock. IN down markets this type of home will have to look very hard for a buyer.

It does seem a touch low though for recent sales.

Also not sure these valuations hold much value. A client of mine is bidding this weekend, opening bid is 1.6m. Property reports and online tools are at 1.15-1.3m (high end).

 

Yes Sydney is coming off relatively quickly. To save me typing it all out again, here's a related post in another thread that I wrote.

Home for sale - market

- Andrew

 

ok its not the most lovely water view. But its still a water view and looks nice. Much better than no water view. The containers are not the majority of the view.

 

Each to their own. I find Botany ugly, industrial and polluted. On a technicality you can see water but then again it would be like advertising “glimpses of golden sands” and looking out onto your neighbour’s redundant sand pit.

 

You know where Arncliffe is right?

 

the photos look ok to me.
I dont think its as ugly as you make it out. Of course its not like watsons bay but the water view is still relaxing and a good feature. I would still prefer it over no water view. You make it sound like its so ugly that it is a detractor.

 

I’m very familiar with Arncliffe yes. You?

 

Was referring to the Op actually.

Arncliffe ain't exactly the nicest area if you know what I mean and that house needs a tonne of work imho. If I was to live in it - it would need a complete gut job\.

 

Agreed it’s not and agreed it does.

 

https://www.realestate.com.au/sold/property-house-nsw-arncliffe-138294606

Amazing what a reno does to values. This also traded recently, nearly 1.6m for a semi on a smaller black. Bit of an odd home too, but functional enough.

I suspect if gore was beautifully presented and renovated would have traded higher than this given detached and bigger block.

 

Not 1.8... really? Decent looking street, waterviews, double lock-up garage, schools, shops, cafes, train station in walking distance.. beach nearby.. airport around the corner.. Looking at the photos, I can see the potential of a cosmetic reno.

Median for 4 bedroom houses in this area is 1.73. https://www.realestate.com.au/neighbourhoods/arncliffe-2205-nsw

At 1.485 i think the buyer has done really well.

 

If the buyer does their hw on very comparable stock, they’ll know that homes with that type of frontage in the area struggle. I get it, as a young parent this type of home is tricky (big staris at the front to enter the home and a detachment to the home from garage). That’s the type of product it appeals to though given the size and price point. So your segmenting out the buyer base with the product.

There’s a lot of hills in nearby surrounds. Eg buy on slade in Bardwell, it’ll be cheap, coz it’ll look similar to this. Buy a few streets back away from the Stn, it’ll be mint, because it’s flat.

Overall there’s value in it, definitely. But that’s not buying below market. It’s just buying cheaper product in the market. They exist in the area given the hillynesss. Hence the renovated semi nearby on a smaller lot sells higher. There’s a broader market for this (which we would also consider as a purchase if we were in the market).

Eg 53 Dowling at 1340 on 740sqm - it’s very very cheap. But has similar issues with the land.

Buyer of 47 Lorraine a 626 flatter block by the looks of it, looks like a great buy at 1.55. More expensive but more value IMO.

overall looks like values are coming off a bit in late March vs earlier in the year in this market now.

 

The prices in Ponds is still increasing every week.

 

that whole area blows my mind.