Sydney smart buys this weekend... get in quick!

2 bedroom unit in Redfern. Looks like the buyers agents didn't do this purchaser any favours!
How it Sold: Redfern flat snapped up as the buyer boards a plane

Was it overpriced? I can't answer.

 

What did you expct him yo say.. yes= agent priced it high and found a sucker of a buyer who was impatient.
If the agent said no= then the agent perhaps wasnt doing his seller any favours, could have gotten a higher price.
Keep everyone happy- the buyer, buyers agent, and the seller by essentially taking the 5th on such questions.

 

"He made two offers, at $928,000 and then $930,000. I knew my client would take $930,000 but I didn't stop there. If buyer is willing to pay more, why not get the owner more? By 5:55 I had an offer of $941,500."

 

Interesting to see the agent speaking about the details.
Good to get some insight.

 

I hope the buyer never reads the article.

 

yeah a malaysian buyer probably bringing some investment funds across.

 

Just either a buyer who is clueless, or doesn't care...

There was a unit for sale in the block I owned in West Ryde, peak of the FHB grant. Might have been late 2006 to sometime in 2007.

Young couple bought it cheap (might have been 240k), tricked it up, spent their weekends replacing the kitchen, bathroom, floors, putting in a false ceiling to hide the vemiculite ceiling etc... the place would have sold maybe 265k normally. But after tricking it up and styling it for sale the unit was sold to a FHB couple for ~340k. We spoke with the new buyers (very innocent looking too!) at the strata meeting. (I guess their solicitor didn't tell them how much the previous sale price was). All we (the other owners) could comment was "the place looks good"... I suppose it was a strongish time for FHB in the market but 340k for that I would consider as really overpaying.

Note, it would now sell for 550k or so, Sydney's gone up so much.
The somewhat naive young couple only lived there for a short while and then moved out.
Once you see it yourself you notice the kitchen seemed to have had a shortcut or 2 taken and the unit living room size isn't comfortable.

 

Why? the buyer might have been happy paying up to 950k and so he might have got it for less than his budget and the seller for more than their minimum

for me though this highlights the stupidity of the Sydney market. 2x1 walk up flat, albeit renovated, for 940k?

So a fairly significant cosmetic renovation that, if completely outsourced would cost a fair bit, would only add 25k to the market val?

 

Well, probably more than 265k, but 340k... no way. They might have even paid more than asking price if I remember correctly...

 

I think if you asked the buyer "how long have you been looking and how many properties have you seen?" You can then work out how far you can push the buyer...

 

again though, so what? if the buyer got a property they're happy with for a price they're happy with i dont see the issue or see why they'd be unhappy if they read the article.

he might actually feel he's got a bit of a deal, the article wouldn't change my mind if I was the buyer, ultimately he paid just over 1% more than the sellers minimum with is pocket change.

 

When the funds are from outside like that ( lets assume they are- play the averages), 1% makes no difference.. 2% probably wont either...

 

property always go up, so they say.

 

normally if they're business ppl from malaysia that's considered cheap for them. Some houses in malaysia u will be suprised sells for more than in toorak.

 

This week it's smart buys under $1.35 million.

Obviously they've been paying attention to this thread!

 

Hehe. I'd like to think I have power over the writers @ Domain. Now I'll have a ~$1.3 mill home for sale very soon... If they can do a write up about that, i'd be happy to oblige and provide content personally or via my fantastic agent.... it's in a pleasant part of Sydney that has next to no stock on the market... perfect home for anyone looking to get into the catchment area of great schools...

 

It wouldn't be the first time some lazy writers have borrowed from over here.

 

The kitchen in that second link looks so cheap. Seems out of place for someone who would be paying $6344 strata per quarter

 

Maybe when you're paying that much in strata fees you can't afford a fancy kitchen.