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Units sold for much higher price? How?

Discussion in 'General Property Chat' started by Shoryuken, 8th Nov, 2015.

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  1. Shoryuken

    Shoryuken Active Member

    Joined:
    26th Oct, 2015
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    Sydney
    Hi Everyone,

    I own a unit in this block: 2c Munderah St, Wahroonga, so I usually keep an eye on the activity in these block of units and similar blocks in Wahroonga. I've been surprised to find that one of the real estate agents has managed to sell 2 x 2 BR units at prices much higher than the usual trend (talking about 80k-100k higher for a 2BR unit). Please check the results in the link below:

    2C Munderah St, Wahroonga, NSW 2076 Auction Results & Sold Property Prices in 2C Munderah St, Wahroonga, NSW 2076 with 2 bedrooms (pg 1)

    I'm wondering if the price has really gone up so much in the last couple of months while we have threads and lots of talk on Sydney market's slowdown. Also the auction clearance rate seem to dropping gradually as well. So how does this particular agency manage to get big prices for their 2 x sales in the last few months? I have been wondering this since last week and couldn't come up with any answer, so finally decided to post it here and see what the community thinks. If the prices have really gone up so much, I might consider cashing some equity to sponsor a purchase of another IP (or two or three) :rolleyes:

    Thanks.
     
  2. teetotal

    teetotal Well-Known Member

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    Auction clearance rates might have dropped but the demand is still there, especially northern suburbs.
    People are just holding back after so much media hype on "The Bubble", which is a self fulfilling prophecy from my perspective...
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    Hiya


    may not be directly comparable stock I guess

    the easy way to make a double check is to order a couple of valuations from 2 diff valuers and take it from there

    ta

    rolf
     
    Shoryuken likes this.
  4. Scott No Mates

    Scott No Mates Well-Known Member

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    @Shoryuken the link is broken.

    How comparable to the subject unit are the other sales?
     
  5. Shoryuken

    Shoryuken Active Member

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    @Scott No Mates , I believe they are very comparable maybe not as much with my own unit as the balcony faces in different direction but with a few others sold, they have a similar aspect. It's a block of 6 low rise buildings. My unit is on the second floor and faces west. Valuation in September 2015 came at 640K (2 bed 2 bath 1 carspace).
    The units that sold at high prices are:
    • Unit 622 - 2bed 2bath 1carspace (2/2/1) - second floor and faces north - sold last week for 815K
    • Unit 603 - 2/2/1 - ground floor - faces north - has no balcony (no view) but slightly bigger tiled outdoor area - sold May 2015 for 842K (by the same agent who sold unit 622)
    Some other comparable units that have the same aspect and same layout.
    • Unit 724 - 2/2/1 - second floor - faces north - very similar to unit 622 - sold July 2015 for 732K
    • Unit 701 - 2/2/1 - ground floor - faces north - similar to unit 603 - sold April 2015 for 661K
    • Unit 621 - 2/2/1 - second floor - faces north - similar to 622 - sold December 2014 for 627K
     
  6. sash

    sash Well-Known Member

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    Could be sales to overseas people who have not done their due diligence...
     
  7. PICT

    PICT Member

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    11th Aug, 2015
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    Perth
    Why not ask the agent??