What to compromise on

Old house with a land size of 650sq m lot but in a busy street, is that still a good buy? The property is 800-900m walk to shops and train Stn. Thanks!

 

To many variables missing. What does similar stock sell for on good streets? Whats the price difference? Is it for IP or PPOR? Is there better value in the suburb? Or a neighboring suburb? How busy is the road? Can you add value to the house?

From the information you gave its impossible to know if its a good buy or not.

 

For the recent comparable sales(during covid), great quiet streets had properties for $1.4-1.6M 3br + houses with 550-600sq.m.

3weeks ago, the house in front of this property were looking at, got sold for $1.1M, same old brick house, outdated toilets/bath,same busy street, 3more bedrooms but has only 468sq m.
This one we’re trying to buy has 661sq m(verified with council), 2br,old brick house,same busy(60km) road,but can do with $1.1M.

it’s for a PPOR. We’re thinking we can convert the 2bed to 4bedroom,turn the living room into two extra rooms and open up the dining to family lounge so it’s bigger. Also it has a preexisting GF at the back and just do some more work to make it look nicer.

Can I PM
You the link of the house? thanks

 

I think it's best to let things cool a bit. I bought a less than optimal property during the 2017 peak (because fomo) only to find it was better to wait a couple months till the fomo died down a bit (2018). If you're in absolute no rush to buy I'd just wait to save a bit until you find something you like towards the end of the year. Everything is so hyped up right now which exactly what it was like in 2017. There won't be a "crash" but I certainly hope I won't need to fork out 2M for something like this
4 Goorari Avenue, Bella Vista, NSW 2153 https://www.realestate.com.au/sold/property-house-nsw-bella+vista-135442786

 

sold for 1.5
114 Harrow Road, Bexley, NSW 2207 - House for Sale - realestate.com.au

this one ended up selling for 1.649, so much for a cheaper duplex
19 Henderson Road, Bexley NSW 2207 | Domain

so if anything its worse than I expected out there

 

Not surprised unfortunately. Not the same area, but I can tell you this will likely sell for $1.5m in the coming days. Shows what you have to pay for an unrenovated 3,1,1 these days.

https://www.realestate.com.au/property-house-nsw-grays+point-135931866

- Andrew

 

$1.2M-$1.3M not going to get you much these days especially a free standing house with land.

Baulkham Hills which is 35km from the CBD a single storey very very basic 3/1/1 houses that need a tonne of work for my to live in selling for $1.5M

https://www.realestate.com.au/sold/property-house-nsw-baulkham+hills-135802570

Anything decent anywhere is $1.5M+ now.

Another example
https://www.realestate.com.au/sold/property-house-nsw-baulkham+hills-135750214

Its crazy out there.

 

seems like no mans land in terms of pricing. Too much for knock down rebuilds and too much work needed in the house to make sense unless you can do it yourself

 

Those 2 examples I posted you wont need to knock them down. Far from it but it would take at least another $150-$200k+ to get them into a cosmetic and functional position for me personally to live in.

I was more just highlighting the fact that your budget is going to be very very tight even at 35km-40km from the CBD.

$1M these days is just going to be enough to buy you a decent house in Mt Druitt let alone inner Sydney or anywhere near the CBD.