NSW What's my final sale price Eastwood NSW?

Well looks like the pre-auction buyer did in this case if they were happy

 

Ta @Jacque! @Mumbai, looks like you won, and since @Blue Cat said he'd be willing to pay more than the sale price it looks like the buyer really did win by making an offer pre auction! I guess the vendor got nervous or the agent suggested to accept it?

I have no idea how many parties would have been bidding at auction and what price it would have sold for under auction conditions... I guess we'll never actually know now.

 

Hmm.. we were prepared to pay a bit more than the sold price but had doubts over the condition of the existing house (would have cost up to $30k in renovations to attract a new tenant to pay market rent) and size of the block for future rebuild.
Our search continues..

 

are you only looking at Eastwood?

 

Not Eastwood specifically, we're looking at Epping and Carlingford as well. Both my partner and I grew up in the Mobbs Lane area so property around those streets are extra appealing to raise a family in. Also seem to be more affordable compared to houses within walking distance to Eastwood and Epping stations.

 

Mobbs Lane (towards midson road) exploded with apartments, townhouses and detached homes. Prices have definitely gone up a lot in the last few years.

 

Everywhere has gone up!

 

yeah but some more than the others.

 

You're not wrong!! I normally drive to work via Carlo rd past Epping station but I decided to run a few days a week and my route takes me past there. It's incredible I didn't realise how bloody many there were! It's sad to see the amount of duplex sites going up too. Not a fan of them.

 

Hi @Blue Cat, Did you buy it? I saw Lexington sold for 1mill.

 

Did anyone win this yet?
Or is it still ongoing?

 

Sold for 820k with a pre auction offer but seems like the vendor might have lost since @Blue Cat was willing to pay $830-$850k at auction.

 

There you go, I reckon that's near enough to an official bid. Come on now @Blue Cat , cough up.

 

I hope you don't mind me asking (feel free not to answer) but since you said the plan was to buy it now, rent it out for a few years and then build PPOR I'm guessing it would end up being at the absolute vert least a $1.7m cost, taking into account stamps, holding costs for a few years and then all demo and build costs, which for a home on 280sqm in a non prime or waterfront suburb seems to be pretty high.

what were some of the reasons you were happy to do so vs say a slightly older (but not old) property in a comparable location on more land? I fully understand people paying high prices for tiny blocks to be in your Richmonds, new Town, carlton, balmain etc type areas, just curious of the appeal here.


not being from Sydney I struggle to understand buyer behaviour in that market which is why I'm asking. as someone who does a fair few infill developments understanding buyer behaviour is pretty important so pls forgive my curiosity.