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When to sell Sydney inner west?

Discussion in 'General Property Chat' started by Daves2074, 29th Sep, 2016.

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  1. Daves2074

    Daves2074 Member

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    looking for help from the collective great minds of propertychat...
    Looking to sell terrace in inner west (Annandale) problem is tenant on lease till march. Place ideally needs a fresh coat of paint and staging to get beat result. My concern is market is very strong there now! Fairly likely to be softer after new year....
    What to do?
    Thanks
     
  2. ashish1137

    ashish1137 Well-Known Member

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    Get the equity out. Why do you want to sell?
     
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  3. Daves2074

    Daves2074 Member

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    Need to sell to fund another buy, can't buy without selling as servicing too tight.
    Also asked tenants if they want to move our earlier and we give them some $, but they said no.
     
  4. dabbler

    dabbler Well-Known Member

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    Now is pretty good time, you could always try and see if it brings what you want as is in spring, otherwise your a bit stuck till next year unless you make the tenant an offer to vacate or some agreement.
     
  5. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    What are you planning to buy? Personally for me an Annandale terrace would be an A grade type of property, as long as you don't have a big land tax bill.
     
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  6. Daves2074

    Daves2074 Member

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    Yeah we are set on selling, question is try and sell now with tenant (and not top shelf presentation) or wait and give a proper tidy up in march??
     
  7. dabbler

    dabbler Well-Known Member

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    Oh well, try with them in there, but they may make it hard.

    is only 6 months to go, could advertise to investors and home buyers, you may still get what you want....... if not sold soon enough, take off market till tenants vacate.
     
  8. Daves2074

    Daves2074 Member

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    Hi gockie,
    Yeah it's a great spot but an awkward property, land tax is also an issue.
     
  9. jodes

    jodes Well-Known Member

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    To achieve the best price (especially as a terrace with potentially less yield than an apartment) I'd really want to sell without tenants - to attract those buy-with-their-heart OO rather than buy-with-their-calculator investors...
     
  10. Daves2074

    Daves2074 Member

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    That's the conundrum jodes!
    Unfortunately waiting till march puts purchase plans on hold and I think market conditions will be different/softer early next year
     
  11. Tonibell

    Tonibell Well-Known Member

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    Would the new buy be an IP also ?

    Worth running the numbers - for us the buy and sell process costs about 20%.

    That put a lot of pressure on the new IP to out perform the old IP.

    Having said that - we will probably still do it.
     
  12. Daves2074

    Daves2074 Member

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    New purchase is actually more of a lifestyle choice...I understand that selling incurs costs and refinancing pulls more $ out but our servicing doesn't allow this.
     
  13. BCR

    BCR Well-Known Member

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    Try with them in there - maybe offer a payment for the disruption etc?

    Although - if you waited for tenants to vacate you could have the property staged with furniture and a repaint - you could do well potentially.
     
  14. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business Member

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    What makes you think that? :confused: That's what many were saying last year about the same time, and the market went up another 9.8% since then.:rolleyes:
     
  15. MTR

    MTR Well-Known Member Premium Member

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    I agree, however the longest boom cycle I have witnessed since investing was 6 years but that was due to the mining boom, generally boom cycles last around 3 years.

    BTW I am hoping Syd keeps booming, but the problem is affordability and tightening of credit does effect markets. I don't see Syd median hitting $2M, and when markets hit or close to peak some investors lose their heads and have a silly notion that booms last forever, but we know they don't.

    Syd boom been strong for 3 years, same as Melb..... as Clint Eastwood said "do you feel lucky punk"....

    Go Syd... Go Melb:)
     
  16. Depreciator

    Depreciator Moderator Staff Member

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    I sold an Annandale property in 09 - got spooked by the GFC.
    I would be my biggest regret. Even now, I can't drive down that street because I want to slap myself.
     
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  17. Daves2074

    Daves2074 Member

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    Ok different angle to question;
    What $ difference would you guys guess on tenanted terrace (perhaps painted) to no tenant and tidied up and styled??
     
  18. dabbler

    dabbler Well-Known Member

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    I think we all have one or two of those, yesterday I was outside one we should not have let go, was going to go and speak to neighbors, but decided not too as lot of other things to buy and in reality replaced with something better anyway.
     
  19. Lollie

    Lollie Active Member

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    Have you spoken to sales agents yet? what has been their advice? (although I could take a pretty good guess)
     
  20. dabbler

    dabbler Well-Known Member

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    If you put it on market now & have a well thought out plan, it could work out well.

    Just the mere fact of it going on market and the tenant knowing lease will not be renewed may be what makes them change mind & start looking elsewhere.