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Prices expected to accelerate in Sydney’s Spring quarter; NOW OR NEVER FOR WORRIED BUYERS
Topic Started: 25 Sep 2016, 09:17 AM (7,488 Views)
Bardon
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Exactly many consider an apartment on the Goldie as "living the dream".

And enjoy your holiday as well.
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Bardon
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How it Sold: One-bedroom Redfern apartment with land sells for $1.27 million

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It went for how much? This one-bedroom strata-titled apartment on 65 sq m at 2/28 Turner St, Redfern, NSW, sold at auction for $1.27m.

The Australian Financial Review has spoken to the team behind the weekend's most intriguing property sale for our column, How it Sold.

The property: A one-bedroom, two-level strata-titled apartment at 2/28 Turner Street, Redfern, NSW. Sold at auction for $1.27 million.

Who was the agent/agency? Mark Dawes, Richardson & Wrench – Alexandria/Waterloo.

How long was this on the market? [Mark] Four weeks. The auction was on the fourth Saturday.

Why did this one sell? It's unique. In 1993 the owner of one property split it in two. This is on a laneway. It's a cute one-bed, two-level, apartment, very basic. The kitchen and bathroom are very, very basic. But it's clean and tidy, with a nice little garden area. Well, it has a courtyard or a garage – you can't have both. It's a one-bedroom house on 65 sq m of land. The internals are 51 sq m for the property.

With an internal floor area of 51 sq m, this freestanding house was smaller than many one-bedroom apartments.
With an internal floor area of 51 sq m, this freestanding house was smaller than many one-bedroom apartments. Mitch Cameron Photography
Was it overpriced? If someone's prepared to pay the price of a property, that's market value. It doesn't matter what we think it's worth – the buyers dictate price.

What did you think it would go for? We thought, on a great day, if it went above $900,000 to $1 million – in that territory – that would be a superb result. No one had talked at that level, but was it possible? Maybe with the interest we had, we thought. We ran the process and let the competition do the rest.

What was surprising about it? Nothing, apart from the result. Everyone was in shock, to be honest. No one was talking anywhere close to what we got.

In auctions it's quite normal for it to take a while. There's a moment where it dies off a bit. In this case, they were bidding fast – left, right, left, right, left right. It was going that fast.

Everyone was wondering how they arrived at that price. The location is superb, but there's not a lot you can do with the property. You may be able to extend. It's backing on to the neighbour. The buyer, a couple, did it for an investment. They certainly weren't buying it on a return basis, that's for sure. The way prices are going, rents aren't what they used to be. Capital growth is a big part of a lot of people's strategy. But that location – over the next five years, it will be even more popular.

Do you reckon we'll see another result like this: a) next week b) next year c) next cycle d) never?

a) It could happen next week – who knows? There are crazy results happening all the time. It's all the time, everywhere. It's a bit of luck, sometimes, as well.



Read more: http://www.afr.com/real-estate/how-it-sold-onebedroom-redfern-apartment-with-land-sells-for-127-million-20170515-gw52an#ixzz4h9zb8f1F
Follow us: @FinancialReview on Twitter | financialreview on Facebook
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Bardon
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Its Ground Hog Day for worried would be first home buyers in Melbourne and Sydney this spring. Surely this is the last opportunity for them to buy a PPR in Sydney or Melbourne this cycle and if not then get a good lease and rentvest with an IP in Brisbane and double your money.

House price records broken on all sides of Melbourne in 2017

HOUSE price records have been broken in suburbs on all sides of Melbourne this year, as the market kicks up to another level.
Benchmarks have been beaten in battler suburbs on the rise, including St Albans and Sunshine North, as well as blue chip postcodes like Balwyn and Carlton North.
And a divine Collingwood church conversion not only became the most expensive house to change hands in the suburb, but of in all Melbourne’s inner north last week.

Advantage Property Consulting director Frank Valentic said a flood of new records had been set in 2017, especially at the start of the year, reflecting the strength of Melbourne’s market.
“Some of the prices have been absolutely outstanding — well above reserve,” he said.

http://www.news.com.au/finance/real-estate/melbourne-vic/house-price-records-broken-on-all-sides-of-melbourne-in-2017/news-story/9ce9fb7f1a2d1fb64045c0b6730c500f
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Simon_S
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Bardon
21 Aug 2017, 12:37 PM
Surely this is the last opportunity for them to buy a PPR in Sydney or Melbourne this cycle and if not then get a good lease and rentvest with an IP in Brisbane and double your money.
How is it the Last opportunity?

Edited by Simon_S, 21 Aug 2017, 12:51 PM.
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Bardon
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Simon_S
21 Aug 2017, 12:51 PM
How is it the Last opportunity?
To buy a ppr and also make a decent capital gain this cycle in Sydney and Melbourne.
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Simon_S
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Bardon
21 Aug 2017, 12:53 PM
To buy a ppr and also make a decent capital gain this cycle in Sydney and Melbourne.
Oh....No more Decent Capital Gains in the Future?

What do you consider Decent?
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Bardon
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>50%
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Simon_S
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Bardon
21 Aug 2017, 01:44 PM
>50%
so >50% increase in how long again?
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Bardon
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Simon_S
21 Aug 2017, 06:58 PM
so >50% increase in how long again?
They haven't bought the house yet, so from buying it in the near term and the top of this cycle.
Edited by Bardon, 21 Aug 2017, 07:06 PM.
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Simon_S
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Bardon
21 Aug 2017, 07:06 PM
They haven't bought the house yet, so from buying it in the near term and the top of this cycle.
When is the top of the cycle?
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