So they need 2 houses or a bigger house? The demand is for more space / room, not for an additional house. The baby has not increased demand for the house they are selling. Your perception of demand is interesting.
The baby has increased demand for 'more house'. Whether that be a bigger house (as in this case), or a house instead of a unit, or a move from living with parents/friends/flatsharing/renting to buying a first home... it's still demand for 'more house' driven by the arrival of a baby. Babies create demand for housing, and are a catalyst for more money moving into the housing market.
Incidentally Trojan, what's the plan for your current house... are you selling it or renting it out?
In my case, I rented out the old house after upgrading to the new one.
I reckon Trojan's house will sell for more like $750k-$800k (being a fairly blind guess based on the limited information available and some gross assumptions!) :-)
PS: Trojan good luck on your sale, and welcome to the north shore fold!
forums nice & peaceful without his petty fighting with the bulls and his age quake spamming, wonder what he's up to ?
Been making a nuisance of himself on other sites. On TalkFinance and Bubblepedia he warned the admins to crack down on copyright breaches, and posted the name and email of a lady from Fairfax who he said is taking legal action against them. There are still threads on TF and S&S discussing it...
The Bubblepedia threads were deleted after Pauk changed his mind next day and ordered the admins to delete all threads/posts where he had posted the Fairfax lady's details or anyone else quoted it.
While he was telling the admins how to run their forums, he was posting large sections of MSM articles and commercial PriceFinder data. When his infringements were pointed out, he deleted all his posts. He's lost the plot. Gone quiet today and won't respond to questions - probably worried about admins suing him for spam, defamation, abuse, privacy invasion, harassment etc etc...
3 bedroom full brick house in Sydney's Inner west Bought for around $500k in 2006 (received $7k FHOG and stamp duty exemption) Did roughly $100k of renovations to it over that time (quality renovations because we had no intentions of selling) Had a 4 week marketing campaign Over 50 groups attended 11 contracts issued 4 individuals requested to vary the contract (settlement date, deposit size, etc) which we agreed to 1 pre auction offer was made which we rejected (politely)
Anyone want to take a guess what the bids will go up to?
I reckon Trojan's house will sell for more like $750k-$800k (being a fairly blind guess based on the limited information available and some gross assumptions!) :-)
PS: Trojan good luck on your sale, and welcome to the north shore fold!
I tend to agree, without having inspected the property. This will obviously depend on a number of things, including how well the $100K renovation was spent, if it appeals to the wider market in the local area, and how it was presented/marketed. With a fairly conservative extrapolation of 5-6% capital appreciation p.a. over the past 5 years (probably more in the inner west area), despite the recent performance, $750K is quite achievable. I suspect it would be more, with 4 or more potentially interested parties at the auction and one already setting a good bench mark. This is all speculation of course, it all depends on the day.
Thats why I said "highest bid" as opposed to "sold for" It doesn't matter if we have the reserve set at $2mil ... the question is where is the bidding going to stop
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Incidentally Trojan, what's the plan for your current house... are you selling it or renting it out?
In my case, I rented out the old house after upgrading to the new one.
We are selling the current house (on auction tomorrow) We actually need to sell because we don't have the money to build without selling (wife no longer employed, hard to get more loans)
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
Thats why I said "highest bid" as opposed to "sold for" It doesn't matter if we have the reserve set at $2mil ... the question is where is the bidding going to stop
I tend to agree, without having inspected the property. This will obviously depend on a number of things, including how well the $100K renovation was spent, if it appeals to the wider market in the local area, and how it was presented/marketed. With a fairly conservative extrapolation of 5-6% capital appreciation p.a. over the past 5 years (probably more in the inner west area), despite the recent performance, $750K is quite achievable. I suspect it would be more, with 4 or more potentially interested parties at the auction and one already setting a good bench mark. This is all speculation of course, it all depends on the day.
Agreed its hard without knowing what renovations we did but I can tell you it was money well spent. House was in very bad shape when we got it and for $100k we practically only kept the bricks and roof. Everything from painting, new floorboards, new kitchen, new bathroom, new lighting, landscaping ... was all done.
And I agree with the extrapolation that inner west moved at least 5-6% (based on other sales around the area)
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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