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!
Thanks, we are moving to the North shore for the better schools. Paying another $1500pm mortgage is easier than paying 2 or 3 private school fees in a lesser suburb.
(but please don't this thread into a private vs public school debate)
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
How much exactly has it cost you (everyone knows how much they've spent on a house)
What suburb?
I am not intentionally deceptive. If I bought it for $590k, I would not be saying "around $500k" Both purchase price and renovation costs are plus or minus 2% So purchase price is between $490k and $510k
Forgive me but I don't want to post exact purchase price or suburb - too easy for people who have access to things like RPData to find me and I prefer to stay anonymous on the internet.
Interesting no one has posted less than the $600k I spent on it ... where are the bears?
I currently lean towards bearish based on my own situation, but any level-headed person who does their research would see that very similar properties surrounding yours haven't really dipped into the 600's or risen into the 800's (assuming I've identified your nice neat house correctly).
neither would i (and also not knowing Sydney). but i love a guess how many lollies in a jar competition. so here's my guess - $685 326 highest genuine bid.
it seems i've been knocked out of the water by other posters bids. i knew i should have listened to that advice and not have been the first bidder (for a qld-er than can be difficult because you are often the only bidder).
my uninformed guess was taking a vague recollection of sydney wide median increases and assuming the renovations added less than their cost (renovating for taste rather than profit). given the original marketing didn't include all the facts i would like to make a second bid. $725 366.
Trojan - I live in the Inner West as well. I did something similar to you but the second house with the big reno is still in the Inner West. I also sold my small house to finance the rebuild by auction - quite a roller coaster process but fortunately a good result.
The Inner West is a large area with quite diverse suburbs. There are a number of Inner West suburbs where you couldn't have purchased a 3 bedroom house for around $500k in 2006 - even a roughy. Having said that, this is probably to your advantage as the 'more affordable' Inner West suburbs have performed comparatively well since 2006, kind of come up or gentrified or some other lame media term.
I hate to say this but the market here has been a little odd for the past 2 months and things that you'd expect to have sold have been passed in. I even know of failed sales that have ended up being rented out (at v high rents) while the owners wait 6 months to try again to achieve their price.
Having said it all; $775k.
Good luck. All the best.
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