I agree Steve, from a real estate agents perspective, it worries me sometimes that the re-sale of the property is not always taken into account when considering a granny flat, what % of the buying market wants 1 and a 1/2 homes on their block.

It is a great way to to turn a negatively geared property into a positive one.

In my humble opinion a "modular" granny flat one that can be removed if needed can offer the best of both worlds.

In relation to blue wealth, everybody needs to make a living, if they get a commission and you get a property that is good value, showing good returns and in a growth area that has been researched, I can only see that as a win win situation.

lol I have been a real estate agent in Newcastle NSW for over 16 years and am now focusing in the Investment property industry.

As a real estate agent it is very annoying when a potential buyer offers on more than one property, The agent goes to the vendor and basically suggests that they take the offer, the vendors accepts the offer and then the buyer says I am not proceeding, I am buying something else……very annoying and frustrating. But not illegal.

Now looking at the same transaction through the eyes of an investor. The investor wants to buy the property as cheaply as possible to increase their return and hopefully buy below current market value. If an investor puts all his or her energy into just one transaction, it is both time consuming and frustrating to keep missing out on deals.

By researching and offering on multiple properties at once the investor will speed up the process of finding the right property to suit their portfolio goals.

So it depends on which side of the fence you sit as to offering on multiple properties is a good or bad thing.

But in NO WAY is it illegal (in nsw anyway)

What state are u in?
In NSW the agent is only allowed to make changes within the bold box on the front page of the contract. They are not permitted to change or alter any other part of the contract.

BHP’s capital commitment to Olympic Dam has been broadly estimated at between $20 billion and $30 billion. If it proceeds at the lower level of investment, mining stimulus to SA multiplies over fifteen fold. The flow on effects will stimulate most sectors of the economy, including residential property.

Hi James,

Need to know where it runs across the block
is it at the front, middle or back of the block, will the granny flat be built over the easement.?

Catalyst,
Just to clear up the auction conditions in nsw.
Auction conditions last until midnight of the day of the auction only, the day after the auction the property becomes what is called a private treaty. Under auction conditions there is no cooling off period and a deposit usually 10% must be paid and contracts signed.
under private treaty you have the option to negotiate the deposit amount and if you choose sign the contract with a 5 day cooling off period.

Ropes Crossing
The Blacktown LGA is one of the few areas in Sydney with good prospects for growth over the next economic cycle of 7-10 years, and Ropes Crossing has emerged as its most desirable suburb both for lifestyle and investment.
One of the issues for most ‘mum and dad’ investors in property is the conflicting advice available from so called media experts. As an example, of the top 100 locations nominated independently by Australian Property Investor and Your Investment Property magazines in 2011, the panels (many of whom were on both panels) could only agree on 23 areas.
It’s notable then, that Blacktown was the only Sydney region location to make both lists, and continues to be nominated virtually every time “top” growth areas are discussed.
In the big picture, the key drivers for growth in Sydney property markets are
• Affordability
• Transport links
• Preferably reasonable proximity to zones of job creation
The Blacktown LGA offers all of these factors in abundance, and though Ropes Crossing is more expensive than some other suburbs in Blacktown City, it is about $200,000 cheaper than average house pricing across the Sydney basin.
One of the characteristics of locations with superior capital growth in residential real estate is low or “affordable” pricing. As an example, the median pricing of the top 50 suburbs for capital growth around Australia to June 2011, according to RP Data is $427,000. This is after 10 years of double digit annual growth.
Ropes Crossing’s median pricing for houses stood at $415,000 according to RP Data and $417,000 according to Australian Property Monitors in December 2011 (reported April 2012), well below the Sydney region average of $485,000 fir all dwellings. Median rentals were listed at $480 per week and $470 by the respective agencies. The Thirdi Property offering at Ropes Creek is $395k, with a rental projection of$480 per week. We are delighted to be able to offer Thirdi clients an opportunity to invest in the Sydney region’s most dynamic growth region at the absolute sweet spot of pricing to deliver maximum capital growth.
One of the few cautions for investors about the Blacktown LGA is the pockets with social issues, notably in the shadow of Mt Druitt. Ropes Crossing is insulated from these concerns both by geography and pricing, which is significantly more than the cost of social housing but within the means of young working couples.
In the case of Ropes Crossing, many aspirational young couples have stated a desire to stay and grow with the community rather than move on as they would otherwise have done without the evolution of this liveable and profitable boutique suburb.
When all factors are taken into consideration, Ropes Crossing is without equal as a destination for investors in residential real estate in the Sydney region in 2012.

can your budget stretch to around 380k?????

Hi Wendywoo
If the property was worth 470k in 07, then 390k in dec 11, then 360k in may12.
Wouldnt that say something about how good an investment this might be.