Hi Guys
Would love to hear anecdotes about bargains being had in the Sydney Property Market. Are vendors really feeling the pinch or is it a myth?
I looked at a 2BR apartment in Wollstonecraft (Sydney’s lower north shore) in about February this year. Initially this guy was asking for offers over $550k. He advertised it in the paper last week for offers over $480k! I think people are being scared off because the block is having some building work done to it and there was a hughe $12k levy recently imposed on each owner. Ouch!
The Fin Review (or Australian ) last week ran a piece on a I think it was called the Maestri, a new development with “magnificent views of Darling Harbour “, a Trigibuff development with a group of properties in this block auctioned recently by McGrath.
A one bedder bought in 2002 for 425,000 top bidded at $360,000 now on the market for $399,000
and a “beutiful 2 Bedder” bought for $825,000 that did not attract a bid, now on the market for $690,000. Both originally bought by a NZer.As the rent guarantees are now dropping away, it might be the tip of the iceberg we keep hering about.
Oh yeah, the same article quoted numerous agents all saying that the had no problem selling their properties, yeah right.
Originally posted by gmh454:A one bedder bought in 2002 for 425,000 top bidded at $360,000 now on the market for $399,000
and a “beutiful 2 Bedder” bought for $825,000 that did not attract a bid, now on the market for $690,000. Both originally bought by a NZer.I’m hearing similars thing in Melbourne also for inner city apartments, one I heard of was was bought for $380k off the plan about 5 years ago, sold $320k about a month ago. Then again lots of the new stuff being built seems to be just as overpriced compared to what apartements are getting on the open market.
I tend to think a fair bit of it is from people who may not know the market and get roped in by fancy marketing, like the example above of the New Zealanders
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