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  1. #1
    Join Date
    Nov 2007
    Location
    Albury Well Just Outside
    Posts
    2,966

    Default Eastwood House Price - Unbelivable At the Moment

    A few weeks ago I was at an auction in Eastwood not as a buying but as a spectator. Of course I was not the only spectator as I figured many of the neighbors were also there to watch the auction.

    There was some research before the Auction and some things that I discovered that would need to be attended. Water in one of the bedrooms coming from the adjoining bathroom. The guttering on the stand alone garage was just full of holes. There was a fair crack on one side of the garage wall of 30mm in width and running about a meter stepping down the brick face. There were other minor things that would require some maintenance being a reasonable old house.

    The bidding started at 790K and quickly reached the million dollar mark. The initial 3 bidders had dropped out and it was now between two bidders. It finally sold for over 1.2m.

    I thought that it was well over priced, but alas I am not an real estate person and do not know the market as well as them.

    So about a week later I managed to get hold of the local paper and this auction that I attended was mention along with another two house going over the reserve. The other two went over by 100k but this one had a reserve of 890K and it was sold for 1.2m which is 300k over the reserve.

    I know that this can not be sustained as every boom must bust. (I am quoting Rene Rivkin)

  2. #2
    Join Date
    Nov 2004
    Location
    Millmerran,QLD
    Age
    74
    Posts
    1,761

    Default

    Christos

    I am not too well up in the real estate market either, but I am surprised that houses at that end of the market are selling well. It would be interesting to know what those same houses were worth, or valued at, one and two years ago.

    Regards
    Paul
    Bushmiller;

    "Power tends to corrupt. Absolute power corrupts, absolutely!"

  3. #3
    Join Date
    Jun 1999
    Location
    Westleigh, Sydney
    Age
    78
    Posts
    1,332

    Default

    It finally sold for over 1.2m.
    Barely land value.

    Probably depends how it's zoned. If it's close to the rail line, the government's policy is to convert to high density, so that may be the reason for the high price.
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  4. #4
    Join Date
    Nov 2003
    Location
    Sydney
    Age
    54
    Posts
    891

    Default

    The trouble is Eastwood isn't even a great area. It is getting harder and harder to be a home owner.
    Visit my website at www.myFineWoodWork.com

  5. #5
    Join Date
    Nov 2007
    Location
    Albury Well Just Outside
    Posts
    2,966

    Default

    This particular house was not very close to the train station but within walking distance to a bus stop / main road.

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