Ours was 18% lower than sale price a couple of weeks later, so you are in the ball park
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My place in Aberfeldie was valued by two banks at a price 8% higher than what it sold for.
I was not impressed.
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I think it is wise to get a bank to value your house (and assets) as they will always take the conservative amount, then get an agent to value it and hope to get something in the middle.
We have a friend who is a real estate agent so he will give us an honest opinion on a property which is handy but if you don’t have that luxury, get a bank to have a look at it.
Too true, Vanders. But you can still get an affordable place if you go up the hills around Nimbin and Mullumbimby, away from the coast. How long that will last is anybody’s guess.
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Mullumbimby? Northern NSW? Guess depends what people consider affordable.
I was/am looking around and can’t find anything under $1m
It depends what you are looking for. There are 3 bdm homes going for under $400,000 right now in Casino, Lismore and Nimbin.
They ain’t making more land and banks keep lending I guess.
Wait 12 months and buy on the Gold Coast is an option if you don’t mind a bit of concrete. Because of all the high rises and plenty of land out back, property there goes up and down like a yo yo.
A Gold Coast agent will always try and get you on FOMO, but every property cycle it’s the same.
I think the regions will have a hard landing personally. It’s driven by people feeling free from the office.
That will change once the vaccine hits, job keeper and seeker drop away and business trims down to the new world. People will move back to a city for work, wfh will go offshore, kids go to a city uni as in actually front up for a class, both locals and internationals.
Then Sydney,Melbourne property markets will come back in vogue. (Actually Perth could be the go as mining boom 3.0 is gathering steam)
I’m thinking there must be a bit of a suburban crunch on property around the corner. Betting you could knock froth off an off the plan apartment in the right area if you were astute to make it a worthwhile investment too.
Maybe take the punt on some quality commercial whilst it’s hard to find tenants.
Very nice area
How long ago was that. Cos abers is money now.
Oh ok, yeah those places are a but further out. Nice areas though, as is Federal. Am looking closer to Mullumbimby
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Really interested to see what happens from the 1st March and lending criteria’s ease.
Moves the responsibility from the banks confirming repayments can be made to the borrower confirming that can make the payments.
Been preparing for a loan pre-approval for the last few weeks and the process is pretty intense.
If I were you, I’d check out Lismore. Good-sized town with all the features you’d need, and decent roads down to the coast. Under 35km to Ballina. Less than 50km from Byron and from Mullumbimby; about 35 km to Nimbin. A lot of affordable houses there.
I love Lismore but whoever was the genius that decided to turn it in to the roundabout capital of the world should be loaded into the blitz canon 
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Not sure it’s illegal. This is how I would see it play out. I think Reserve price is supposed to be within 10% of asking price.
Advertised range:
$400k - $440k
Reserve
$484k
Offer at auction $445k
Now on the market for $484k
What was the expected price range and eventual for sale price?
That was my understanding. As long as it’s within 10%, it’s okay.
For example. A property became available in my suburb. Listed between $600-660k.
Looking at the specs, it should be higher than that.
But the listed price will draw a lot of interest and probably get people invested in the place. If the property sells for $720k or less, no issue for the real estate people. It’s within the 10%.
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My understanding is offers at auction are binding. They go over the published reserve, they’re bound to take it.
If it was a private offer, they can always make up some reason around conditions (settlement, inspections, finance etc) and get out of it.
A long time ago, when I was looking at one-bedroom units, average of the range provided plus 10% was a very decent approximation of what they would ultimately go for.
Not that agents are bastions of complete honesty, but a reserve price only needs to be disclosed by the vendor on the day of the auction, and even then it is not necessarily disclosed to the public.
The agent only needs to give a reasonable estimate based on comparable sales in the lead up, if they have not been given a reserve. So plenty of wriggle room here.
Until you hear the words “it’s on the market” on auction day, it ain’t game on.
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2015 in St Kinnord St.
What had happened to the townhouse market was that everybody expected at least two bathrooms. If I’d known that, I would have split the big ensuite-bathroom into two…turned the bath into a shower and a vanity, put in an extra toilet and split the room in two, but it needed to be done 12 months earlier to let it time to not look new.
Everybody was saying “when did this become a thing?”. Had 3 upstairs bedrooms, and one big bathroom.
Forget about getting any vaccinations though.