Hello. Just looking for opinions, how did this 451m2 piece of land sell for ~ $915,000.
37 Northbrook St Sinnamon Park, Qld 4073(realestate.com.au)
Is this normal or is something dodgy happening?
451m2 of Land at +$1500/sqm is pretty absurd in this suburb.
"as prices are sky-rocketing."
were skyrocketing, were.
Things have really flattened out over the last 6 months. About time too. The stupidity can't last forever.
Plenty of places. Esp. New Estates.
Land prices are sky-rocketing in the new Estates however not so in established suburbs closer to the city.
Furthermore, titling of land is getting extended till Nov 2018 for purchases in mid-2017 due to its backlog.
E.g. A block 36 KMs North of Melbourne (Donnybrook - Annadale Estate) sold for $190K (Dec 2017) for a puny 213 MSQ block.
What are you going to build on that? A double storey - Duplex/Squashed.
You also get thrashed on Council Rates due to the new Estates.
I understand if it was the inner-city but there are vast land around that area. A 448 SQ/M block are around $350K at that area.
If you work in the city, it will take you 1.5 Hours to get home during peak traffic. Therefore 3 Hours a day wasted in the car.
Edit: No. I didn't buy there :-)
900k for that little land?
Wow
Foreign buyers, at a guess
Seems very unreasonable for the size of land.
More importantly, why did they name the park after a stripper??
you sure it's for 1 lot ?
Yeh - Price was for Lot 3. Property was sold for around $2mil then subdivided.
Well damn that's expensive then.
It appears that is the price of the entire block(google.com.au) before being subdivided. Lots 4 and 5 is currently a tennis court. If that is the case, that price is a bargain.
Many land prices are absurd IMO.
We have some much vast land in this beautiful country of ours, and it costs so much to purchase a puny little block.
In my view, people are trying to get a foot-print as quick as they can as prices are sky-rocketing.
So they are willing to pay enormous amount of money, while they can afford it.
I reckon soon, land/house prices will fall or flat-line. But I am sure we have heard this many times before with no relief.
Cheers