Saturday, 23 June 2007

[Others.004] Property sales update - Epping area

North Epping House Sold
It's a cold 5 degrees C Saturday morning. Around 9am, we went to the auction for House Auction by McGrath I reported a few weeks back.

We were surprised to find more than 100 people there for the auction. Took a few photos with my mobile as shown below.

Based on the location (not withing walking distance to Station, but close to railway, a bit noisy), land size, the house built around 2 years ago, with standard 2.4M ceiling height, no water tank, standard interiors except some changes in upstair, laundry and kitchen. We roughly estimate the owner's cost should be within $1,000K to $1,100K. Based on recent sales around Epping/North Epping area, we think the reasonable price should be around $1,250K.

Although the price guide was "Over $1,050,000", the first bid started at a high $1,100,000. Then 1,110K, 1,150K, 1,200K,... finally ended at 1,400K, yes, 1.4 millions. The highest we have ever seen in Epping/North Epping area for the past 12 months.

Parkside on Somerset
We then visited another huge development area called Parkside on Somerset, Epping, where 20 empty block of lands sized from 500sqm - 825sqm were on auction last weekend. We didn't go due to the bad weather.

When we were there this morning, 10 of them were sold. The result was also much better than what we expected. We received some information and the price for the rest will be starting from $570K each. Personally still think it's a bit high, but who knows. Based on what we seen so far, plus the Epping to Chatswood railway line opening in 2008, there might still be others not familiar with local market found the price quite reasonable.

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