Wednesday, 27 May 2009

[PropertyInfo.036] Property Market booming after FHOB extended?

Before the announcement of the budget, there were lots of rumor about property market crashing after the "First Home Owner Boost (FHOB)" finished in end of June. Now that the FHOB been extended (see reports here and here, everything seems to change!

Not sure about your area, in Epping the best example would be this old unrenovated cottage, with 695 sqr meter of land --- perfect candidate for a knock down and rebuild. As it's quite wide it might be qualified for a duplex too (subject to council approval).

In the past 2 open houses it was always packed with interested buyers, most of them intended to knock it down as it's been vacant for almost 2 years and not in a very good condition.

When I was there last Saturday, I saw this old Apple II from 197? (same as the one in the photo below from Internet, with 2 huge floppy drives) sitting on the floor in the corner of a bedroom. I probably spent more time on this little cutie than the old house and if there weren't so many people around, I would be seriously thinking of ..... Sorry, back to the house...

The asking price was $620K, we think it should be somewhere in the high $600K area. Last Saturday we heard that there were already a few offers around $680K, which is pretty good. Wife called the agent this afternoon and was told the highest offer is in the $710K range and might even go higher, wow!

As it's not for Auction, there's really no deadline and would be interested to see how much it would be sold for in the end...

Is your area going well after the FHOB extended as well? Share your story with us!

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