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Near_Canal

Would be more interesting to see what it actually sells for as opposed to what the owners are asking. But generally I agree, I’ve been watching areas around brissy and they’re definitely rebounding after a pretty rapid fall during the second half of last year.


Narrow-Currency-8408

Even if they sell for 100k under the asking price, it will be selling for 65k more in a "falling market" after less than a year. Yea I've seen the same in Melbourne, December last year had some nicely priced properties available, but it's back to being expensive


the_lusankya

Depends how much they actually bought it for. "Offers over $525k" could mean they bought it for $650k, and now they're trying to sell for $690k because they want to break even on house price plus stamp duty. Doesn't mean the house is worth that much. Just means they want that much.


Narrow-Currency-8408

They paid $526k


tulsym

No stock :/


limlwl

Did they renovate and now trying to flip ?? Maybe that explains it, else they are trying to find a sucker.


Narrow-Currency-8408

Nah it's in the same condition (it was in a good condition before, nothing changed )


Bubbles_012

Don’t be swayed by what it’s advertised for .. I was offered a 300k discount for a similar situation. It’s hopeful thinking to sell for advertised price and your the idiot who believes it to be the magical number Unlike every other commodity, all it takes is for one idiot to pay that price and all of a sudden the whole suburb market value is higher .. Wait until the end of their selling campaign and watch the agent sweat because they are about to lose the listing. Then they become your best friend Having said that.. 500k is not a lot of money so that might be the reason why it’s rebounding. You are close to rental prices


Sea_Refrigerator2739

I don't think that just because someone is setting the price at $690k, it suggests its market value. It is likely that some owners haven't accepted the current market and is still stuck in their expectations. When they get hit with the news, that's when they will adjust closer to its value.


Narrow-Currency-8408

I'd understand stuck in their expectations if they were trying to make back what they paid "at peak". This is $165k more


karrotbear1

Its still gunna be sold cause its in Bundy and the market is pretty tight.


Narrow-Currency-8408

Wish I knew that. At the time I worried the market in Bundy would fall after the covid lockdowns ended (as Bundy is quite bogan, so didn't see the appeal)


karrotbear1

Yeah. We bought mid 2020 in West Bundy. Back when people were scared everything was gunna crash. Easily the best decision we've made. Now just gotta offload at peak 🤣


Narrow-Currency-8408

When do you predict the peak to be? I ended up buying in regional WA instead, and it's slowly rising (also tight market), but by 3%, not by 30%


karrotbear1

Now? Nah we might have to sell simply because our fixed rates are ending '25. Which will mean we either have to charge 700 to 750 a week (currently 440). Who knows, maybe rates drop again and it sends property to the moon, maybe paradise dam fails and Bundy goes to shit? No one can predict these things and if they could they wouldn't advertise it. I have multiple properties in West Bundy and surrounds pinned as "mine" in the real estate app and I keep an eye on the estimates. Easy way to have an idea of what's happening. But honestly I think the market is cooked. It shouldn't cost $440 a week for a 3/4 bedder on Bundy. Nor should it cost $500k to $600k for that same house.


dcYeezy

There's a lot of that happening at the moment. I've got a couple I'm selling that vendors only purchased 12-24 months ago. These couple are actually priced less than they purchased for and the vendors understand they will take a loss. But other vendors don't always think that way. The reality is the market has come back from the peak pretty hard.


aeowyn7

Seen it so often. For example: https://www.realestate.com.au/property/58-lake-view-cres-highbury-sa-5089?pid=p4ep-pdp%7Csold-pdp:property-history-cta#timeline The previous owner made $120k in a year. And the neighbours fence was falling onto the property and needed repairing at a 50/50 cost by the new owner!


isthathot

Something something rental crisis pushing up the lower end of the market most people/couples can easily obtain mortgages for Something something good rental returns. Also there’s not a lot of stock on the market in brisbane right now so a shortage of decent enough houses is a problem. On the flip side in brisbane I am seeing houses be yo for sale again from last year and they’re not really selling for any more than last year. There’s what you list it for and what it sells for.


onepoundfeesh

Long story short this specific property is not in "the market," as opposed to "a market." It is one property, on one street, in one part of the suburb, in one suburb in one state. Last year the overall market went down 5%~ish, which is overall meaningless when you're talking about specific properties compared to properties overall. Example NSW went down about 14%~ last year, but also had some suburbs going UP by 60%+.


SwiftLikeTaylorSwift

My house was valued at $285k during the middle of the covid boom and sold for $450k 3 months ago. 100% agree with your point about how individual properties can have different results than the Australian supposed majority


onepoundfeesh

Its crazy how much they can go up by in such a short amount of time. Also idk why my comment got downvoted? Its an objective truth lol


SwiftLikeTaylorSwift

Welcome to r/AusProperty We hate facts here, apparently 🤣


turboyabby

What it is 'selling for" and what it 'sells for' can be very different numbers.


Pugsith

Rental crisis probably isn't helping and there's a difference between "person wants x for house" and "person is will to pay x for house" But the property market in Australia is full of people being told by their peers, the media and everyone else "there's no wrong time to buy, it will always hold its value, there's no way prices will ever drop really" They will FOMO the country into a major recession and blame everyone else (much like they're blaming everyone else for interest rate rises at the moment)