Last Saturday (09/01/2010) I went to inspect a 1920’s brick property in West Ryde, Sydney. I arrived about 10 minutes earlier. To my surprise, there were already 5 couples there. Anyway, lots of work need to be done before you can move in.
The agent told me the target price is high 700K which I thought it was a bit high. By the time I left, there was a long queue outside of the house. Though I had a feeling that it was going to be sold prior to auction, I never thought how crazy people are!
Today (15/01/2010), I checked on domain.com.au again. It is jaw-dropping: The property was already sold at a price of $820K! Here is a photo of that property.
http://www.investmentpropertycalculator.com.au/blog/wp-content/uploads/2010/01/west-ryde.jpg
Can you guys see my point here?