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Real estate sales in ACT

By vtr1k - 2 March 2008 115

We have been trying to sell our reasonable family home at Gleneagles Estate for 6 months now.  There is nothing wrong with it, we have just outgrown the house.  What I can’t understand is that people are saying in the papers, the net and other forums that they cannot get a decent sized house on a good block of land for a reasonable price in Canberra.

Has anybody else come across this?

What’s Your opinion?


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115 Responses to
Real estate sales in ACT
vtr1k 3:49 pm 02 Mar 08

Thanks for that Nemo,

quite correct, the “profit” we may make is going towars a house that can fit all 6 of us in! Maybe Nyssa can buy our house – Nyssa, do you want to buy my house?

Nemo 11:51 am 02 Mar 08

Nyssa

It’s not profit unless you are moving out of the market. If you sell a house, more than likely you will also be buying a house, which has moved up in price as well.
If $710 000 is a bit over 10% of your wage, you really should stop whinging about the price of houses and buy one.

vtr1k 11:05 am 02 Mar 08

Heavs,

might do, though he may want me to put in a wine cellar like he has!!

Nyssa76,

I assume from your comments that you are born and bred Canberra person – look up all the houses for sale in Glenaeagle on allhomes and you will also find what someone paid for it!

Using your argument, why does Sol from Telstra earn millions per year (probably 100 times your salary…

nyssa76 10:44 am 02 Mar 08

$710K?

And that folks is why buying in Canberra is so overrated.

Just out of curiousity – because I’m like that – what did you pay for it?

I’m really interested to know how much of a profit you will make based on current trends.

Perhaps then I can justify why someone would want to sell some bricks, mortar and dirt for over 10 times my yearly wage.

vtr1k 10:34 am 02 Mar 08

ant,

have done that with the leaflets at recent auctions, 2 & 4 Clarke Place (982k and 830k respectively). 122 MVD reserve is $710 and 10 MVD is at $729 (I believe they will accept $720).
Based on that, a decent 4br house on large block is around $710000…

any further thoughts

Heavs 10:34 am 02 Mar 08

Quite simple really. The reason you can’t sell is because you aren’t in Forrest. Ask Pottsy, he’ll hook you up.

vtr1k 10:31 am 02 Mar 08

Thumper – I think you hit the nail on the head!!

I also tyhink that Canberra buyers think that there will be a decline inb the market (generally no true when taken accross the market – may happen in some isolated areas). In the meantime the houses these people may have bought have increased in price and these buyers have paid out more in rent/mortgage whilst waiting for their dream home to drop in price!!

Seems to only happen in Canberra…

vtr1k 10:28 am 02 Mar 08

Funny thing is we have had about four offers, and we have accepted everyone of them. Once it has been conveyed that we have accepted, the potential purchaser has withdrawn, excuses randing from wife has new job so bank will not give us the money, to we have decided the rooms are the wrong configeration.

Of vourse if we knocjk $50 k off the price it will sell – but we are not going to give our property away!!

I think that potential buyers have to pull there heads ou of the sand – tanother place here is a 3 bedroom and is going for auction – reserve is $710,000. It is much smaller than ours!

vtr1k 10:24 am 02 Mar 08

If you think a 30 sq home on 1000 sq m is a large home on small block, then you may be right. Gleneagles (we are the original stage 1) is on Kambah Pool Road, surrounded by Murrumbidgee Golf Course and about 1km from the Murrumbidgee.

There are no small blocks here. I think min size is 950 sq m = quater acre…

Harrison and Forde are the largeb house small block (and Kingston, etc)

threeze 10:10 am 02 Mar 08

Your house is only worth what someone else will pay for it.

ant 9:40 am 02 Mar 08

Where is Gleneagles estate? Not that the location should make much difference, Canberra’s Canberra. Oh, I remember! It’s that golf course thing beyond Kambah. Hmm. Large houses on small blocks, from memory. Still, it’s in a nice spot, quite upmarket, and free golf balls appearing in the garden.

I think that, whenever you can’t sell something, it’s due to that one thing: price. What you’re charging isn’t what people are prepared to pay for the place.

I just went to Allhomes and looked at the Gleneagles listings. Not sure which yours is, the two that aren’t auctions and aren’t under offer have been up less than 4.5 months.

They all seem to be similar prices (729k to 749k). Has your agent suggested that upper-price homes have started moving more slowly, perhaps? Have you tried viewing the listings of upper-price homes, and seeing how long they’ve been listed? You might see a pattern forming.

I notice a couple of your neighbours’ homes are being auctioned soon. You could go hand out leaflets to the bidders! There’s a bunch of people who want to buy in your area, but only one can win. That will give you an idea of the market, too, what they’re bidding to.

Growling Ferret 9:31 am 02 Mar 08

Yeah. Your price is too high. Knock 50k off your price and you would sell it in a week.

Or maybe the buying public now realise Gleneagles is part of Kambah….

vtr1k 9:26 am 02 Mar 08

The property has been with a reputable agent (we sell for what it is worth!) for 4.5 months. They are happy with the price (which is what the professional valuation came in at, and we are happy to negotiate.

Any ideas

Thumper 8:59 am 02 Mar 08

There has been a definite slowing of the market since the federal election.

Why? I have no idea, but houses are taking a lot longer to sell.

Maybe people are still spooked by the interest rates hikes.

Jazz 8:54 am 02 Mar 08

I would suggest the reason you cant sell your house is because one of those things you claim is reasaonable, to other people is not. Most likely your expectations on price.

If you havent already engaged a reputable agent, stop dicking around and go get one.

If you were sick, you’d go to a doctor, for tax advice you go to an accountant. Why on earth you wouldnt engage a professional sales agent to sell your (most likely) biggest asset is mind boggling.

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