33 Morton St, Parramatta

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domain property details: 3 bedrooms, 2 bathrooms, 1 parking.

auction date: 21/3/2015

key selling points: 458 sq2, polished wooden floorboards

key drawbacks: timber house, house walls needs renovation, flat land

rental potential: $500 per week

my sale expectations: 800 – 900k

the auction included three parties, bids (k) identified by font:

  1. 800 1st party starting price
  2. 850 2nd party
  3. 860
  4. 870
  5. 880
  6. 900
  7. 910
  8. 915 5k increase (slowing)
  9. 920
  10. 925
  11. 930
  12. 935 3rd party
  13. 940
  14. 955
  15. 965
  16. 970 
  17. 980 10k increase (capping)
  18. 983 3k increase (slowing)
  19. 985 
  20. 990
  21. 995
  22. 997
  23. 998
  24. 990
  25. 995
  26. 1 mil 5000

sold price: AUD $1,005,000

yield on sales price: (500×52/1,005,000) 2.6%

comments: three parties, higher starting bid than expected, 70 people at auction.

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about pq west

pq west is about sydney’s gateway to the wild west.

it’s a guide to first timers purchasing their first homes or investments in the parramatta cbd or greater local suburbia.

a collection of thoughts, tips and experiences in the developments happening in sydney’s second largest city. it’s changing so fast, it really deserves it’s own documented blog.

parramatta, the new surry hills.

the city is under renovation. despite the rubble next to the city library and river, there are a handful of eateries that have plotted their locations here. the 10g inventive from the council should help businesses grow/set up.

some of these surry-hills spawned eats have mapped there way here:

  1. churburger (coming)
  2. messina (here)
  3. bourke st bakery (opening next month)
  4. jamie oliver ministry of food halls (exclusive to the west, coming)

i wonder how the circa brothers are feelings about this. parramatta is yet to see decent bars and music venues.

parramatta: most liveable city in nsw.

announcement in the capitol 

  1. winner: parramatta 135/170
  2. second place: burwood 125/170
  3. third place: pyrmont, hurstville 115/170

according to urban development institute of australia nsw, parramatta topped the list. surprise! or surprised? there is ‘parramatta’ outside of the westfield – wonderment.

the property industry health check says parramatta the best public transport and connectivity, the most effective mix of building types and the highest potential for urban renewal out of a sample of 20 Sydney suburbs.

“Parramatta was the standout leader out of the centres that were sampled with major public transport interchanges, close vicinity to major arterial roads and vibrant retail opportunities”

“Positively, the main town also includes a high amount of open space, the layout of the city is considered very walkable for pedestrians and the district also features a good mix of residential, commercial, retail and civic land use. Parramatta offers a prime example of strategic planning. It’s a city that is really coming into its own.” UDIA NSW Chief Executive Stephen Albin.

sounds pretty nice doesn’t it?

what do you think locals – agree or disagree? do you think this will affect the property market and encourage small businesses to activate the cbd in the next 6 months?