Update on Newport Beachfront.
You may or may not remember the post called Newport Beachfront (aka 1 Myola Road). Funnily enough, it's the post I get the most hits on, not entirely sure why. The place is amazing but there are others on this blog that I think are better. Anyhoo, like a lot of the top end properties that have been languishing on the market in recent times, there's been a renewed push to offload this place. The property received editorial in the Saturday Manly Daily (17/09/2011) and the price guide was listed as being "in excess of $10 million". This was what I had said it was likely to be in the original post but thought I'd confirm that as it's illustrative of the market in general. 1 Myola Road, Newport is most certainly on par with 7 Calvert Parade, Newport which fetched $12 million in an iffy market.
So there you go.
Whadya reckon a fair price for this place is? Very tough to value, but it looks like potential buyers do NOT want to blithely finance someone's retirement.ReplyDelete
I don't think the vendors are entitled to whatever they paid + x% annual appreciation, which seems to be the expectation here. Northern beaches properties have been overpriced for some time - if current owners originally overpaid then tough.
Would've edited above post instead of deleting if I could.
As you say, it's very tough to value. The current owners could be forgiven for trying to get close to what the house on Calvert got but I just don't think that's going to happen. Certainly not any time soon. And you're definitely right, people are being a bit pig headed about prices and they just do not want to accept that the boom is over. It may not be as dire in Australia as it is in Europe but as I said in another post, the Irish prestige property market died long before the shit officially hit the fan there and I suspect the same is happening in Australia now too.ReplyDelete