Thursday 29 October 2009

City vs Country, part III

A relation is trying to offload a property in a country town. They'll be happy if they are offered $5,000 for the place. It's a brick house on a large block.

Median house prices in Sydney have cracked through $600,000. The house and block in the country town would be larger than many million dollar properties in Sydney.

Only downside - the country house is in a street with two bad families. If they leave, property values will increase substantially. No one wants to live anywhere near them. It's a situation where saying, "Would it kill anyone to see house prices go up" could have interesting connotations. The only way to remove the problem families might be to stash them in barrels, South Australian style.

Apparently the real estate agents in this town have many similar properties on the books, but never advertise them. The sale of the house would barely cover the advertising cost. If you want a cheap place, you have to go into each agent and ask what is on their books.

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