Still find homes still under $1m


This property at 2 Maiden Street, Greenacre, sold for $900,000.

Story appeared in: Torch | December 21st, 2017



DESPITE research showing that homes under $1.2 million are becoming as scarce as hen's teeth in Sydney, local real estate agents say this is not the case in Bankstown.
Research group CoreLogic's senior analyst Cameron Kusher said $1.2 million had effectively become the bottom mark of a cheaper house due to the lack of quality homes listed below that.
However, Ray White Bankstown agent George Bakhos says there is still plenty of opportunity under the $1 million price tag.
"We just sold a three-bedroom home for $929,000 in Greenacre and one in Yagoona for $780,000," he said.
"We've also got a couple of duplexes for sale for around $850,000 so I would seriously dispute the researcher's findings that it costs $1.2 million to get into the housing market."
Likewise, Elders Greenacre agents Tom Maruschko and Salam Chemeisse say that they have properties for sale for under $1 million every week.
"We've cleared a lot of our books now since it's the end of the year but recently sold a property in Gosling Street for $800,000," Salam said.
"Last week, we sold 168 Banksia Road, Greenacre, for $925,000 and 2 Maiden Street, Greenacre, for $900,000.
"Opportunities are out there but it's better to work with a local agent who knows what's around and what's coming up than it is to search generally online."
Chamber Fleming Professionals Padstow Director Todd Owsnett says the market is becoming more favourable to buyers.
"I think this will be the same going into the New Year," he said.
"There's also more room to negotiate now with not all reserves being met but sellers happy to discuss it further.
"And as far as properties available for under $1 million, you can definitely find them in Bankstown; I just sold 28 Cairo Avenue, a three-bedroom house, for $892,500.
"The market has definitely eased off which is great news for buyers."



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Publication: Torch | Section: News | Author: Cindy Lynch | Story ID: 133825 | Viewcount: 8262

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