Where I live is not a brilliant area, Central Coast that is, it's not Sydney. Over here we have the battlers, unemployed and the real true blue Aussies who are willing to commute to Sydney 200 KMS return to make a living. No rich foreigners buying here yet. . . .
I was born in Eastwood well over half a century ago and am currently renting here. I go to most of the auctions in and around Eastwood and I can't remember the last house to sell in Eastwood that was not bought by "a rich foreigner" (Chinese). The below article says it all (albeit that the subject sale occurred a bit over a year ago now).
I find it quite amusing that in the article, Wayne Vaughan (Selling Agent) is quoted as saying :-
In 24 years I have never seen anything like it," Mr Vaughan, of McGrath Epping, said. "There's just no rhyme or reason behind it."
Well Wayne, the photo of the auction might provide a logical explanation.
http://www.news.com.au/finance/real...ng-their-budgets/story-fncq3era-1226714027139
A plain house in an average suburb has sold for $2.385 million as desperate buyers keep blowing their budgets
This Eastwood property sold for $1 million above reserve. Source: Supplied
IT is an ordinary house in an average Sydney suburb, but for the owners it held a $1 million surprise.
The only thing unusual about the small, three-bedroom home at 13 Richards Ave in Eastwood, northwest Sydney, is the 999sq-m corner block.
But estate agent Wayne Vaughan - who sold the house last week for an amazing $2.385 million - said even that didn't account for it reaching $1 million above reserve, proving there is no limit to what desperate buyers will currently fork out for their dream home.
"In 24 years I have never seen anything like it," Mr Vaughan, of McGrath Epping, said. "There's just no rhyme or reason behind it."
Crowds at the Eastwood auction. Source: Supplied
"We looked at recent sales in the area," he said. "During the campaign, a five-bedroom, two-bathroom house at 16 Auld Ave (an adjoining street) sold for $1.48 million. That was on 1030sqm.
``Another home at 4 Auld Avenue sold for just over $2 million. That was one of the best homes in the suburb and was sitting on 1200 sqm, which highlights how amazing this result was."
Large blocks usually attract developers, but the winning bidder was a mother and son team.
"Developers looking to subdivide were out of play from about $1.2 million," said Mr Vaughan. "It was an estate property, so the son and daughter handling it have both become instant millionaires."
Inside the Eastwood property. Source: Supplied
During the bidding, the vocal crowd helped push the price well beyond reason.
"Before the auction, I hadn't even contemplated anything over $1.5 million," Mr Vaughan said. "Those big crowds help build the atmosphere. There was a huge cheer when it hit $2 million."