We just bought a Sydney terrace house

[Alexander's Horse]

This one is not my house but you get the idea.

I'm having trouble getting Mrs Horse not to hang washing over the ornate wrought iron balcony....she says others up the street are doing it...

I always wanted to own a terrace, such a Sydney thing...

Mrs Horse has also found the neighborhood is full of new Australians like herself so she is quite happy, fits in well. I imagine they are all hanging their washing out like her...

Massive unpack in progress, our Sydney base, slowly going home, the house is in an area I spent many happy days as a child..

[Sava]

congrats

[Alexander's Horse]

Thanks Sava It has done wonders for my sex life. I haven't washed in three days, not sure if it's that or the house...

[Sava]

hmmm
washing = shower?

also
congrats about more sexy time

[Alexander's Horse]

no shower too busy

[Sava]

i shower many times a day
and i use the handheld shower head to rinse my butt after every poop
TP just doesn't cut it anymore

[Alexander's Horse]

Our purchase was need-driven but we were very lucky to get in when we did - Sydney property prices have gone nuts again and we bought in the zone this story is about, just before it took off...

http://www.dailytelegraph.com.au/news/close-to-the-city-far-above-reserve/story-e6freuy9-1226619442335

A PERFECT storm of cashed-up buyers and a severe shortage of inner-city properties has sparked a buying frenzy, with properties within a 10km radius of the city smashing reserve prices by more than $100,000.

Agents in Redfern, Surry Hills and Waterloo have become tour guides, showing hundreds of groups through open house inspections and handing out contracts like gift shop brochures.

Last week a 150-year-old four-bedroom terrace house in Devonshire St, Surry Hills, was snapped up at auction for $1.355 million - a staggering $295,000 above reserve.

"We were extremely surprised with the result," Belle Property Surry Hills' Charles Touma said. "It was under-developed, had a 12-month lease, speculation of a tram line coming into the area.

"We couldn't believe the interest and the result."

For the same amount buyers could get up to four similar properties in Mt Druitt. The amount by which it exceeded its reserve would be enough for a three-bedroom house in the outer west.



Experts believe conditions are ripe for inner-city sellers thanks to the combination of improving consumer confidence, stock market stability and low interest rates forcing buyers off the fence and into the market, bringing years of extra savings with them.

A substantial shortage of quality properties means that when a good property is released, the effect is like lobbing a hot chip into a carpark full of seagulls.

"There is a critical lack of supply and a larger number of people qualified to buy close to the city," Century 21 chairman Charles Tarbey said.

"It's not the number of homes available, it's where they are located.

"There might be thousands of properties listed in NSW but most are in country towns and areas where no one wants to buy. The city is short on quality listings."

Great recent results have enticed vendors to shun private sales offers and force emotionally invested buyers to do battle at auction.

"Everybody wants an auction when they see the interest their property is getting," said Jose Cabeleira of Ray White Marrickville, who is selling a two-bedroom deceased estate at 77 Kepos St, Redfern.

"We were anticipating $700,000 but in one week we received five offers and decided to take it to auction. We think it will pass $800,000."

A likely Coalition election win is also fuelling business confidence, which has a knock-on effect to inner-city property, according to Wilson Property Agents principal Adrian Wilson.

He recently sold an apartment in North Sydney for $170,000 higher than its price guide and another on Sydney's Liverpool St for almost $100,000 above expectation.

"This year, we have negotiated above the asking price on properties in the CBD for the first time in 18 months," Mr Wilson said. "I am finding that those spending $1 million-plus on properties are more confident with a potential change of government."

The latest RP Data figures show yearly median increases in Redfern (5.1 per cent), Surry Hills (3 per cent) and Waterloo (16.8 per cent) and comes after a correction period for city properties, according to RP Data research analyst Cameron Kusher.

"We have certainly seen auction clearance rates picking up in Sydney," Mr Kusher said. "It is still 10 to 15 per cent lower than in 2009, but looking much better than the last couple of years."

This would be us

the combination of improving consumer confidence, stock market stability and low interest rates forcing buyers off the fence and into the market, bringing years of extra savings with them.

We wanted something closer to school...It was a very nervous wait for the house to settle, the seller tried to get out of it but I got him locked into a contract early Feb and he had bought elsewhere so he had to close, after some delaying tactics...

We noticed the evaporating supply and had to jump in

[Jon Miller]

Wow, so you are heading back to australia?

Congrats!

JM

[Jon Miller]

Wow, so you are heading back to australia?

Congrats!

JM

[SuperSneak]

Won't be long til there's chickens on the roof and goats tied up out front! Congrats...nice that you got in low...good investment! I'm looking at a lot of basic upgrades this summer off...though at best we'll give this to one of the boys cheap someday and get a condo or something...it's the perfect starter/finisher home.

[Krill]

I want one

[Japher]

Hang her panties out there...

[Alexander's Horse]

bloomers in her case

I need to slowly start heading home to Sydney lads

[Dinner]

Nice.

[Sava]

sounds like the song at the end of return of the jedi