Bargains in Sydney’s West – 64% discount.

The weekend has highlighted some potential bargains in Sydney.

In Cabramatta, a 1 bedroom unit sold for an entire $95,000. At the peak of Sydney’s property boom in 2003, it had changed hands for $262,000. That’s a fall of 64% for the mortgagee repossession.

Over in Annandale another mortgagee repossession brought 18 months ago for $750,000 was passed in at auction. The real estate agent expected the house to sell for $550,000, but after the auction a buyer offered a measly $330,000.

» Sydney : Bought for $262,500 in 2003, sold for $95,000 last week – Sydney Morning Herald, September 17th, 2006.
THIS is Sydney’s cheapest unit. The one-bedroom unit in Cabramatta sold at auction last week for $95,000. In November 2003 it cost $262,500. The mortgagee repossession sale is part of a trend, say real-estate agents and analysts…

» Sydney : Left with an empty feeling – Sydney Morning Herald, September 10, 2006.
SYDNEYSIDERS are losing their homes at a record rate, forced out by crippling mortgage payments, exorbitant petrol prices and high personal debt. The latest NSW Supreme Court figures show repossessions…