$1.6 million house in Caroline Springs

[cimbom]

http://www.realestate.com.au/property-house-vic-caroline+springs-118520267

This house sold the other week for $1.6 million. Thoughts?

It's a nice looking house for sure but seems to be a bit of an over-capitalisation for the suburb. I wonder how much the seller made from the sale.

 

[TMNT]

whats the saying?

a fool and his money are easily parted
money cant buy taste

btw am referring not to the buyers of this property

maybe they really liked it for a PPOR

 

[GreyGhost]

Could have bought a nice house in Eaglemont and had change....

 

[Deltaberry]

Or Ivanhoe.

 

[redcj]

A LOT of money for that area. It is a massive house but oviously PPOR and attached to the area perhaps?

Caroline springs is not a bad area but it feels somewhat soulless to me and also has a lot of open land behind it. I dont think the area will boom but will see modest gains eventually.

 

[moyjos]

No Idea about the area at all ( have never heard of it ) but WOW what a house.

Shame they didn't have pics of the bedrooms. That is the type of OTT house I would buy with a lotto win (and a team of cleaners)

 

[willister]

Curious if it was a Chinese investor? If so, are they trying to shift there instead of the East (which I highly doubt it).

 

[Deltaberry]

Hong Kong investor. Just a one off though I suspect

Was at dinner with a China developer yesterday. He was trying to tell people on the table the key to property investing is to buy near public schools

I tried to remind him the biggest public school in Melb is Melb Uni in Carlton

 

[Genia]

By a rough estimation, the price to build this house would be around $800K-$1000K.

The remaining $600K-$800 would be for a 1000sqmtr of land by a lake.

 

[willister]

By a rough estimation, the price to build this house would be around $800K-$1000K.

The remaining $600K-$800 would be for a 1000sqmtr of land by a lake.

When we were about to build a new place, we were quoted $13K a square and this private builder wasn't exactly "high class" either. We were quoted $7-$8K/sq for a barebones no frills home from a volume builder.

I have no real idea whether that house was built with quality materials and craftsmanship but it doesn't look like a volume builder type house, so I'd probably say the house would cost between $1mil-$1.1mil to build itself based on $13K/sq.