http://www.realestateview.com.au/Re...roperty-Details-sold-residential-7602500.html
That's nearly $1400 per square metre... Am I missing something here?
That's nearly $1400 per square metre... Am I missing something here?
$1 million for an unrenovated 700m2 house in Blackburn?
- Thread starter GoingDHfast
- Start date
Only the boom.....
It is a bit mental!
I have many prospective clients looking for suitable knock down and rebuild sites, through the corridor from Mulgrave up to Doncaster.
Many of then call me on a Monday saying "you won't believe what it went for".....
It is what it is....if people can afford to pay the prices then they will, nothing new....
These knock down things were selling for 650k just three years ago. Thats good growth. There must be plenty of wannabee and real developers swarming this area. They can't all make a decent profit that's for sure - as you can only get two places on that size block - typically from what I have seen.
Looking at the block and floorplan I don't even think it would be subdividable without knocking down the existing house (ie; just build a 2nd in the backyard). The house is right next to the driveway, usually need about 1 metre clearance to the edge of the driveway from memory.
I think new 4 bedroom townhouses in this area on half blocks are selling for 850-900k so ~$1.8 million for two. $800,00 difference (after paying a million) doesn't leave much room for profits after the costs involved in building two townhouses...
I think new 4 bedroom townhouses in this area on half blocks are selling for 850-900k so ~$1.8 million for two. $800,00 difference (after paying a million) doesn't leave much room for profits after the costs involved in building two townhouses...
Larch street is a beautiful street. Has its own kinder which is very popular. The street has a lot of well built homes with plenty of money spent. Has a little park in the street as well as being tree lined and crisscrossed with walking tracks.
I live not too far from Larch street and can understand the desire to get in.
I live not too far from Larch street and can understand the desire to get in.
Blackburn is a fantastic area, not really box hill and not really Glen Waverley. I bought an office there and love the area, lots of trees, traffic is reasonable and great access to public transport.
Demographic is quite interesting with the Chinese not infiltrating as much as they are in GW and BH. Blackburn is a 'leafy' suburb abd the blackburn lakes offer great privacy and 'forest feeling'.
Personally i'm looking for property but it is expensive.
Like anywhere its hard to find a bargain and blackburn is no different.
The sale you have posted is similar to many others I have seen. I'm at the corner of Cantebury and Middleborough and all houses are fairly old and have good character.
Developers be warned - before you buy - consult the council and make sure they put your discussion on paper they are known for screwing developers in the area.
Cheers, Ivan
Demographic is quite interesting with the Chinese not infiltrating as much as they are in GW and BH. Blackburn is a 'leafy' suburb abd the blackburn lakes offer great privacy and 'forest feeling'.
Personally i'm looking for property but it is expensive.
Like anywhere its hard to find a bargain and blackburn is no different.
The sale you have posted is similar to many others I have seen. I'm at the corner of Cantebury and Middleborough and all houses are fairly old and have good character.
Developers be warned - before you buy - consult the council and make sure they put your discussion on paper they are known for screwing developers in the area.
Cheers, Ivan
Proves again, for such small scale developments, the best play is buy and hold. There's no height on these things, how much do people expect to sell their little townhouses for when they're going for $650k on Station St in Box Hil..
Subdivided block in Box Hill North, what could be regarded as a lesser suburb to Blackburn recently sold for a pretty penny.
http://www.realestate.com.au/property-house-vic-box+hill+north-115196515
http://www.realestate.com.au/property-house-vic-box+hill+north-115196515
All I see is families wanting to be in a certain area and wanting to build a nice big new 50 sq home, it is a very emotional purchase, hence some of the crazy prices!
It almost may be that the family buyer is outbidding the developers at some of these auctions.
Why do you think volume builders are advertising on radio about knock down and rebuild?
The market is growing quickly as people are finding its not that hard to do to replace a dwelling with another single dwelling and stay in an area they love.
It's going to be the next big driver of construction in Melbourne people...
Forget about the fringe suburbs.
Why pay $60k stamp duty when moving house?
Just knock your old one down and put up a new one
It almost may be that the family buyer is outbidding the developers at some of these auctions.
Why do you think volume builders are advertising on radio about knock down and rebuild?
The market is growing quickly as people are finding its not that hard to do to replace a dwelling with another single dwelling and stay in an area they love.
It's going to be the next big driver of construction in Melbourne people...
Forget about the fringe suburbs.
Why pay $60k stamp duty when moving house?
Just knock your old one down and put up a new one
For a few streets in Blackburn, $1M+ would be a bargain.
The spot bordered between Laburnum and Blackburn stations, the railway line and the park, one of the best locations in Melbourne suburbs.
The spot bordered between Laburnum and Blackburn stations, the railway line and the park, one of the best locations in Melbourne suburbs.
http://www.realestate.com.au/property-house-vic-essendon-117901351
Sold for 926K
569spm block
$1627 per spm..
Semi decent reno, quite unappealing from the font, but it is in one of Essendon's premier locations...
Young couple bought it for their first place.
Just shy of $1m including costs
