Big result for 1960s original 2 bed flat in Armadale Vic

[rprodrive]

I have an IP in Armadale and follow that market closely.

Check out what sold for $780k at Auction today. Original kitchen and bathroom. Wow, great result for seller.

http://www.realestate.com.au/property-apartment-vic-armadale-117094879

 

[WattleIdo]

Very good condition - hope they keep the kitchen as is.
Nice flat.

 

[Scott No Mates]

Judging by the quality of the kitchen & how its lasted, it was a decent house at the time of construction.

 

[jingo]

Excellent result. Maybe its time to pull out some equity if you own something similar? Kind regards Jason.

 

[TPI]

Interesting result rprodrive, aside from this result what have other similar properties generally been going for in the last few months?

I have a similar property nearby bought for 350k in 2007.

One good sale maybe an outlier, but if a few others have gone for similar prices that may make a good case for re-valuation.

 

[jingo]

Interesting result rprodrive, aside from this result what have other similar properties generally been going for in the last few months?

I have a similar property nearby bought for 350k in 2007.

One good sale maybe an outlier, but if a few others have gone for similar prices that may make a good case for re-valuation.

This may help. https://www.homepriceguide.com.au/R...StreetId=1010117&UnitNumber=5&StreetNumber=18 as may this http://www.onthehouse.com.au/report...509/Unit_7,_18_Mercer_Road_ARMADALE_VIC_3143/ I couldn't find an exact report (a free one at least for 5/18 Mercer, but based on this one close by (and it may not be as good, or may be better etc) it seems the apartment has appreciated by about 7% p/a since 2002.

 

[TPI]

This may help. https://www.homepriceguide.com.au/R...StreetId=1010117&UnitNumber=5&StreetNumber=18 as may this http://www.onthehouse.com.au/report...509/Unit_7,_18_Mercer_Road_ARMADALE_VIC_3143/ I couldn't find an exact report (a free one at least for 5/18 Mercer, but based on this one close by (and it may not be as good, or may be better etc) it seems the apartment has appreciated by about 7% p/a since 2002.

Thanks jingo, looking at these it does look like this sales result is way above any previous one. Hopefully it sets the new benchmark!

 

[S.T]

I love these old large apartments, perfect for downsizers - wonder if that's what sparked the high price?

 

[jpcashflow]

The area is pretty hot at the moment...
what a price though and well done on the seller!!

Its amazing there are so many hot suburbs out there at the moment.

 

[sanj]

call me crazy but this kind of result would make me want to take money out not put more in. cant see how $780k is going to be looked at as a good investment in say 10 years