Glen Waverley auction today $5,505,000!!

[natedog]

Hi all,

Had yum cha at the kingsway in Glen Waverley today and walking back to the carpark saw a crowd of people down a street looked like an auction.

It was..... 50 Montclair street an old brick house on 810sqm zoned commercial or whatever for building whatever you want really.

$5,505,000!!!!!

That's what it sold for!!!!

Jeeeeezuz!!!!

 

[jerrybee]

How much would the commercial zoning have added to it?

 

[natedog]

I would guess if it was just a normal house block it might be $1,500,000 max.

So $4mil

 

[jerrybee]

No I mean without the crazy premium

 

[Redwood]

I would guess if it was just a normal house block it might be $1,500,000 max.

So $4mil

You have had houses within 1 km of GW central sell for $2.5 plus. This is smack bang in the middle of GW so I believe this one would be worth $3-3.5m - then take account of the fact that you can add 10 stories to it. Will be interesting to see if the buyer was an international buyer and if they had FIRB approval

One thing is for sure - the skyline of GW will be changing in the next 3-4 years, will be interesting to see the transformation. GW is one of the most crazy real estate markets in Victoria, thankfully I own here.

The amount of for sale boards is just ridiculous with long term locals ready to cash out and buy else where with their winnings.

Cheers Ivan

 

[natedog]

You have had houses within 1 km of GW central sell for $2.5 plus. This is smack bang in the middle of GW so I believe this one would be worth $3-3.5m - then take account of the fact that you can add 10 stories to it. Will be interesting to see if the buyer was an international buyer and if they had FIRB approval

One thing is for sure - the skyline of GW will be changing in the next 3-4 years, will be interesting to see the transformation. GW is one of the most crazy real estate markets in Victoria, thankfully I own here.

The amount of for sale boards is just ridiculous with long term locals ready to cash out and buy else where with their winnings.

Cheers Ivan

Those ones you mention selling for $2.5 mil within 1km would not have been land value only tear downs though, my guess is they would have been new houses?

 

[Redwood]

Those ones you mention selling for $2.5 mil within 1km would not have been land value only tear downs though, my guess is they would have been new houses?

No they are old houses....there have been a number of them - one was 800sqm and sold for $2.57m. Its insane - I was just at one on Waverley rd (wheelers hill) which got passed in (brand new porter davis house) - only bidders were chinese.

By the way 54 Monclair sold for $5.1 million in Dec 2014 - so the $5m yesterday is not a huge surprise...

Cheers Ivan

 

[Deltaberry]

People will be picking foreign corpses very shortly I think.

Feel sorry for the local Chinese who are not as wealthy as their friends in China who are rushing in to the market now.

 

[natedog]

No they are old houses....there have been a number of them - one was 800sqm and sold for $2.57m. Its insane - I was just at one on Waverley rd (wheelers hill) which got passed in (brand new porter davis house) - only bidders were chinese.

By the way 54 Monclair sold for $5.1 million in Dec 2014 - so the $5m yesterday is not a huge surprise...

Cheers Ivan

Agreed its just nuts!!

 

[littletee]

The amount of for sale boards is just ridiculous with long term locals ready to cash out and buy else where with their winnings.

Good on them as well, why not. GW is crazy, has had repercussions in some surrounding suburbs as well (ie Mt Waverley, Wheelers Hill and now even Wantirna Sth).

I'm developing and moving to Rowville which is starting to attract some Chinese money of late recently but it's still affordable compared to GW but heating up a little too. I hope they're still around when I go to sell my ripper brand new place in a few months lol.

 

[JDP1]

Agreed its just nuts!!

Nup. I think GW needs to be hyped more.

Ofcourse, you could just buy a southbank OTP instead.

 

[Deltaberry]

Hype it more and sell. Switch back to CBD freehold and get 220k net rent with height limit of... unlimited in some parts

 

[averagesg]

http://house.ksou.cn/p.php?q=Glen+W...62&address=50+Montclair+Avenue,+Glen+Waverley

- Commercial 1 Zoned, with North facing profile
- Opportunity for 6-10 level development with potential for a mix of Commercial and Residential use (STCA)

Hence the $5.5M price.

 

[8Faye]

3 years ago I heard about the Chinese bidders and quickly bought one in GW and another in WH.
Question is will I regret not buying now in 3 years time?

 

[TMNT]

People will be picking foreign corpses very shortly I think.

Feel sorry for the local Chinese who are not as wealthy as their friends in China who are rushing in to the market now.

if they are following the herd and buying because they feel they are missing out then I have less sympathy for them if the market collapses

so deltaberry,

what do you think will happpen to glen and surrounds, ie stagnation for 5+ years? a total collapse? or just continual gradual increase?

I just dont get the justification of these stupid prices, other then people with too much money trying to stroke their egos