Hot price for Armadale apartment (Melbourne)

Sold at auction today - a larger than average 2 bedroom apartment in Armadale.

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2008106270

Would never have expected $725,000.....Wow.









 
WOW, that is an astounding result.

It is above average in size and the balcony is double the usual size, but still unrenovated and just a 2x1x1.

Armadale apartments have been undervalued for sometime, but only now starting to reach prices seen for similar types of apartments in neighbouring Toorak.
 
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i think it ws 510-550K i was going to go, but couldn't make it?? did anyone go?? who and why pay that much??? good for the seller, but then makes a statement to the rest of owners selling?? maybe. will see.
 
Unit twelve was last sold for $370k in 2004; not a bad return. I guess the previous owners thought they did well after buying it for $240k in November 1999.

Also, just as a matter of interest; most recent sale in the same block was number ten, sold for $505k just over twelve months ago.
 
end of year buyer frenzy?

here is an example of another property that appears to have sold for way above vendor and agent expectations, even in the hot melbourne market in the last quarter of 2009.

who were the bidders,,,did they get emotionally carried away?

the quote range was $390-425,000,,it is really close to the street and next to camberwell high school..it sold for $593,000 on dec 19.
 
here is an example of another property that appears to have sold for way above vendor and agent expectations, even in the hot melbourne market in the last quarter of 2009.

who were the bidders,,,did they get emotionally carried away?

the quote range was $390-425,000,,it is really close to the street and next to camberwell high school..it sold for $593,000 on dec 19.

I think that was way underquoted, I would have said at least 550k+ for this type of property.
 
This result (if true - I'm finding it hard to believe) is astounding. Why would anybody being crazy enough to pay that much for such an ordinary property???! I'm stunned.

Amazing result for the vendors. Just goes to prove that timing and luck is so important in life and investments.

The Melbourne property market is out of control. A bubble may be forming which may just pop in 2010.
 
That property is nearly like a house with a garage and it looks quite spacious. Even has a small courtyard. How many is on the block? Looks like 2 maybe 3, can't be more than 4.

Not too surprised that it sold for over $700k.
 
That property is nearly like a house with a garage and it looks quite spacious. Even has a small courtyard. How many is on the block? Looks like 2 maybe 3, can't be more than 4.

Not too surprised that it sold for over $700k.


mmm considering this was in an eralier post....

Unit twelve was last sold for $370k in 2004;

I would hazard that there are a few more than 4 in the block.......

Assuming it is large at 90sqm and has a single garage ...

That has sold for over $7,000 per sqm!

wow
 
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