There is a lot of doom and gloom surrounding the Melbourne property market at the moment. I have been out and about over the past few months, looking to pick up another investment.
In my travels, I have come across one suburb where residential sales are thriving, the local shopping strip is bustling with boutiques, cafes, etc, and the residents drive particularly nice cars. (Lambagini's etc).
The suburb I have come across is Carlton North. A suburb filled with Doctors, Lawyers and other professionals. Seemingly recession proof.
Yesterday, I attended the auction of this 1960's style 2 bedroom flat.
http://www.realestate.com.au/property-apartment-vic-carlton+north-107541653
It is located on the top floor of the complex on the right hand corner. It has a balcony opening to the North. From the kitchen there are views over to the Dandenong ranges. There is also a car park on title. The flat has high land value of 67%.
The quoted range was $500 - $550. The property was highly contested at auction. To my surprise, it ended up selling for $615,000, which was $45,000 over the reserve. An exceptional result in these current economic times.
The property had been owned by the family since it was bought off the plan in 1969. The current occupier had received the flat as an inheritance. As her child is now 2, she has bought a house in Northcote.
My general observations - purchasing property in blue chip suburbs pays dividends over time. It can be easier to sell for a good price in difficult times.
From what I understand, the property was originally purchased in 1969 off the plan for around $15,000.
No doubt, being purchased pre capital gains tax, the grand daughter who inherited the property would not need to pay any tax on the sale of the property.
What a wonderful gift!
Has anyone else noticed exceptional results in similar suburbs recently. (Not necessarily in Melbourne).
In my travels, I have come across one suburb where residential sales are thriving, the local shopping strip is bustling with boutiques, cafes, etc, and the residents drive particularly nice cars. (Lambagini's etc).
The suburb I have come across is Carlton North. A suburb filled with Doctors, Lawyers and other professionals. Seemingly recession proof.
Yesterday, I attended the auction of this 1960's style 2 bedroom flat.
http://www.realestate.com.au/property-apartment-vic-carlton+north-107541653
It is located on the top floor of the complex on the right hand corner. It has a balcony opening to the North. From the kitchen there are views over to the Dandenong ranges. There is also a car park on title. The flat has high land value of 67%.
The quoted range was $500 - $550. The property was highly contested at auction. To my surprise, it ended up selling for $615,000, which was $45,000 over the reserve. An exceptional result in these current economic times.
The property had been owned by the family since it was bought off the plan in 1969. The current occupier had received the flat as an inheritance. As her child is now 2, she has bought a house in Northcote.
My general observations - purchasing property in blue chip suburbs pays dividends over time. It can be easier to sell for a good price in difficult times.
From what I understand, the property was originally purchased in 1969 off the plan for around $15,000.
No doubt, being purchased pre capital gains tax, the grand daughter who inherited the property would not need to pay any tax on the sale of the property.
What a wonderful gift!
Has anyone else noticed exceptional results in similar suburbs recently. (Not necessarily in Melbourne).
