As many know i've recently moved to Melbourne and started working in RE.
In my first week or so there was a property for sale - 1950s style cottage, 2 bed, 1 bath, no garage or carport, nothing interesting IMO.
Long story short, tiny little cottage, nothing fantastic, not reno'd, not for a family, just a small 2 bedder cottage!
Point being, it went for about $30K over the asking price! To add to that there was an all out bidding war on the thing, at the end of it a young couple bought it for $386k!!
Is that crazy? Or am i just looking at it in the wrong light?
It's located in the Eastern part of Melbourne, near Boronia.
Obviously i've been doing research and getting to know my area (i felt quite good today when i could explain to a lady whereabouts some houses were that she was looking at, i felt like a true Melbournian) and i know it's not the best area, but i've also been looking at the prices of houses for myself and i'd put the median at $350-$400K ish, but that's for something with 3 beds, double garage, anything that could actually be a family home, not a cottage!
So please educate me, because i think it's absolutely mental to pay that much for a tiny, old house.
In my first week or so there was a property for sale - 1950s style cottage, 2 bed, 1 bath, no garage or carport, nothing interesting IMO.
Long story short, tiny little cottage, nothing fantastic, not reno'd, not for a family, just a small 2 bedder cottage!
Point being, it went for about $30K over the asking price! To add to that there was an all out bidding war on the thing, at the end of it a young couple bought it for $386k!!
Is that crazy? Or am i just looking at it in the wrong light?
It's located in the Eastern part of Melbourne, near Boronia.
Obviously i've been doing research and getting to know my area (i felt quite good today when i could explain to a lady whereabouts some houses were that she was looking at, i felt like a true Melbournian) and i know it's not the best area, but i've also been looking at the prices of houses for myself and i'd put the median at $350-$400K ish, but that's for something with 3 beds, double garage, anything that could actually be a family home, not a cottage!
So please educate me, because i think it's absolutely mental to pay that much for a tiny, old house.