Kensington - (Melbourne )
- Thread starter dixiemum
- Start date
In this market, the market value of that place is more likely to be $650k than what is quoted (and given that particular agent's propensity for low-balling quotes, then it could easily be more). But I'm a cynic.
Exactly!! How someone could even think this property is around $500k is beyond me...especially when the quoted upper range is $580?
True-so you reckon the market price of this is close to $500k?? Familiar with the market at all?
key to a high rent is your clientele. Students and nurses are younger people who are willing to pay more per bedroom for rent. Contrast that with a family renting a whole house - you will certainly get less rent per bedroom in this manner.
And yes - I am in tune with the market, in fact I attend many inspections/auctions each week. I know what is value and what is not. And I said around $500k, not below. So if i posted something that is listed as 530k+ that still falls within my description.
And yes - I am in tune with the market, in fact I attend many inspections/auctions each week. I know what is value and what is not. And I said around $500k, not below. So if i posted something that is listed as 530k+ that still falls within my description.
Find me anything that is selling at its lower quoted range and not 10-20% above its upper quoted range and your comment will hold weight....
Really? Ive looked and they seem quite comparable?
I estimate this is really worth between $650,000 - $690,000.
This property in North Melbourne passed in at auction the weekend before last, but has since been sold for $755,000.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=36584301&s=vic&snf=ras&tm=1268124735
It is possible to find properties in Nth Melb for $400,000. This sold for exactly $400,000 on the weekend.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=36584301&s=vic&snf=ras&tm=1268124735
Note that this agent is asleep at the wheel so they are great to buy from!!!!
This will be an interesting one to watch......
http://www.realestate.com.au/cgi-bi...r=&cc=&c=78003987&s=vic&snf=ras&tm=1268125061
My tip - $440,000 - $450,000.
This flat sold for $532,000 if my memory serves me correctly.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=36584301&s=vic&snf=ras&tm=1268124735
Regards Jason.
http://www.realestate.com.au/cgi-bi...t=&header=&cc=&c=99707531&s=vic&tm=1268128782
This one was sold last month for exactly $500K. I think the agent is a bit of a newbie as he (one man band firm) obviously has not taken the ad down. I rang up to make an offer (would have been prepared to pay more than $500K
but got in too late). Anyways, if the Haines flat goes for $440-450K, I'd think the vendor would be very happy in comparison to the Chapman one which is in a nicer elevated street (with direct balcony views of the CBD) and equally renovated as well. Having said that, parents got a flat in the same complex so secretly wishing it would go for high high!
I noticed the property you posted above. I think the agent sold it too cheaply (although I didn't see it I must admit). The market has moved upwards since this property was sold. I am expecting the one in Haines street to go for $440,000 or $450,000.
The property below sold early in the new year for $460,000. Admittedly a nicer street, but the market has moved since then too....
http://www.realestate.com.au/cgi-bi...r=&cc=&c=84210720&s=vic&snf=ras&tm=1268129707
I'd be interested to know when your parents bought this and for how much. They must have a heap of equity in it now. Hope they haven't got it managed by W.B Simpson's though......
Regards Jason.
It was apparently sold within 2 days of listing it on realestate.com.au (the Chapman one) although potential buyers (who have listed their contact with Icon Property) got so called VIP priority to view it prior to advertising. It was unsurprisingly sold to one of the so-called VIP's. The agent told me someone made a conditional offer of $495K, and then someone made an unconditional offer of $500K (which was obviously accepted).
Actually, after looking at that sold price of O'Shannassy St, I think you are right that it could go for $440-450K, based on weighting the positives and negatives of street quality, market movement, renovated etc.
My parents bought our Haines St flat for $172K (went and asked just then) at the end of 2000 (I remember vividly that I was in the U.S during the school holidays when they told me they bought it). Ours is right at the rear but unrenovated (as expected after leasing it out to tenants over these years). It is fully paid off.
and nah, we don't have it managed by W.B Simpsons. I assume they are no good? We are with Woodards.
I've been looking at Kensington for a while also in the same price range.
I decided against the Altona St apartments for two reasons: 1. So many of them were coming up for rental that some of them seemed to be taking a while to rent out 2. I wasnt sure about how safe that particular area was, being next to a housing commission and with a big empty park to walk across from the unmanned train station.
I am currently renting myself in the Kensington Banks estate and can confirm that my building (Howlett St) did leak badly in the storm on Saturday when the gutters backed up due to hail. Also, the electrician installing the RC aircon discovered that the external wall was made out of polystyrene covered with render!
I imagine that like anywhere, the quality of the buildings in Kensington Banks varies a lot and you would want to get a building inspection done before you buy if possible.
On the other hand, I can tell you that the estate itself is delightful. It has lots of huge old trees and cobblestoned paths and a wonderful walking/bike path down to the river. There seems to be a good mix of renters and owner occupiers of varying age groups and the area has a nice safe feel to it. When I was trying to find a place to rent, there were at least 6 couples at every open for inspection - so it seems to be a pretty popular place to rent.
I think it might be pretty difficult to buy a 2 bed townhouse for under $500K right now, as the market is pretty hot due to the shortage of properties for sale. eg. In the past fortnight, 16 Bendall St sold for $520K (currently rented for $360 pw) and 11 Graham St sold for $621K (currently rented for $390 pw).
I was quite interested in the suggestion that somebody else made to look at older apartments, so I might check that out a bit more.
An update - the property above sold for $723,000 today at auction! The property looks like it needs a lot of work to make it liveable.
This property sold for $1,670,000.
http://www.realestate.com.au/proper...urne-106336307?tm=1269075513&c=23822510&t=res
Kensington and surrounding areas still seem to be red hot at the moment!
Regards Jason.
Not in the same league as your two, Jason, but I think this would have been a pretty good buy at $360,000:
http://www.realestate.com.au/proper...gton-106338647?tm=1269135861&c=39552402&t=res
Only going by the net inspection, but the location is very good.
That Chapman Street place ...
http://www.realestate.com.au/proper...gton-106338647?tm=1269135861&c=39552402&t=res
Only going by the net inspection, but the location is very good.
That Chapman Street place ...
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I was there at the Elm St auction. $1.67mil is a bargain if you compare it to the little houses and townhouses that go for anything between the $700-1.2mil range. It was bought by an Asian man (along with his family that stood separate). I think he was Vietnamese or Chinese/Vietnamese (just like me, haha). I should have went up and congratulated him (but that would probably look stupid). He knocked out some strong resistance as well against another late bidder.
Not in the same league as your two, Jason, but I think this would have been a pretty good buy at $360,000:
http://www.realestate.com.au/proper...gton-106338647?tm=1269135861&c=39552402&t=res
Only going by the net inspection, but the location is very good.
That Chapman Street place ...
That Chapman St place, hahaha...yeah, huge price for what you get.
But those little houses are setting a minimum price floor all over inner city. The new benchmark it seems is $700K+ for inner city 'houses'.
I attended the rounds of Brunswick auctions yesterday, in particular Bennie St (which I found out sold for $745K after auction as it was passed in). 6 Ivy St went for $826K and 34 Lydia St went for $822K (Ivy and Lydia were one of the best bidding wars I have seen - if anyone on SS attended these auctions, you would agree yeah? Rapid fire bidding, multiple bidders, loud, multiple attempts to kill off competition with up-bids, it was awesomeness!). Judging by these results, my Brunswick house should easily fetch $950K in this current market and if we give it a few more weeks, might give the $1mil mark a nudge, and I bought it for significantly less than this 7 figure mark last year. Having said that, it is a bit of an illusion because if I sell (which I won't), in the current market, what else can I buy for $1mil inner city?
114 Station St, Carlton sold for $820K. Makes that look like a decent buy given recent results (and yesterday). The way things are going, something like that could hit $1mil by mid-year and I wouldn't be surprised. By then, perhaps I could make a 30-40%+ capital gain in less than a year. Now wouldn't that be something? haha
yeah it would be hahahaha
Some auctions this weekend certainly set some new floor prices in inner city. Chapman St, a single-storey, 2-bedder terrace for 730k.
A double-storey townhouse across the road (2 bedrooms + bathroom + ensuite upstairs, open plan downstairs with front/back courts) only sold for 600k or so (Edit: ie half a year ago).
If I were the vendor I wouldn't sell that townhouse for anything less than $1m now considering the Molesworth terrace is asking $1.6m+
A double-storey townhouse across the road (2 bedrooms + bathroom + ensuite upstairs, open plan downstairs with front/back courts) only sold for 600k or so (Edit: ie half a year ago).
If I were the vendor I wouldn't sell that townhouse for anything less than $1m now considering the Molesworth terrace is asking $1.6m+
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