Kensington - (Melbourne )

[jingo]

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

In 2007 I was amazed when 2 bedroom terrace homes were fetching $550,000 - $560,000 in Brunswick and Nth Melb. $700,000 astounds me! Yes, as you mention, this seems to be the new benchmark for 2 bedroom Terraces across many of the Northern suburbs. I am not sure what they are worth in the East - but noticed that one sold in Richmond on the weekend for over $900,000!!

Regards Jason.

 

[DeeHwa]

yeah it would be hahahaha

Hey Andrew, this is in your catchment....

http://www.domain.com.au/Property/For-Sale/Apartment/VIC/Camberwell/?adid=2008234941

3/59 Athelstan Road, Camberwell which sold for $722K over the weekend.

What a great result, and a stinker of a quote.

Haha, I even used this as an example in the thread 'underquoting' a few weeks ago when it was quoted at $500-550K.

It's pretty obvious you won't be getting many units (maybe those bordering Warrigal Road) in Camberwell for less than $600K now so still amused at these weird quotes. They must have confused themselves with apartments, haha (joke)

Even Northcote units are hitting over $700K. 1/20 Vauxhall Road, Northcote went for $712K over the weekend even though it was quoted $460-500K. However, this was probably not an underquote given I realistically would have thought it would go for about $550K, maybe $560-570K at best (although it is in one of the best streets in Northcote and with houselike proportions and nice front garden). Even so, perhaps units in Northcote and Camberwell are reaching parity now and that is scary!

 

[dunno]

this is around 500k: http://www.realestate.com.au/cgi-bi...r=&cc=&c=19423855&s=vic&snf=rbs&tm=1268113458

and..

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.

lol and to think Rocketman was sugesting this to someone after a house around $500k Yep, you obviously have your finger on the pulse mate....

 

[Deltaberry]

In 2007 I was amazed when 2 bedroom terrace homes were fetching $550,000 - $560,000 in Brunswick and Nth Melb. $700,000 astounds me! Yes, as you mention, this seems to be the new benchmark for 2 bedroom Terraces across many of the Northern suburbs. I am not sure what they are worth in the East - but noticed that one sold in Richmond on the weekend for over $900,000!!

Regards Jason.

The one in Richmond was a good 200sqm, compared to the Nth Melb one which I'd imagine is around 120sqm? 700k would be the floor price for single stories in Nth Melb now, provided it's not on Melrose or something funny like that. Would imagine the floor price for double stories is around 900-950k now, with big/good ones asking for $1.6m+ (given they're going to auction, would imagine around $1.75m to $1.8m). Defn time for me to get a revaluation

Certainly makes Carlton look affordable.

 

[dixiemum]

Have spent some time looking at various properties in Kensington to buy as an IP and am more confused than ever. Top choices so far are Altona st apartment, these seem to be selling in record speed. For 450K you can get rent of about 390/wk. Thought the park was actually a bonus and all the facilities it offers and certainly had plenty happening there. The Kenso apartments on Derby st are another option. Expect to pay about 410K for a 2 brm , these are also near the commission flats and wonder how doed this affect CG? Also looked at some in Howlett st but they were very noisy and got rent of 330/wk for a 450K apt. This was very low rent and though the agent did say you could get more, they weren't in the ones we looked at. Would appreciate any advice on which option would seem the better choice.

 

[dixiemum]

Have spent some time looking at various properties in Kensington to buy as an IP and am more confused than ever. Top choices so far are Altona st apartment, these seem to be selling in record speed. For 450K you can get rent of about 390/wk. Thought the park was actually a bonus and all the facilities it offers and certainly had plenty happening there. The Kenso apartments on Derby st are another option. Expect to pay about 410K for a 2 brm , these are also near the commission flats and wonder how does this affect CG? Also looked at some in Howlett st but they were very noisy and got rent of 330/wk for a 450K apt. This was very low rent and though the agent did say you could get more, they weren't in the ones we looked at. Would appreciate any advice on which option would seem the better choice.

 

[willfong]

http://www.theage.com.au/victoria/places-we-want-to-love-20100323-qu3w.html

Good write up on why some people love Kensington.

 

[Giddyup]

Have spent some time looking at various properties in Kensington to buy as an IP and am more confused than ever. Top choices so far are Altona st apartment, these seem to be selling in record speed. For 450K you can get rent of about 390/wk. Thought the park was actually a bonus and all the facilities it offers and certainly had plenty happening there. The Kenso apartments on Derby st are another option. Expect to pay about 410K for a 2 brm , these are also near the commission flats and wonder how does this affect CG? Also looked at some in Howlett st but they were very noisy and got rent of 330/wk for a 450K apt. This was very low rent and though the agent did say you could get more, they weren't in the ones we looked at. Would appreciate any advice on which option would seem the better choice.

Howlett St appartments have a fairly high owners corp... around 3k from memory.

 

[asdf]

Other parts of Kensington are also very nice-a 2 bed terrace in Ormond st sold for $700k on the weekend. The area is hot....

I obvioulsy hold a few properties in the area-have treated me very well

Sheeesh! That is red hot. My mate paid $390k for his renovated 2 bed terrace at Marwick St in Flemington 3.5 years ago and thought he overpaid at the time. Silly me for not jumping in.

 

[dunno]

Sheeesh! That is red hot. My mate paid $390k for his renovated 2 bed terrace at Marwick St in Flemington 3.5 years ago and thought he overpaid at the time. Silly me for not jumping in.

Judging by the sales of late my Kensington portfolio has gone up by around $1million over the last 6months...

This from the weekend!!!

21 Ormond St 2 $798,000 House Sold 20/03/10 GA Thomson & Co (Essendon) …
24 Hopetoun St 3 $676,000 House Sold 20/03/10 Biggin & Scott - Kensington
2/8 Howlett St 2 $415,000 Unit Sold Prior 20/03/10 Ray White - Ascot Vale
36 Ormond St 4 $1,690,000 House Sold 20/03/10 Rendina Real Estate - Kensi…
42 Ormond St 3 $865,000 House Sold 20/03/10 Rendina Real Estate - Kensi…
403 MacAulay Rd 3 $840,000 House Passed In 20/03/10 Biggin & Scott - Kensington
6 Gordon Cr 3 $710,000 House Sold 20/03/10 Rendina Real Estate - Kensi…