melbourne - bayside

[scooby100]

Hi,
Was checking multiple options to buy a property in Melbourne bayside suburbs - (Hampton, Highett, Cheltenham, Beaumarris, Sandringham...) - as PPOR (3 or 4 bed) or as an investment while I keep renting in the area.
Looks like the prices in last 4-6 weeks went up dramatically, as a result of a demand I have never seen before (in auctions or private sales).
Have u witness the same? Whats your view?

Thx!

 

[toony]

Its been hot in the past few weeks and its changed quickly. A house up the road from me in Aspendale sold for $740k. I went in and had a look and there were about 20 people looking. I thought it would go for between $650k to $700k. But i am told, thats what they were expecting.

 

[pieman]

Similar to toony in anecdotal evidence, I've seen 10-15% increase since the beginning of the year in Brighton, hampton and sandy. A mate of mine is a valuer and he confirms the increase.
Highetts a great option, I own a brick veneer near the shops there as a rental and it's seen some great price increase lately as well. The new Coles and revamp to the shops there has really improved the look if the place. When people are priced out of hampton you'll find they go across bluff rd to highett. I much prefer highett to hampton east

 

[jackbak]

Ive found Hampton to a bit patchy the past 6 months, don't think it's running away like the rest of Melbourne seems to be doing.

This sold for $1,552,000 in April. 597 sqm, 4 bed 2 bath, very nice reno.
http://www.marshallwhite.com.au/sold/5399447/

But then on 20 September this one sold for $1,330,000. On a much much larger block of 704 sqm and also a 4 bed 2 bath in a good location.
http://www.realestateview.com.au/Re...roperty-Details-sold-residential-5989868.html

Cant quite work it out at the moment. But as for the last 4 weeks I cant say I've seen enough sales in my area to make a call.

 

[Aaron_C]

Bayside tends to produce quite volatile results....depends on where the property is and any special features about it. Having said that, hope it continues!

 

[Bigtone]

Hi,
Was checking multiple options to buy a property in Melbourne bayside suburbs - (Hampton, Highett, Cheltenham, Beaumarris, Sandringham...) - as PPOR (3 or 4 bed) or as an investment while I keep renting in the area.
Looks like the prices in last 4-6 weeks went up dramatically, as a result of a demand I have never seen before (in auctions or private sales).
Have u witness the same? Whats your view?

Thx!

its very strong market at the moment, I think it has been going crazy a bit longer than 4-6 weeks. There is lots of stock that will be coming on the market in Feb. Talking to agents they have been getting upto to 7 hot leads a day for listings. Not that loan ago they would not get that in a month.

My thoughts would be to set a limit at every auction and don't go over it, don't panic into the ' I can't afford to miss out' mode

 

[wii_key2]

Hi,
Was checking multiple options to buy a property in Melbourne bayside suburbs - (Hampton, Highett, Cheltenham, Beaumarris, Sandringham...) - as PPOR (3 or 4 bed) or as an investment while I keep renting in the area.
Looks like the prices in last 4-6 weeks went up dramatically, as a result of a demand I have never seen before (in auctions or private sales).
Have u witness the same? Whats your view?

Thx!

I live in the area and can tell you that by investing in this area you can't go wrong. My friend, within last 2 months, had 3 door knocking offers of $850K from developers for his approx 600+ Sq plot not far from railway station which he rejcted out right. Not long ago he bought it for mere $420K.
Up the road from him one developer built 5 or 6 units and solling range was $568K (off the plan) - $678 complete. I've seen them during the development and the main room is just big enough for one queen size bed, laundry cupboard incorporated into the kitchen.
Multi story development selling on NepeanHwy from, I think, $450k.
I recken the time is ripe for Highett now for any one to get the slice of the pie. Prices has never dropped there! Personally much better option than Hampton East ( Moorabbin previously) and Hampton in regard to future growth as suburb has gone through transformation lately.