Melbourne Boom...Take 2!

JIT said:
I'm hearing of a few ''sold before auctions'' atm...

I think in the auction suburbs this may be a good way to get a good property at a fair price, without emotional bidding pushing prices up to silly levels.

You just need to be able to put a finger on what is a fair price so that you can confidently make a decent unconditional offer before auction.
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Hi JIT
I purchased my last property prior to auction, I have found that the RE agents I am dealing with will only accept strong offers otherwise they are not interested as there are so many people after the same property.

If they do accept a written offer prior to auction they contact anyone who is interested, so not necessarily going to get it at a lower price but to a degree I think it does eliminate some of the competition and hopefully by the time you settle in this market you have made some money.

Cheers, MTR
 
Wow, this 1 bedder in Armadale sold yesterday for $477,250!

http://www.realestate.com.au/cgi-bi...r=&cc=&c=80008888&s=vic&snf=rbs&tm=1249800971

I got a large 2 bedder here in mid '07 for 350k.

And this 100 sqm 2 bedder in Northcote just sold for 575k.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=93531406&s=vic&snf=rbs&tm=1249801730

Could have been bought for 350k or so in mid '05.

I think most of the heat is in the sub-600k market, still accessible to a FHB young couple with dual incomes.

Not sure what things are like above 600k, maybe more for upgraders, families...?
 
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JIT said:
Wow, this 1 bedder in Armadale sold yesterday for $477,250!

http://www.realestate.com.au/cgi-bi...r=&cc=&c=80008888&s=vic&snf=rbs&tm=1249800971

I got a large 2 bedder here in mid '07 for 350k.

And this 100 sqm 2 bedder in Northcote just sold for 575k.

http://www.realestate.com.au/cgi-bi...r=&cc=&c=93531406&s=vic&snf=rbs&tm=1249801730

Could have been bought for 350k or so in mid '05.

I think most of the heat is in the sub-600k market, still accessible to a FHB young couple with dual incomes.

Not sure what things are like above 600k, maybe more for upgraders, families...?
Click to expand...

That result in Armadale is unbelievable - I have a 2 bed IP in the next street I got for $150k in 1999. That price would be exceptional for a 2 bed in Denbeigh avenue - not a 1 bed. The seller must be so happy.
 
rprodrive said:
That result in Armadale is unbelievable - I have a 2 bed IP in the next street I got for $150k in 1999. That price would be exceptional for a 2 bed in Denbeigh avenue - not a 1 bed. The seller must be so happy.
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Yeah, it's not even that big.
 
I've been thinking of investing in Melbourne for a while now so this thread has disheartened me. The areas where I want to invest are also the areas which appear to be booming.

I went to an open house in my street in Aspley, Brisbane (about 12 kms north of the Brisbane CBD). The agent was shocked by the response, mainly from first home buyers. It was listed late Thursday and by 1.15pm Saturday there had been about 20 parties through the house with 3 offers submitted. The house was on a 405 square metre block, it was about 5 years old and fairly small. The agent said that it would be sold for over $450,000, an amazing figure as larger houses on much larger blocks in the same street were selling for about $265,000 four years ago.

It's not only in Melbourne that the boom is happening. I think that in every capital city, lower to middle priced houses are selling like hot cakes.
 
I think the lack of supply atm is a notable factor here.

Maybe as prices start to rise, some owners who need to sell, and chose not to or couldn't earlier in the year due to negative sentiment/suppressed prices, will put their properties back on the market.

And maybe the increased supply that this creates will put a lid on this rapid growth spurt?

Regardless, if you want to buy a property in this market today, you gotta be quick!
 
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keneth said:
any thoughts on this property?

http://www.realestate.com.au/cgi-bi...er=&cc=&c=5707854&s=vic&snf=rbs&tm=1250273520
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Hi Keneth,

I don't know Newport overly well. The area is popular and is full of period homes. The property is located close to Mason street which has strip shopping at the station end of the street. The walk to the station may take a little while - but should be possible. The distance to the station would certainly only be a very short drive away.


I'd check out to see how much in demand 1 bedroom flats are in this suburb.

The price looks attractive.

Perhaps others who know the area much better than I could add further comments?

Sorry, not a great help as I haven't researched this area but drive through it from time to time.

Regards Jason.
 
One million house in Box Hill

There was an auction this morning in Box Hill, close to Box Hill hospital and that house sold for astonishingly 1 Mil and the size of the land was around 780msq.
It looks like the prices are heading north again............ or at least in this auction & also properties close to all amenities are clear winner.

KK
 
K4K4M said:
There was an auction this morning in Box Hill, close to Box Hill hospital and that house sold for astonishingly 1 Mil and the size of the land was around 780msq.
It looks like the prices are heading north again............ or at least in this auction & also properties close to all amenities are clear winner.

KK
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$1MM for a house in Box Hill, who would have thought!

I lived in a 2 bed flat with my folks in Box Hill when I arrived in Aus.

Any other astounding auction results others have seen today?
 
K4K4M said:
There was an auction this morning in Box Hill, close to Box Hill hospital and that house sold for astonishingly 1 Mil and the size of the land was around 780msq.
It looks like the prices are heading north again............ or at least in this auction & also properties close to all amenities are clear winner.

KK
Click to expand...

got a link to the advertisement?
 
Can't find any ad for the property, may be removed form the net but should be in tommorrow's Herald Sun (auction result section).........
BTW location is Thames St. Box Hill.
 
Yeah, if it could be used for an apartment development or mixed use commercial development it would explain the high price.
 
You guys will be surprise to know that the house on the other side of the street was sold between $600K & 700K back in Dec 2007, house was demolished and still a flat vacant land there (some smart people were using that site as a free carpark) but not any more.

Any body knows how long one can keep the land without building house/unit etc on that??????? any council restriction.......
 
K4K4M said:
Any body knows how long one can keep the land without building house/unit etc on that??????? any council restriction.......
Click to expand...

Forever if you really wanted. A property close to my parents home, when they moved there in 1975, was burnt down. The block has remained vacant ever since (well there is a garage there)

I think the owner (who lives down the road), stores his stuff inside and has a veggie patch out the back. The block would have to be worth around $900k
 
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