this apartment in armadale is nuts. 2 bedroom - sold for $500k today!!!!!
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007963574
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007963574
Melbourne Boom...Take 2!
- Thread starter JIT
- Start date
Wow, you just made my day!
In the 2007 peak, bigger and better renovated ones went for 420-450k, so 500k for this one now is pretty good.
Personally, I think the area is still undervalued and feel that mid-500's is still possible for renovated 2x1 Armadale apartments by the end of this year.
Good stuff, I got mine at 350k in mid-2007 so the price increase for me has been pretty steep so far.
Congratulations JIT!
Remember following the mini boom in 2007. Then inner suburbs moved first, followed by middle and outer suburbs. This time it appears to be everywhere, and especially in properties sub $500K. Although from what I hear properties in higher brackets are now moving too!
Giddy up Melbourne investors!!
Regards Jason.
This ones amazing - Northcote
http://www.realestate.com.au/cgi-bi...r=&cc=&c=52537339&s=vic&snf=rbs&tm=1253582203
1.21. million!
http://www.realestate.com.au/cgi-bi...r=&cc=&c=52537339&s=vic&snf=rbs&tm=1253582203
1.21. million!
it is a large block though - over 950sqm.
Certainly not the person bidding against him. Probably thought "damn if only I had another 20k I could've nearly gotten this thing"
Thats all ive been hearing for the last 15 years since I've been investing in property - when the crash comes, ill do this and then ill do that and make a killing
I wonder if the guy owns number 26 as well. I know the area relatively well and whilst 28 on it's own would fit only two units... I reckon both properties might just hold six townhouses together.
I doubt it. I'm sure he woke up next morning thinking, geez, what a fool I was for bidding that much. Obviously got caught up in the auction heat and emotions took over.
yep me too..
cant wait for the prices to plunge 80% and I could buy the Jacques Reymond mansion in Armadale on the corner of High St & Williams Rd for $300,000 - then boot Jaque and his restaurant off the premise on a 24 hour notice, refurbish it completely, then put a nice cage, import a lion from africa and have it on display.. and charge $50 per person to watch the lion as it does somersaults....
atleast we can dream about it
If prices of housing were/are to crash (say 50%) then now was the time, yet it did not? I ask:
Are tradies/architects/road builders/timer suppliers/steel makers going to work for 50% less to build houses at 50% less to meet the crash price?
Are councils/state govs going to drop fee/levies/contributions to 50% lower the make land cheaper?
Are you are I going to accept a drop in our wages of 50% to reduce servicablity to crash prices?
Is the Gov going to stop flat ZERO immigraitona nd even send back those immigrants her not naturalised aussies to drop population growth 50% to meet crash price?
Are banks going to immediately drop LVR to half at 40% loan only and you need a 60% deposit to drop home loans by 50% to meet crash price?
Is Australia key exports all going to immediately crash 50% to lower our GDP?
SUPPLY and DEMAND is what makes our prices and with Aus reported to have the highest population growth rate except Sadi Arabica it all demand and no supply.
Peter
Are tradies/architects/road builders/timer suppliers/steel makers going to work for 50% less to build houses at 50% less to meet the crash price?
Are councils/state govs going to drop fee/levies/contributions to 50% lower the make land cheaper?
Are you are I going to accept a drop in our wages of 50% to reduce servicablity to crash prices?
Is the Gov going to stop flat ZERO immigraitona nd even send back those immigrants her not naturalised aussies to drop population growth 50% to meet crash price?
Are banks going to immediately drop LVR to half at 40% loan only and you need a 60% deposit to drop home loans by 50% to meet crash price?
Is Australia key exports all going to immediately crash 50% to lower our GDP?
SUPPLY and DEMAND is what makes our prices and with Aus reported to have the highest population growth rate except Sadi Arabica it all demand and no supply.
Peter
Last edited:
I agree, but I would agrue, with houses its all demand and no supply.
Why is now the time? Why not later? On what basis are you saying this..... May I ask what industry are you in?
Back in the 1987 stock crash, properties crashed in 1991. So we had our financial markets meltdown in 2009. Explain to me why a property crash has to be NOW?
Thats all ive been hearing for the last 15 years since I've been investing in property - when the crash comes, ill do this and then ill do that and make a killing
Remember stronger for longer? Hope none of you got margin called on your Oz Minerals shares.
