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People have gone mad-Kensigton is up 22% for the quater!!! A two bed Victorian in Flemington in need of at least $50k to make rentable and quoted for between $500-$530 went for $672k!!!! What on earth are people thinking??
Yes, but still...
By the time you knock over existing and build 2 new dwellings, you'd have to sell them for $600k each to make it worthwhile. And I doubt you'd get that sort of money. But then again, nothing surprises me in this market. I'm just glad I bought in that specific area last year!!!
Good money then, especially if you are a builder.
The one up the road from me went for $531k last weekend at Reservoir. The old folk, presumably living in the suburb for decades, couldn't believe it.
I reckon you'd still be struggling to make money on this $555K purchase, even as a builder. But, if you reckon it can be done(I'm assuming you're a builder), I take my hat off to you.
It's not just the old's that can't believe it, I think most people are freaking out over the latest boom sweeping Melbourne and it appears to be right across the board, not just Reservoir or Frankston.
This would be the last upswing in prices IMO. This stage of the cycle is the maddest one.
Dunno - do you have a link to the Kensington house? Thats an amazing result.
Seen some high prices in Richmond as well.
I was at the auction for this one on Saturday, went for $975k
http://www.bigginscott.com.au/index...&propertyID=1123536&propertyStatus=SoldRented
A pretty tired old house but a large block (for Richmond) about 300sqm and 2 street frontages, so I guess 4 townhouses?
The bidders were definately of the re-developer type.
Interestingly though: There were a few passed-in on the weekend, properties that I thought would get snapped-up. I've yet to find out the reasons but maybe there are holes appearing?
The logic of waiting for the FHBs to step aside sounds good, but I can't help thinking there are plenty of investors waiting at the sidelines that will negate any effect from the FHBs leaving?
I can't see these prices being sustainable. I'm selling my house in 3 weeks and hoping to buy back in the area one day with the purpose of knocking down to build a nice PPR. I think prices will adjust downwards mid next year due to interest rate rises and the removal of FHBG.
Out of curiosity what do you guys think my house will fetch at auction? The agent has given me a range but I'm interested to see what other's think.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007953173
Thanks!
I've seen a few auction results recently where they were passed in and the reserve was quoted, and the reserve was higher than the upper limit of the EPR!! How can they quote an EPR which the reserve doesn't even encompass the reserve. The agents are laying themselves open if they're doing that.
I see that type of stuff every weekend. What is really amusing is the claims that underquoting doesnt exist, yet I can, and I bet you can too, estimate the sale price of a auctioned property to within $15k, yet the agents are always UNDER by at least 20%, or $80-$100k. Tell me how we would have a better idea of what a property will sell for than 'professionals' that live eat and breath auctions?
Its funny-a couple of times I have played a game of cat and mouse, offering prior to auction prices $30k over the quoted range just to see them squirm and come up with some excuse why it wont be accepted.....
Hmmm, I will take a punt and the agent said a range 570 - 590.
Out of interest, is there a reason your not putting a range on the website?
How are you finding Raywhite Oakleigh as the selling agents?
You are close, but the range given to me was a bit higher than that. It's too soon for me to comment on how I am finding dealing with Ray White Oakleigh. I'll be in a better position to comment once auction day has come.
It wasn't my choice to not put a price range on my property. I have noticed that properties that they have advertised have no price range.
Hi Vuster
I was going to ask someone about oakleigh.
I reckon your house unrenovated could have been bought 7 years ago for 200k.
I think you have done 100k reno.
But I think you might get 650-680k?
I could be completely wrong though!