If you can get at least two people interested, then it could go into the low 600's. I like the reno, did you do it yourself? (was this your PPOR or your investment property?).
Melbourne Boom...Take 2!
- Thread starter JIT
- Start date
If you can get at least two people interested, then it could go into the low 600's. I like the reno, did you do it yourself? (was this your PPOR or your investment property?).
vuster - Ill give you 300k for your place 
jk
Since I started looking at places to live in, about 3-4 months ago, I saw no evidence that supported what I heard and read in the news and magazines.
I went to an auction about a month ago and it was an old place, painted green all over, in malvern east, north of chaddy, and very close to train line and fwy (you can hear the loud noise as the auction was on), with a nice little park at the end of the street.
There were to guys bidding for it, and the guy who won it looked like he was buying for he's daughter/daughter in-law. He paid 800k. Dont know if its alot but they started at 600k. I know if I had 800k I wouldnt be living in that house.
Does anyone know why the prices are so high? Is it people coming from overseas? I'm thinking that its the high demand that is pushing up the prices. Maybe people are buying places in their own area to push up prices? What happened in 2007 that might happen again?
jkSince I started looking at places to live in, about 3-4 months ago, I saw no evidence that supported what I heard and read in the news and magazines.
I went to an auction about a month ago and it was an old place, painted green all over, in malvern east, north of chaddy, and very close to train line and fwy (you can hear the loud noise as the auction was on), with a nice little park at the end of the street.
There were to guys bidding for it, and the guy who won it looked like he was buying for he's daughter/daughter in-law. He paid 800k. Dont know if its alot but they started at 600k. I know if I had 800k I wouldnt be living in that house.
Does anyone know why the prices are so high? Is it people coming from overseas? I'm thinking that its the high demand that is pushing up the prices. Maybe people are buying places in their own area to push up prices? What happened in 2007 that might happen again?
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Thanks CADAN,
I did what I could myself but had to get professionals to do other things like restumping, roofing, carpet, and garage. Hardest bit was the paving. 13 pellets of pavers which is something I will not ever want to do again.
This is my PPR.
Check the link again - now quoting sale price of $693k. Bit more realistic - Assume it was a typo?
Anybody got any feedback on Hocking Stewart in regards to under quoting? Particularly around Fitzroy, Carlton areas?
It does look great, and yes, 13 pellets of pavers is not a job you want to do often. When I go up Huntingdale road will do a drive by and see it in person, its been a while since I have driven up that street, although drive by it regularly.
On the HK website, they have all their past sales results, you can search by suburb. (go to oldrealestate listings and try and work out what it was quoted at).
Good Spot Iloveproperty - that would explain things! Disappointing really - i was planning my retirement!
underquoting
In my experience HS always underquote by as much as 30-50% (320k quoted up until day before and then 450k at auction for instance). Either they're naive salespeople or just trying to get a crowd along to the auction. If it's HS I usually estimate at least 50k on top of their range. SO far that's been at least 50k short lol.
In my experience HS always underquote by as much as 30-50% (320k quoted up until day before and then 450k at auction for instance). Either they're naive salespeople or just trying to get a crowd along to the auction. If it's HS I usually estimate at least 50k on top of their range. SO far that's been at least 50k short lol.
Attended two auctions today for properties I was interested in. We were lucky enough to have already bought late last month.
Doncaster - Marketed $500+ - Sold for $672
Lower Templestowe - Marketed $460-$500 - Sold for $627
Good 6+ bidders for both.
Crazy times. I really feel for the investors and buyers who are genuine locals...brought up in Australia competing with foreign investors and immigrants. I would have thought the strong Aussie dollar may have put off some of the foreign investors!?
Doncaster - Marketed $500+ - Sold for $672
Lower Templestowe - Marketed $460-$500 - Sold for $627
Good 6+ bidders for both.
Crazy times. I really feel for the investors and buyers who are genuine locals...brought up in Australia competing with foreign investors and immigrants. I would have thought the strong Aussie dollar may have put off some of the foreign investors!?
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I think it's safe to say that the Melbourne property market is hot atm. I sold my house yesterday at auction at a price that exceeded my expectations. I thought I was lucky but then when I checked the auction results for other properties that day I couldn't believe how much they sold for.
Here's 2 comparative properties:
Sold yesterday for 560K
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007961800
Sold 3 months ago for 460K
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007763625
I think the 3rd quarter median price results will show that the market has gained 15% over that period.
The question now is how much steam does this market have left.
Here's 2 comparative properties:
Sold yesterday for 560K
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007961800
Sold 3 months ago for 460K
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007763625
I think the 3rd quarter median price results will show that the market has gained 15% over that period.
The question now is how much steam does this market have left.
701K for this house in Ringwood??? It was on the market at 500K according to the herald sun.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71693744&s=vic&snf=rbs&tm=1251101920
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71693744&s=vic&snf=rbs&tm=1251101920
Don't think the agent could be blamed for underquoting on that one...
Of all the silly prices recently paid, I say that one takes the cake. So far.
Wouldn't the buyer have issues getting finance as the house if not worth $701K?
I notice that the house is on a large block with development potential. My guess is that a developer has paid cash for this to put up some town houses or the like. But it is still a lot of money for Ringwood East!
Maybe it was a cashed up chinese buyer. The house number was 28 which I believe looks like a lucky number.
