Manningham is tough at the moment. Hardly any development stock. Very frustrating!!
Oscar
Melbourne Market - 10-15 km
- Thread starter MTR
- Start date
Manningham is tough at the moment. Hardly any development stock. Very frustrating!!
Oscar
This property sold on the weekend for $567k.
Unique Heritage building converted 1 bedder with parking and courtyard.
Quote was $440-480. As Delta says above, 5 bidders or so, pretty fierce.
Just one example.
city of boroondara
I would have to agree with Tigerboy.
We purchased our home in November 2008 in Hawthorn during the GFC.
We paid $1.5 for our home.
This year we have seen smaller homes and in worse condition than ours sell for more than what we paid.
We also had our home valued for $1.8-$1.9 in this market by a local agent who is also a friend.
One thing I have noticed with living in boroondara is when priced do come down they do but come back with vengeance.
I would have to agree with Tigerboy.
We purchased our home in November 2008 in Hawthorn during the GFC.
We paid $1.5 for our home.
This year we have seen smaller homes and in worse condition than ours sell for more than what we paid.
We also had our home valued for $1.8-$1.9 in this market by a local agent who is also a friend.
One thing I have noticed with living in boroondara is when priced do come down they do but come back with vengeance.
What areas are you talking about? This is in contrast to my experiences of auctions in many of Melbourne's popular auction suburbs. There are a number of agents whose standard practice is to blatantly under-quote the selling price. Sometimes the under-quote is the advertised range online and sometimes the advertising just says 'Contact agent' but when buyers enquire, they are told the low range. I agree with Jake that the agents have all sorts of excuses and lies for why the reserve was higher than expected.
One of many examples last weekend was this apartment http://www.realestate.com.au/property-apartment-vic-richmond-114062903 which was advertised for $420-450k. It passed in for $425k but had a reserve of $489k.
It's similar to the typical excuse of not having the Section 32 available until a week or 2 prior to the auction.
Plenty. In all sorts of suburbs. Kew, Carlton, Richmond, Hawthorn. I don't know where... they're everywhere.
That's pretty expensive for a one-bedder.
Agreed, selling agents are deceptive posc. How can one abertise at that price point and then magically the reserve price jumps 50 grand. Taking the ****
The one I bought advertised for $580-620, end up paying $770. Asked the agent what was the reserve price, he said $780. Sounds like I got a bargain.
Just bought a PPOR. We were looking at 2BR single fronted terraces you couldn't swing a cat in in Brunswick/East/West earlier in the year for 600s-700s, and every single property without fail was going for a minimum of 10% over the top end of the quoted range. For a while we just added 10-15% of the price onto every place we looked at and then decided to move on.
We ended up buying a much bigger house/land in Coburg for around the same price - about 2kms down the road. In Coburg, our experience was there was no pattern in terms of the % over the quoted sales price that the property would sell for. Sometimes -5%, sometimes 10%. Some good bargains depending on whose there on the day.
Hopefully we get the ripple effect!
