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Just my little 2 cents worth, i purchased in Mooroolbark which is just outside Lilydale. Lilydale is going up as well, but i was wrapped, as i purcahsed a 4 beddr in mooroolbark, for 336k in march 09. In oct it was valued by the bank who we all know is conservative and they valued it at 420k. I havent done a think except paint the outside...believe chirnside park shopping centre is about to get a bit of a revamp....
As an example, I bought an inner city IP at 475k in Dec '08, that's now worth about 625k, so about 150k or 32% growth in a bit under 12 months. So buying this sort of property now, you would have already missed out on massive short-term growth. Hence, my theory is to look further out for better value now, and better short to medium-term growth.
Thanks.
Anyway in Melbourne - forget inner and possibly even outer too, the horse has well and truly bolted here!
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Went to an auction in frankston south today. A heap of people attended and I couldn't believe what the house sold for. 2 bedder unliveable with what looked like a protected tree smack bang in the middle of property. Fair price would have been $330K, sold for $370k! Joke.
Yea I know. Market is nuts.
This friend of mine bought a house in Canterbury 3-4 years or so ago for $1.6m. Spent around $2.0m in renovations. Now the agents are telling him it'd easily fetch $6.0m+
Crazy I tell you. Oh there's no holding costs incase you're wondering. They pay in cash.
I wasnt wondering but thanks anyway.
What's happening in the outer suburbs of Melbourne?Are people seeing value in some of the outer suburbs now?
Given the huge investment in public transport about to occur around Werribee and Ocean Grove with the new rail line going in, it could be good to invest now in places close (but not too close) to the new train stations. Reliable and accessible public transport is a key factor that buyers and renters value when looking at property, especially with high petrol prices.
so if people think the market has already kicked in all over melbourne where too next? As some know I am looking at regionals now (Bendigo) but where else are people going?
Sorry - does anyone have any information on the new train station proposed in Ocean Grove that Kate is referring to please?
Cheers
Ben
Hi there,
What's happening in the outer suburbs of Melbourne?
Are people seeing value in some of the outer suburbs now?
Or have they already risen a lot in the last 6-12 months (like the inner/middle ring suburbs)?
I think it's getting a bit late to get good value property in many inner/middle ring suburbs of Melbourne now, and maybe time to look at the outer ring to catch the wave from the ''ripple effect".
As an example, I bought an inner city IP at 475k in Dec '08, that's now worth about 625k, so about 150k or 32% growth in a bit under 12 months. So buying this sort of property now, you would have already missed out on massive short-term growth. Hence, my theory is to look further out for better value now, and better short to medium-term growth.
Thanks.