Hi All,
Another example of demand outstripping supply.....
Somerfield (a new residential sub division in Keysborough) had a new stage release of 43 blocks officially go on sale 9am Saturday.....there were 29 people lined up the night before camping overnight to secure one, some were there from the Friday morning 6am!!!
i called the agent saturday afternoon to see how it went, sold all 43 of them...they had 58 groups in line...some obviously missed out.
These blocks ranged from $292k for 400sqm up to $490k for one 1183sqm block.
Average price for 512sqm 16m x 32m was about $370k
6 months ago, blocks were moving slowly.....not anymore.
Whether its speculation, the flow on of upgraders who may have sold to a first home buyer with some cash in thier pockets...or whatever else, i guess when you have the population of melbourne increasing by 100,000 people in a year, its not surprising that there is competition out there for homes and land.
i remember saying about 8 years ago "why would you pay $200k for a block in keysborough when you can same size for $90k in point cook"
Now those same size blocks in Keysborough are going for $370k and point cook round $270k....what will they be in another 7 years
Is it insane or just the new base level??
As always time will tell i guess
Cheers,
Nathan