Northcote is booming!!!

So Northcote's been booming for a couple of years now, but recently the $1m renovated 4*2 market has really taken off. This property went for $1.401m yesterday, absolute madness! We bought our PPOR just a few streets away for $930k about 10 months ago, a very similar property, although not as nicely renovated, although bigger. At the time we paid what was a normal market price for the property, and at the time the house on Vauxhall Road probably would have sold for $1m flat - so a 40% increase in less than a year!
 
confusion economic and market

This is really crazy, unbelievable.

When emotion is there, anything is possible.....

Wondering, just after the global recession, more and more people become much RICHER than before. My feeling is it's so easy to see sales above $1m every where now, and affordability looks is not a problem for them!!!

Dam! When can I catch the tide....:mad::mad::mad:
 
I used to live in vauxahall rd. Porbably one of the nicest treelined streets in Northcote and this was an really nice reno. To me that price is not overly surpising. I would have thought 1.2-1.3mill.

This one went a few weeks back at 1.04 m and nowhere near as nice

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2007940077

2 years ago quite a few large but average homes sold for the 1.2-1.4 mill mark.

All good though - go Northcote!
 
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Northcote

I just went to an auction in Union st Northcote. A fully attached OSP 4 bedroom( Quite sml rooms) small block. A little out dated as far as the reno is concerned sold for $1.37. I am in shock!! i too live in Northcote and have done for 15 years. For single fronts to get this sort of money is quite amazing. Does anyone else think that this is unbelievable?::):)
 
I see my previous disbelief at unit auction prices in Mentone and surrounds is echoed here. Looks like a lot of people are now more than cashed up, optimistic and eager to buy.
 
Stunned! :eek:

And very happy that my wife insisted on buying our PPOR in Northcote 12 months ago and not continue renting! :)

I note that this was Nelson Alexander. Tom Alexiades (sp?) is one of their main agents (he may well be the principal) and I'd use him without any hesitation if I was selling in Northcote - he always seems very professional and no BS.
 
I was there too - on the market for 975k..

Here is the house


http://www.realestate.com.au/cgi-bi...er=&cc=&c=5355226&s=vic&snf=rbs&tm=1256356248

Thats 400k above the reserve - hehe. I have a sf in Northcote that i am about renovate.

gotta say though that most people believed that this was a 1.1 - 1.2 mill house - very reasonable vendors with no idea really. but close to 1.4 is still remarkable

Cheers
Aussie

That is an awesome result! I have been following up the Northcote area for some time after I bought a house in Brunswick in September and was trying to gauge the continual performance of the inner northern suburbs (hoping to buy another house next year) and boy, that is a result I cannot fathom. I thought it would fetch around circa $1.1mil as well.

This really just proves the strength of the Melbourne market at this current moment in time! Northcote is definitely booming, I agree, and we may have just entered an era where those priced out of the inner eastern suburbs are now flocking to these inner northern suburbs as a substitute. I predict a great price explosion in the inner northern~ish suburban corridor like Fairfield, Northcote, Brunswick East, Brunswick, Brunswick West, Ascot Vale and then followed by Ivanhoe (not that it has ever been cheap, haha), Thornbury, Coburg, Pascoe Vale as the next ring etc.... Who is in with me???? hahahaha
 
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