Outer East Melbourne

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From: Russell H


Any one have any comments about outer east mel, (say Blackburn to Lilydale), specifically growth prospects?

One agent says even though market cycle could be about due to flatten, new freeway will keep prices up till the next cycle starts.

ps, how many of you get really annoyed by agents underquoting - eg, a local property passed in 2 weeks ago @ $225k, now advertised at "$190+"?
I asked had it been vandalised?

 

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Reply: 1
From: Toyo Spares


I'm in central Ringwood. Since the freeway extension got approved, all the houses around in the central blocks (New St. To Eastland) are being bought up rapidly and demolished to be replaced with units/townhouses. A group of developers and real estate agents did the rounds about 18 months ago and when talking to them, they claimed that they were capitalising on the gains expected from the freeway extension. Don't believe it myself as they are selling the units now and significant gains haven't occurred yet.

Talking to people in North Box Hill, prices significantly dropped (>20%) immediately before the previous freeway extension was done. However once the extension was complete and the feared traffic noise etc. never eventuated prices recovered and in some cases significantly increased above what they were before the extension came.

Mind you, I only know 3 or 4 families over there so my sample is small.

I believe that with the further development of Eastland, the Eastern freeway extension, and the Scoresby freeway (funding announced yesterday) that Ringwood values will certainly increase.

North Ringwood is another area to keep an eye on.

Just my thoughts.

Toyo

 

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Reply: 1.1
From: Samantha Lind


Hi,
Know what you mean about agents. Went to an auction on the weekend for a great prop. Agent was telling everyone about 350K mark. The bloody thing passed in at 500K. Rang up about it today and it's back on market for 480K.
Bizarre!!
Sam

 

[Michael Yardney]

Reply: 2
From: Michael Yardney


You can find out how the suburbs your are interested in have grown in the past by looking at the statistics section of the Real Estate Institute of Victoria's web site - reiv.com.au
Michael Yardney
Metropole Properties