Post up your amazing result (or stupid price) of the week

R

rprodrive

This great result caught my eye - seller must be very happy:

2 bedroom apartment in Armadale, Melbourne.

Sold at auction today for $611,000 :eek:

http://www.domain.com.au/Property/For-Sale/Apartment/VIC/Armadale/?adid=2008210008

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Meanwhile in Chelsea a 2br villa unit (Glenola Rd) sold today at auction for $375k

(admittedly renovated with garage and larger than normal yard though in a street full of units)

Not long ago one could get a house (admittedly tired) on a normal block for about that.
 
611k is pretty impressive for an un-renovated 2x1x1 apartment in Armadale.

Here's one in Canterbury for a 2x1x1 villa unit, that according to a friend was advertised at 500-550k, on paper I would have thought it could get 600-625k... turns out it sold for 730k!

These babies might hit $1M in a couple of years! :eek:

http://www.realestate.com.au/106277201

Although the 375k for the Chelsea villa could possibly justify this result in Canterbury. :D
 
$50k regional NSW $150pw rent worth around 85k
$114k 2 bed unit FNQ worth approx 160k.

My two exchanges for the week.
 
JIT said:
611k is pretty impressive for an un-renovated 2x1x1 apartment in Armadale.

Here's one in Canterbury for a 2x1x1 villa unit, that according to a friend was advertised at 500-550k, on paper I would have thought it could get 600-625k... turns out it sold for 730k!

These babies might hit $1M in a couple of years! :eek:

http://www.realestate.com.au/106277201

Although the 375k for the Chelsea villa could possibly justify this result in Canterbury. :D
Click to expand...

Haha, I was at the auction for the Bryson St unit. Opened on vendor bid of $500K, took a while to get to the reserve of $570K (I think from memory) but blitzed it to about $680K and then the winning bidder came in late and got it for $730K.

Not really a surprise as it was a fairly decent sized unit with own garage (no shared driveway, which is good) and excellent 'cottage' feel. Walkable to Maling Road cafes and directly across the road from Strathcona (although a bit too close in my opinion, haha). Bought by a young~ish Aussie couple. At the end of the day, it is Canterbury!
 
Whilst not technically considered 'underquoting', it is obvious this unit at 4/9 Grange Road, Kew is either Agent's inability or unwillingness to readjust the price range or perhaps confirms that they are mere salespeople only and have NO IDEA about the current market.

http://www.realestate.com.au/106292100

Going back to the Bryson St unit in Canterbury which sold for $730K last week, this was OBVIOUSLY (even an idiot would have picked it) going to go for $700K+. However, what did the agents do? They adjusted the price range to $530-580K this week from an initial price range of $510-560K when marketing started. Perhaps they didn't appreciate the fact that this unit is the size of a small home, is actually attractive looking unlike some of the lego block units we see, in the Sackville Ward, is the rear unit and for goodness sakes, in prime Kew.

This is another joke of a price quote:

http://www.realestate.com.au/realestate/agent/fletchers+canterbury/flecan/106331675

and another ridiculous price quote:

http://www.realestate.com.au/cgi-bi...=106337725&ty=&fmt=&header=&m=0&s=vic&snf=rbs

not to mention this one:

http://www.realestate.com.au/cgi-bi...r=&cc=&c=12076517&s=vic&snf=rbs&tm=1267127150

Could go on forever...
 
Another one in Richmond. Was first listed at $600K+, two weeks later it was listed for $630K+. I thought it was closer to the $700-$750K mark based on similar style property sales recently. Sold at auction yesterday for $812,500. Agent was from Armadale, which might explain the low listing price. Either that or it's yet another fine example of agents listing for WAY below the market price.
 
dunno said:
So you reckon you could sell them for that-then why didnt they sell for that?
Click to expand...

Because i buy well...

Just same as the property i bought for 22k the week prior that settled on this friday 14 day settlement is on the market for 75k and will get 65-70k straight away :)

its a matter of acting quickly, when an agent gets price wrong or you get a desperate vendor...

ARe you trying to suggest one cant/doesnt make money in real estate?
 
JIT said:
DeeHwa, how much do you think this one above at 4/1 Maling Rd. Canterbury will sell for at auction on 20 March, and what price would you consider fair value?

Thanks.
Click to expand...

I believe it would sell for the mid $600K's, possibly $660K as an educated guess (just for the sake of guessing, haha). I also believe this to be a fair and reasonable price given the current market and comparable unit prices in such premium areas. Having said that, I haven't physically inspected the property although I know the area quite well and have traveled down that part of Maling Road. I would be 'slightly' surprised if it cracks the $700K as I don't believe it is that close to the 'quality' of the Bryson St unit but of course, I am just relying on photographs.

All in all, I would agree with Andrew.
 
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