How long was it between purchase and re-value? Was the lender happy to do this so quickly or did you need to justify it?
Reaching new heights - Inner Melbourne
- Thread starter jingo
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How long was it between purchase and re-value? Was the lender happy to do this so quickly or did you need to justify it?
Inner Melbourne - West side
I have been monitoring property in Newport, Kingsville and Yarraville and I am seeing some substantial gains and high auction clearance rates. Most open houses I attend have 20 - 30 couples inspecting.
It is a growth suburb given its proximity to Williamstown and about 7km from the city.
Anthony
I have been monitoring property in Newport, Kingsville and Yarraville and I am seeing some substantial gains and high auction clearance rates. Most open houses I attend have 20 - 30 couples inspecting.
It is a growth suburb given its proximity to Williamstown and about 7km from the city.
Anthony
Thanks Sailor. There was a lot of luck in this purchase! Just got in by a whisker before the market took off!!
David - We had the property valued by a different bank to the one that it is currently held with. We had only settled on the property 2 weeks ago. Purchased it in early March.
Thanks Ozi for your thoughts!
Anyone any ideas where I can buy next?? Looking for a Terrace, up to a purchase price of $555,000. Am sourcing Brunswick East, North Melbourne, Fitzroy Nth at the moment. Would also consider eastern suburbs, but prices there are so high I could probably only afford a unit.
Not keen to go to auction, but I know this is next to impossible. We were very lucky that the Terrace we purchased in Nth Melb did not go to auction. The vendors just wanted to sell it. I wonder if they know how much they lost out on?
Regards Jason.
Hi Anthony,
Would you know what the current price for a 2 bedroom Terrace home is in Newport - The part closest to the Strand?
Regards Jason.
Jason
There is huge price range for 2 bedroom terraces in the Newport/Williamstown area. On the Strand you will $450K up
Generally the Newport/Williamstown you can get a 2 bedroom place from $250K plus.
Property on the Strand is incredibly popular selling fast, A place recently went on the market for $2.2 million and sold within the week. I am not sure of the final price.
regards
Anthony
There is huge price range for 2 bedroom terraces in the Newport/Williamstown area. On the Strand you will $450K up
Generally the Newport/Williamstown you can get a 2 bedroom place from $250K plus.
Property on the Strand is incredibly popular selling fast, A place recently went on the market for $2.2 million and sold within the week. I am not sure of the final price.
regards
Anthony
Its been almost 2 months since the last post on inner Melb, such a long time.......
Can anyone in Melb report back or have any further information.
From the information I have been accessing seems like North Melbourne keeps coming up as "under valued", do you think this is a fair comment?
Look forward to reading more posts on Melb.
Cheers All.
Can anyone in Melb report back or have any further information.
From the information I have been accessing seems like North Melbourne keeps coming up as "under valued", do you think this is a fair comment?
Look forward to reading more posts on Melb.
Cheers All.
There have also been a few comments about the Western Suburbs. How are the likes of Yarraville/Footscray/Footscray West going?
Any further comment on Brunswick/Preston? - I'm not sure if it is an indication, but there seems to be a few OTP purchases available as well as a reasonable qty of newer apartments in these areas.
Tim
Any further comment on Brunswick/Preston? - I'm not sure if it is an indication, but there seems to be a few OTP purchases available as well as a reasonable qty of newer apartments in these areas.
Tim
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Hi MTR,
North Melbourne has continued to power ahead over the past 2 months. I am not sure if North Melbourne would still be considered under valued in light of the recent sales. I suppose it depends on which suburbs it is being compared with. Suburbs nearby that would warrant a comparson would be Carlton and Carlton North, and also Brunswick. North Melbourne is less expensive than Carlton and Carlton North, but slightly more expensive than Brunswick. Although I think that Brunswick is catching up at the moment.
I have included a sample of recent sales in North Melbourne below:
Terrace Homes
Terrace Homes are very popular. They are very tightly held, and there have been very few on the market over the past two months. The following have sold:
1 This property sold in the mid $700's. I cannot remember the exact figure. It was on a large piece of land with ROW, but was in total disrepair. (Unliveable).
http://www.realestate.com.au/cgi-bi...7672&cc=AUSTRALIA&s=vic&snf=ras&tm=1185023167
2 This property was fully renovated, with off street parking. It sold for $666,888.
http://www.realestate.com.au/cgi-bi...7672&cc=AUSTRALIA&s=vic&snf=ras&tm=1185023167
3 This property at 450 Abbotsford street (Main Road) was the buy of the year! Unfortunately I didn't see it until it was too late. The owner wanted a quick sale, and sold it for $465,000 within a couple of days!! There would have been instant equity in this deal for the lucky purchaser!
http://www.realestate.com.au/cgi-bi...7672&cc=AUSTRALIA&s=vic&snf=ras&tm=1185023167
The property accross the road at 459 Abbotsford street has just come onto the market, and the vendor wants $570,000. It's a similar property to 450 Abbotsford street. Of interest is that the vendor purchased 459 Abbotsford street at the beginning of the year for $465,000 just before prices moved. The vendor is now on selling it for a tidy profit!
4 This property at 154 Curzon street is on a main road, but fully renovated. It sold for $650,000 in May.
http://www.realestate.com.au/cgi-bi...7672&cc=AUSTRALIA&s=vic&snf=ras&tm=1185023167
A similar property to the one above and also in Curzon street was for private sale at $638,000. I don't know if it has sold, but asume it would have by now.
5 A 3 bedroom Terrace home with ROW and a garage at 26 Curran street sold for $621,000. It needed renovating, but was on a fairly decent sized piece of land. I don't have a picture of this property.
2 Bedroom Flats
2 Bedroom flats are very popular with buyers in Nth Melbourne. They have increased in price and many sell for between $320,000 and $340,000. Earlier this year it would have been possible to pick one up for around $260-$270,000.
1 Here is one that sold recently for $320,000.
http://www.realestate.com.au/cgi-bi...eader=&c=57607672&s=vic&snf=ras&tm=1185023167
There was no off street parking available with this property. Flats with off street parking tend to sell for around $340,000.
2 This one at 11/375 Abbotsford street with off street parking sold for $340,000.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2006455621
Regards Jason.
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It seems the June quarter suburb by suburb values (from the REIV/Residex) are going to appear in this Saturdays Age, 28/7. Something to enjoy over your morning coffee and pancakes anyway 
Should be interesting because according to Residex, Melbourne as a whole barely moved in the June quarter (from $401 to $402.5), yet anocdotally some areas seem to be hot.
Should be interesting because according to Residex, Melbourne as a whole barely moved in the June quarter (from $401 to $402.5), yet anocdotally some areas seem to be hot.
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It seems the June quarter suburb by suburb values (from the REIV/Residex) are going to appear in this Saturdays Age, 29/7. Something to enjoy over your morning coffee and pancakes anyway
Should be interesting because according to Residex, Melbourne as a whole barely moved in the June quarter (from $401 to $402.5), yet anocdotally some areas seem to be hot.
Might be some areas going backwards counteracting the "hot" areas......
It will make for some interesting reading for sure.
I downloaded a report from http://www.domain.com.au/Public/Guides.aspx - may be the same results?
Tim
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Turns out I didn't even have to wait 12 months
This is the basement apartment. Mine is the same floor plan, on the top floor (3 floors above this one) and I have city views and a balcony.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71174522&s=vic&snf=rbs&tm=1200265452
I spoke to the two senior Hocking Stuart agents at the open and they said they'll get $640k easy (this was long after I told them I only just bought mine and never plan on selling - so it's not a quote lie for my business). Will be interesting to see what it sells for.
Turns out I didn't even have to wait 12 months
This is the basement apartment. Mine is the same floor plan, on the top floor (3 floors above this one) and I have city views and a balcony.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71174522&s=vic&snf=rbs&tm=1200265452
I spoke to the two senior Hocking Stuart agents at the open and they said they'll get $640k easy (this was long after I told them I only just bought mine and never plan on selling - so it's not a quote lie for my business). Will be interesting to see what it sells for.
Congratulations David,
You have bought very well. So what seemed expensive a little while ago now seems like a very good buy!
Regards Jason.
Turns out I didn't even have to wait 12 months
This is the basement apartment. Mine is the same floor plan, on the top floor (3 floors above this one) and I have city views and a balcony.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71174522&s=vic&snf=rbs&tm=1200265452
I spoke to the two senior Hocking Stuart agents at the open and they said they'll get $640k easy (this was long after I told them I only just bought mine and never plan on selling - so it's not a quote lie for my business). Will be interesting to see what it sells for.
Thats a great result David, well done.
I'm a bit surprised the appartment is using private sale rather than going to auction, you'd think the demand is there to get a bit of competion and a good price.
Thanks. Personally I didn't expect the growth I had, I thought I just missed the mini boom or whatever it is we're going through now. I noticed your price index post, 9% in December is amazing!
The agents told me he is trying a private sale for a while and then taking it to auction mid February. Can't wait to call up my banker for a valuation based on this comparable sale - doesn't get much closer than that! I also wonder what the price premium is for ground floor versus top floor. Ground floor has easier access for the 'target market' in the area however his views are of the bins and the cars and mine are of the Yarra, Toorak and the city.
The agents told me he is trying a private sale for a while and then taking it to auction mid February. Can't wait to call up my banker for a valuation based on this comparable sale - doesn't get much closer than that! I also wonder what the price premium is for ground floor versus top floor. Ground floor has easier access for the 'target market' in the area however his views are of the bins and the cars and mine are of the Yarra, Toorak and the city.
David, Residex is saying 9% for the Dec quarter (2.4% for the month of Dec)
Still a great result. At least that's my interpretation, I'd expect their newsletter to come out some time in the next day or 2 announcing the figures (but you heard them here on SS first... he he).Your unit would have to be worth significantly more with city views rather than bin views.
I purchased a ground floor unit in this building in 2002. Last sale in that building was for another 2 bed ground floor unit for $340k in May last year. Sounds like the market has moved significantly since then going by this latest one -
http://www.realestate.com.au/cgi-bi...r=&cc=&c=35795830&s=vic&snf=ras&tm=1200912864
http://www.realestate.com.au/cgi-bi...r=&cc=&c=35795830&s=vic&snf=ras&tm=1200912864
Turns out I didn't even have to wait 12 months
This is the basement apartment. Mine is the same floor plan, on the top floor (3 floors above this one) and I have city views and a balcony.
http://www.realestate.com.au/cgi-bi...r=&cc=&c=71174522&s=vic&snf=rbs&tm=1200265452
I spoke to the two senior Hocking Stuart agents at the open and they said they'll get $640k easy (this was long after I told them I only just bought mine and never plan on selling - so it's not a quote lie for my business). Will be interesting to see what it sells for.
and congrats to you Jason for buying in Altona Nth..!
A WHOPPING 40% increase in median from Dec 06... I remember you talking about all the tell tale signs of the market moving there however I would never have guessed that the growth would be so steep.
well done
Harris
Thanks Harris,
But it was actually Altona Meadows!! Still, Altona Meadows has done well at 14% growth - not quiet 40%, but never mind. I still think Altona Meadows is on the rise. People have been priced out of Altona North, Yarraville, Newport, Williamstown, Altona (which grew at 38% over the past 12 mths), and are now looking at the next suburb on which happens to be Altona Meadows.
There are a few auctions scheduled in February which will be interesting. Altona Meadows is not an auction area, so I believe the demand is strong. The ripple effect is alive and well!
Will keep you informed.
Regards Jason.
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