Reaching new heights - Inner Melbourne
- Thread starter jingo
- Start date
Well, the Far East (of Melbourne!) by comparison seems to be very quiet. I 've had an agent harrasing me since I went to an open.
It went for auction last Saturday.
I just got a call from the agent, saying the property was sold at $800k (I think it was advertised $750+ or something, so not too bad).....however the buyer has now defaulted, and the property is back on the market asking $800k
Cheers,
The Y-man
It went for auction last Saturday.
I just got a call from the agent, saying the property was sold at $800k (I think it was advertised $750+ or something, so not too bad).....however the buyer has now defaulted, and the property is back on the market asking $800k
Cheers,
The Y-man
y-man,
what happens if the buyer defaults on the auction,
surely the vendor can take them to the cleaners, if they have signed on the dotted line on the contract of sale.
just wondering what would likely happen if the purchaser fails to follow through on winning an auction??
what happens if the buyer defaults on the auction,
surely the vendor can take them to the cleaners, if they have signed on the dotted line on the contract of sale.
just wondering what would likely happen if the purchaser fails to follow through on winning an auction??
I assume they lose whatever deposit they paid - assuming the cheque didn't bounce in the first place....
It must happen relatively often - in fact, that is how we bought our PPOR. It was auctioned, sold, and the sale fell thru on finance. It was then put back on the market, but the vendor was pretty ticked off by then I suspec - not much advertising, not many opens etc. We bought it for 5% less than what it "sold" at auction for.
Cheers,
The Y-man
It must happen relatively often - in fact, that is how we bought our PPOR. It was auctioned, sold, and the sale fell thru on finance. It was then put back on the market, but the vendor was pretty ticked off by then I suspec - not much advertising, not many opens etc. We bought it for 5% less than what it "sold" at auction for.
Cheers,
The Y-man
I got my info from domain’s suburb profile as well as rpdata report on historical growth for those suburbs.
Every agent in Frankston knows that the market was increasing at the rate of well over 20% for 2 years after 2002, whilst all inner suburbs were either flat or had a little downward movement.
Extremely high values (representing less than 10% of the prop sold in premium inner suburbs) represent a very small sample data however eschews the overall figure for median house prices. The variance for a house sold for over 4mil is sufficient to bring the overall median house price by a very significant percentage.
In order to gain the fairest possible assessment on the rise in house values from the largest possible sample of available data, you should rely upon a large data pool with a 10 year history available as % of house price movement.
Looked again at domain’s suburb profile and it tells me that those 3 outer suburbs overall increased at the rate of 11% vs the highlighted inner suburbs at 9% over the long term (10 years +)
Thanks
Harris
Brunswick East on the Move
I was interested in a 2 bedroom Terrace with ROW in Edward St in Brunswick East. The property in question was initially advertised at $410+, and later revised to $450+. It achieved an astounding result of $600,000 yesterday at auction!
The inner areas are moving rapidly! Melbourne achieved an 87% clearance rate at auction yesterday. Apparently this is the highest clearance rate in a few years.
Regards Jason.
I was interested in a 2 bedroom Terrace with ROW in Edward St in Brunswick East. The property in question was initially advertised at $410+, and later revised to $450+. It achieved an astounding result of $600,000 yesterday at auction!
The inner areas are moving rapidly! Melbourne achieved an 87% clearance rate at auction yesterday. Apparently this is the highest clearance rate in a few years.
Regards Jason.
jingo
I was interested in a property at 7 bourke st Brunswick it was auctioned yeserday as well, advertised at 330k from memory. Do you know what that one went for ?
I am a little put off by the high price the Edward st property bought.
I cant even get agents to stay on the phone for 5 minutes to talk, they are abviously having a fine time at the moment.
Its a bit scary the very big gap between advertised and sale price. I dont mind the 10k to 30k gap but 150k
its a bit hard to take
cheers yadreamin
I was interested in a property at 7 bourke st Brunswick it was auctioned yeserday as well, advertised at 330k from memory. Do you know what that one went for ?
I am a little put off by the high price the Edward st property bought.
I cant even get agents to stay on the phone for 5 minutes to talk, they are abviously having a fine time at the moment.
Its a bit scary the very big gap between advertised and sale price. I dont mind the 10k to 30k gap but 150k
its a bit hard to take cheers yadreamin
jingo
I was interested in a property at 7 bourke st Brunswick it was auctioned yeserday as well, advertised at 330k from memory. Do you know what that one went for ?
I am a little put off by the high price the Edward st property bought.
I cant even get agents to stay on the phone for 5 minutes to talk, they are abviously having a fine time at the moment.
Its a bit scary the very big gap between advertised and sale price. I dont mind the 10k to 30k gap but 150k
cheers yadreamin
Hi Yadreamin,
Just looked up the paper for 7 Bouke - Undisclosed. I hate that! It may be in tomorrow's paper though. I asked an agent once why this happens, and he said it was because they were too late in passing the results through to the paper.
I can't believe the underquoting going on either. The thing that makes me annoyed is the agent rang me on Thursday to see if I would be coming along to the auction. I specifically said to her that I wouldn't because I knew it was going to go for well above $450. Her reply was "no, no, we are thinking more like $480 - if it was going to go for any higher we would have advertised it that way - you should come along." Considering a similar property sold not long ago in Barkly street which is just around the corner for $570 or so she should have known better. Well. I shall ring her on Monday and ask her what she thought of the result.
She just sent me an sms with details of another one in the same location. mmmmmmmmm.....
I don't think you can really give much credence to current graphs. As property becomes more expensive , home owners with equity use that to renovate their homes so a property that was worth say 300k pre reno might now be worth on todays market 480k. The data shows that when that property sold it sold for 480k but in fact it's only increased in value due to more money being invested in it. this scenario is very common now as renovating is more popular than ever, tax free capital gains etc!
No that's not correct. If the result was put in too late then it wouldn't appear in the Sunday paper but would in Mondays. That happens a lot.
"Undisclosed" means that the vendor (not the buyer) has requested that the price not be revealed in the papers.
The place in Brunswick East mentioned above was last renovated in the 1980's, and had not received a recent renovation. It still achieved the result above!!! Furthermore, the Terrace home I was looking at in Nth Melb that went for $551,000 (Lothian St) simply had a paint over and was not renovated. So, these properties, while still in reasonable condition, still needed a proper renovation to bring them up to today's high standards.
I think it's more a case of supply and demand that's pushing up prices, rather than if the property has been renovated or not. More people are looking to buy these Terrace homes in places like Brunswick East and North Melbourne to live in and also to invest in.
I'm not sure what the demand is like in Yarraville, but I do know that Brunswick East and North Melbourne are in high demand because they are closer to the city centre.
Regards Jason.
Luckily for me I had purchased a terrace in North Melbourne about a month ago for $447,000. Seems like there may be some equity there!! Yeah!!
Just thought I'd update. Had this particular Terrace revalued. Came back today at $520,000.
Got me thinking, the place wasn't perfect - I nearly didn't buy it - look what I would have missed out on!
Now am ready to go again.
Simple message for me - there is no such thing as the perfect property. If you find one you can afford, and it fits most of your criteria - buy it don't muck around! Jan also emphasised this in her books. Thank goodness I just bought it!
Regards Jason.
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