Sunshine results today

Didn't go to any auctions today. Hopefully next weekend will go to a couple.

I did view the following property a few weeks ago.

http://www.realestate.com.au/property-house-vic-sunshine-119781135

When my friend asked for the price apparently I guessed it. It is new and in a good location. Not sure about it as an investment though. Went for $630k according to my friend.

My friend viewed the following property last week.

http://www.realestate.com.au/property-house-vic-sunshine-119825411.

Apparently it was very small on a block that would be heard to develop. Went for $531K. Location seems OK.
 
Went to two auctions today and bidded at one.

http://www.realestate.com.au/property-house-vic-sunshine-119820803

Above one was the one I bidded at today. Went for $635k. I was out at $600k which I thought was a high price even in this market.

http://www.realestate.com.au/property-house-vic-sunshine-119878577

Went for $520k. I was still in shock about the Whitty Street property. Saw the vendors for the Whitty street property at the Hampshire road auction. They were very happy with the results.

Did anyone go to Benjamn Street auction?

I need tips on bidding at auctions. 1st time i ever bidded. is harder than it looks.
 
Went to two auctions today and bidded at one.

http://www.realestate.com.au/property-house-vic-sunshine-119820803

Above one was the one I bidded at today. Went for $635k. I was out at $600k which I thought was a high price even in this market.

http://www.realestate.com.au/property-house-vic-sunshine-119878577

Went for $520k. I was still in shock about the Whitty Street property. Saw the vendors for the Whitty street property at the Hampshire road auction. They were very happy with the results.

Did anyone go to Benjamn Street auction?

I need tips on bidding at auctions. 1st time i ever bidded. is harder than it looks.

Very very hot market at the moment, they are crazy prices. Don't know how the numbers stack up at those prices.
 
Went to two auctions today and bidded at one.

http://www.realestate.com.au/property-house-vic-sunshine-119820803

Above one was the one I bidded at today. Went for $635k. I was out at $600k which I thought was a high price even in this market.

http://www.realestate.com.au/property-house-vic-sunshine-119878577

Went for $520k. I was still in shock about the Whitty Street property. Saw the vendors for the Whitty street property at the Hampshire road auction. They were very happy with the results.

Did anyone go to Benjamn Street auction?

I need tips on bidding at auctions. 1st time i ever bidded. is harder than it looks.

I was at the auction you bidded today and spoke to the neighbour. Perhaps I saw you. The vendor is the builder who bought it 2 years ago for 460k-ish. If they want to build the 2-storey townhouse on Whitty Street side, all neighbours will oppose that. They only want a single storey on their side. So I guess there are a couple of things behind the scene and the builder vendor ended up selling it. I don't work out how people can make a profit if paying $635k for a 470sqm block for 2 townhouses in Sunshine.
 
That's the thing they don't make a profit, that's why it is difficult to source suitable development sites when you have buyers prepared to pay silly prices. Just walk and find something prior to auction if you can.

MTR:)
 
You could end up building apartments on the block due to its zoning. Might have a **** fight with the neighbours though. My mate was going to live in it for a year, land bank it and then work out what to do with it. It did have some options and on a long term perpective does have some potential due to the location and zoning of the property (whether PPOR or develop). But we saw quite a few problems with it as well.

If we assume that you can get $330 a week rent (which is quite high and speaking to the vendors, they think it won't go for much more than $280 a week) it is a 2.7% yield.

We were prepared to over pay for the property based on potential but I thought $600k would have done it. I was very surprised that there was a bidding competition after $600k as I was out of it.

Learnt a lot from yesterday in regards to bidding at auctions. Next time I'll go slower. Doubt it would have made a difference with this property but I think after yesterday it's a good idea to slow down the bidding a bit.

Also will make an opening bid next time. Would of bidded $470k. That bloody $300k allowed the agent to go to $500k. Anyway it was a last minute decision not to open the bidding.
 
In the spirit of the change over, I will be posting futire comments of Sunshine (and surrounding area) results on property chat.

As my friend still has not purchased a property and we are getting quite serious about it now (he's going to the bank on Monday to get his real borrowing power, not just limited to $600k for 1st home buyers grant) I'm sure there will be many more posts. We are now expanding our search criteria and are not simply limiting it to properties of subdivision potential or at $600k.

Gosh I hope he gets a propety by the 18th July. (many auctions on the 18th July so should get one, otherwise it'll be extended by probably another month).

Anyway check out propertychat for further updates on this thread.
 
Hi Pickle
have you looked at Deer Park for a potential development site as it is the next surburb you might get it cheaper and less competition
 
Seeking PM for inspections in Sunshine area - recommendations?

Hi

We are looking for a PM that is able to conduct a few home inspections on our behalf (as purchasing from interstate) of potential IPs while providing a rental assessment for the same.

Also keen to know PM rates.

TIA!
 
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