The heat in Melbourne's Inner City Property Market continues.

Clifton Hill

That was a clear case of underquoting. The price achieved was reasonable. The idea you could pick up, even a non liveable, house is Clifton hill near 450-500 was a bit of a joke...

Cheers
Aussie
 
hello,

thankyou, live just around the corner but thought auction was on this weekend coming so didint check paper, just noticed sold sticker this arvo

myla
 
Selling an appartment in Melbourne

Hi,

My Aussie IP days are over! I brought an overpriced appartment from Central Equity years ago in Melbourne Tower and am now looking to sell.

Generally, is it an OK time to sell?

Does anyone have any good tips on selling in Melbourne?

Can anyone recommend a trustworthy estate agent?

Thanks in Advance
 
Hi,

My Aussie IP days are over! I brought an overpriced appartment from Central Equity years ago in Melbourne Tower and am now looking to sell.

Generally, is it an OK time to sell?

Does anyone have any good tips on selling in Melbourne?

Can anyone recommend a trustworthy estate agent?

Thanks in Advance

We use Kay & Burton, but only because they were the PM's for the property (before they became a RUN office).

Tad pricey but found to be efficient to deal with.

They sold an apartment in Southbank (just near yours) for us in a relatively painless process (in fact all I remember is thinking "wow, that's heaps easier than buying!)

Cheers,

The Y-man
 
i purchased a property in hawthorn for a steal - $420,000.
quiet street, early 60s house, and close to glenferrie rd.
the vendor had to sell as she overextended herself with a few rental properties.

timing is crucial i guess.

Wow that is an amazing price for Hawthorn! Is there much to be done to it?
 
What’s everyone’s experience at the moment out on the street? In my experience prices are really deflated at the moment.

My partner and I are looking for a PPOR - 2 bedroom apartment with an oversize balcony, terrace or courtyard in South Melbourne, Southbank (south end), South Yarra, or St Kilda Road.

We’ve been looking for two months and I initially expected everything to sell at 20% above the maximum price in the range. This has not been the case at all. Properties are either being passed in (sometimes sold straight after), or selling somewhere in the middle of the stated range. In any case, it’s good for us :D
 
hello,

yes i think it is a good time to be out to buy, although agents love to get back into the private sale process as they can pull a few "extra" bidders,

goodluck

thankyou

myla
 
What’s everyone’s experience at the moment out on the street? In my experience prices are really deflated at the moment.

The middle ring beach side suburbs I'm looking at:

- Top renovated, full block properties in desirable locations still sell at premium prices

- Good condition, clean, neat properties still sell at asking price range

- Run down properties ("renovator delights", "in original condition", "first time offered in 40 years") or those with no special wow factor are passed in
 
I attended this mortgagee auction on the weekend (actually 3 places up for auction).

http://www.realestate.com.au/cgi-bi...r=&cc=&c=68325117&s=vic&snf=rbs&tm=1207539302

There must have been 100 ppl there! Sold for more than I would have paid. Wonder whether it was a case of people getting caught up in the mortgagee bargain marketing ploy....

Was fun to watch though :)

jerky,

out of interest, how much did they go for?
Did the house next door sell as well?

About mortgagee marketing - in how much financial trouble must the vendor have been to sell 3 properties at once?

-BB
 
The 3 level with balcony went for $506k, the 3 level without balcony (I think around) $501k and the 2 level on Nicholson was something like $480. I just didnt think the workmanship was that good and Im sure I've seen nicer ones sell for lower...
 
The middle ring beach side suburbs I'm looking at:

- Top renovated, full block properties in desirable locations still sell at premium prices

- Good condition, clean, neat properties still sell at asking price range

- Run down properties ("renovator delights", "in original condition", "first time offered in 40 years") or those with no special wow factor are passed in

hello,

i reckon thats pretty close to the mark, good things are going at solid prices,

melb auction rate was 62% yesterday, it will be very very ordinary next week i think,

i went to few yesterday, one on chapel st, just no bids,

will be interesting to see if people can "postpone" or take the pre-bids

thankyou

myla
 
Hi Myla,

I think the Auction Clearance rates have been artificially kept up as well. I attended two Auctions over the weekend in Melbourne East/NE suburbs and both got no bids and were Passed In. And both of them dont appear in the REIV Auction Results.

I have noticed this trend many times. I am not sure if this is the case of REA not reporting although i have noticed this with different REA's.

I have sent an email to REIV for their response on this.

Thanks-
 
This property was passed in at auction on Saturday. Opening bid $650k, no bids. There were people negotiating after the auction.

It is now available for private sale, $710k. I think the reserve was about $680k.

Maybe they wanted too much. I think it's more of a balanced market now. Will be interesting to see what it sells for.
 
This property was passed in at auction on Saturday. Opening bid $650k, no bids. There were people negotiating after the auction.

It is now available for private sale, $710k. I think the reserve was about $680k.

Maybe they wanted too much. I think it's more of a balanced market now. Will be interesting to see what it sells for.

I too paid some interest to this property. However, the garage arrangement is a real mess. The garages are too small, so all the unit residents just park their cars at 45 degree angle on the driveway. This is just unacceptable for an apartment asking for 700k, even if it is in Toorak.

Street parking is problematic too. The street has quite a few medium density buildings. On week nights street parking is a real pain, as most of the garages seem to have been designed for Mini, rather than Falcodores.
 
what's the expected rental return for an apartment like this? People might be more yield focused now?

Low to mid 4% gross. However, given the age of the building, the depreciation won't be much. Holding cost would be significant.

I would imagine most of us, if you're investing in units/apartments, a minimum yield of 5% is almost required. In comparison, lots of apartments in inner Sydney return 5.5% and above, and still has significant depreciation benefit.

I agree with DavidMc that buyers are now a lot more discerning. If a property has no real WOW factor or has some perceived deficiency, they tend to get overlooked.
 
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