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

nice example csj

I reckon anywhere between 470 and 570k. I havent seen it either but its in a nice position. Considering theres a much tinier place of similar ilk in Urquart st asking 520 private sale it should go above 520.

Anything under 500 is an bargain

See you there!!!!!!!!!!
 
I'll go $561,000 which is my standard 40% over suggested + $1k for that post $560k psychological advantage. If it's close at $560 anyway...

Good to see that under-quoting under control :D

Cheers,

Arkay.
 
Rents for something like that Northcote property would have gone from about $260 per week in mid 2005 to about $340 per week in mid 2007, with most of that rental growth happening in the last 8-9 months, and still rising.

GSJ
 
Have any cottages sold under $500K of late? Definitely $500 plus (where did that agent get $400K from ???)

Mif 500's likely, high 500's if everyone loses their head. (ot the top 2 bidders)

Location is not that fab from my perspective and it is timber and in need of make over BT you could add OSP and maybe rear extension and become 3 bedroom.

Hey if I am bored that day maybe I will go look.


GSJ said:
Another week, and almost Saturday auction time again.

This property would have sold for about 350k in Mid 2005. 2 yrs later it is now advertised at 400k+. Will be interesting to see the sale price on this one.

Any guesses from the punters here?

I haven't physically seen it, but think it could easily go over 500k or even 550k on a really good day...

http://www.realestate.com.au/cgi-bi...eader=&c=34969145&s=vic&snf=rbs&tm=1189664172

GSJ
Click to expand...
 
jingo said:
Ok, I'll play! $587,500!! P.S I know nothing about Northcote, and am only playing!! Is there a prize for the person who is closest to the winning bid GSJ??

Regards Jason.
Click to expand...

Sorry no prizes, just the glory on Somersoft and maybe a kudo if you're spot on :D .

GSJ
 
the thread about the heat in melbourne's inner city property market continues

Wow. Big day out today, saw a few units and whatnot and then headed over to these two to watch the auctions:

http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2006618940

It's a one-bedder, the original front bedroom has been converted into another living space. You could do a lot with it, and the fundamentals are sound. We figured the lack of bedrooms would hold the price back for OOs.

The above ad quotes 240k - 270k, about 100 people at the auction, sold for 440k. There was a little bidding war between two high-bidders at the end. Good to watch.
http://www.domain.com.au/Public/PropertyDetails.aspx?adid=2006627454

It's on a small block (basically a half block compared to either side), the second bedroom is basically a cupboard off the garage (the entry from the garage is not shown on the floor plan, but it does exist). About 100 turned out for the auction, because bidding started high there were only a few parties bidding.

The ad shows 255k+ .. bidding opened at 305k, finally sold for 390k.

The west is still cooking! :)
 
murtagh said:
It's on a small block (basically a half block compared to either side), the second bedroom is basically a cupboard off the garage (the entry from the garage is not shown on the floor plan, but it does exist). About 100 turned out for the auction, because bidding started high there were only a few parties bidding.

The ad shows 255k+ .. bidding opened at 305k, finally sold for 390k.

The west is still cooking! :)
Click to expand...

I don't understand this one. It's basically like a villa unit. 390k seems exhorbitant for this in the west.

GSJ
 
aussierogue said:
The house went for approx 550k. Not sure the exact figure.
Click to expand...

So that's about a 57% increase in price in 2 years! :eek: :eek:

If people still think this is a 'mini-boom', then it'll be interesting to see what happens when the real boom phase kicks in...

Any other interesting auction results today?

GSJ
 
GSJ said:
I don't understand this one. It's basically like a villa unit. 390k seems exhorbitant for this in the west.

GSJ
Click to expand...

Absolutely! It's insane unless you've got grand plans in mind. I just can't figure out what you could do with the place that makes buying at 390k worthwhile. The buyer was a 40s-ish woman with (I assume) her mother and daughter in tow. Maybe someone got their heart set on it "at any price"? I'll have to remember to drive past in a year or two and see what they've done.
 
murtagh said:
Absolutely! It's insane unless you've got grand plans in mind. I just can't figure out what you could do with the place that makes buying at 390k worthwhile. The buyer was a 40s-ish woman with (I assume) her mother and daughter in tow. Maybe someone got their heart set on it "at any price"? I'll have to remember to drive past in a year or two and see what they've done.
Click to expand...

Really...Was just going thru the yields in the API magazine and the yields of most of the melb. suburbs have taken nosedive. They are much lower then what they were in 2003 and to think of it the interest rates have increased a minimum of 1.5% - 2% since then.

I am in the waiting camp right now as i think it might turn ugly soon.
 
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