Where to buy in Melbourne at my budget?

[chrispy]

Larry

Have a look at Montmorency.

A Unit near me was put up for auction asking around $370k and not one person turned up!!!

I have heard that nothing much is moving at the moment, whereas normally they sell within weeks.

Montmorency has a trainline into the city, a good village type shopping centre and is close to Greensborough Shopping Centre

Just a suggestion

Chris

 

[jackbak]

Larry

Have a look at Montmorency.

A Unit near me was put up for auction asking around $370k and not one person turned up!!!

Chris

Wouldn't that be a fantastic reason not to look in Montmorency?? Greater demand = greater growth.

 

[LarryC]

Hi Larry,

Are you comfortable looking outside of Melbourne? We are having an investment night on Bendigo in the next fortnight if you want to find out more about it?

Cheers

Ben

Thanks Belu.
But wanted my first one to be in Melbourne, hopefully within the east side of Melbourne (I live on the east side).

And lol at the auction in momtmorency. Poor vendor and Real Estate Agent.

 

[chrispy]

No Jac...you buy when you have the upper hand......and sell when the demand returns.....which it will

Chris

 

[Jake Milne]

It's not timing the market... it's time in the market... Cities always out perform the country. GG~

 

[jackbak]

No Jac...you buy when you have the upper hand......and sell when the demand returns.....which it will

Chris

Risky business... Personally I would prefer an investment that constantly outperforms average suburbs. Not an investment that does ok in the good times, but doesn't have a single person turn up in the bad times. Each to their own.

 

[The Y-man]

Risky business... Personally I would prefer an investment that constantly outperforms average suburbs. Not an investment that does ok in the good times, but doesn't have a single person turn up in the bad times. Each to their own.

When we were selling some of our IP's, these were suburbs I had no shows at auction:

Coburg (some neighbourhood onlookers)
Thornbury (not even the neighbourhood onlookers!)
Cheltenham (some neighbourhood onlookers)
Prahran (not even the neighbourhood onlookers!)


We did sell at auction during the same period: Fairfield


We did sell prior to auction during same period: Abbotsford (to the tenants)

The Y-man

 

[chrispy]

Y-Man

I have been the only buyer at some auctions, having invested for more than 40 years...I have seen the cycles go round more than once.

I think the funniest one was when my husband got so excited he bid against himself, even the auctioneer thought that was funny...and told him ...you just paid $100 more than you needed to . There was no-one else there!!!!!

I still have that house, the $100 seems very insignificant now it is now worth 6 times what we paid for it.

Chris

 

[Melbournian]

When we were selling some of our IP's, these were suburbs I had no shows at auction:

Coburg (some neighbourhood onlookers)
Thornbury (not even the neighbourhood onlookers!)
Cheltenham (some neighbourhood onlookers)
Prahran (not even the neighbourhood onlookers!)


We did sell at auction during the same period: Fairfield


We did sell prior to auction during same period: Abbotsford (to the tenants)

The Y-man

my recent auction doncaster had like 20-30 ppl but no bids and it was only sold after the auction privately... which seems to say why have an auction in the 1st place?

 

[Jake Milne]

I attend several auctions literally every weekend in Melbourne... Some sell, some don't, some get huge turn outs with no bids and others get one person who ends up buying it...

Auctions are a mixed bag. Generally speaking though if your selection criteria is half decent you should be under reasonable to heavy competition at auction.

The current market is great for learning what properties won't perform as well as others over time. You can use the auction performance as a great indicator right now because sub-standard properties fall to the wayside whilst quality properties fetch amazing results. You don't get this feedback in a booming market as there are plenty of buyers.

The best thing is to go to at least 20+ auctions to gauge what it actually is that people are looking for.

Or, just hire someone that goes to auctions every weekend haha.

 

[matto_]

Auctions go great guns in the right part of the market cycle (obviously). This does not appear to be one of them.

In saying that - was at auction recently - Seddon - Bidding stalled, agent went inside, came back out - not on market, couple more bids, then slowed again.

A new bidder entered and took the price up another 75k, and well above the reserve/sales range.

Who knows.

 

[Deltaberry]

Quality properties in blue chip suburbs still face heavy competition. Have been looking at many recently.

 

[Aaron_C]

Quality properties in blue chip suburbs still face heavy competition. Have been looking at many recently.

Yeah I thought it was my lucky day last weekend but I got outgunned from bid 1. Such a pity...