Yarraville/Seddon Movement

jazzlobber

jazzlobber

Guys, desperate to put this up for y'all

http://www.realestate.com.au/cgi-bi...=&fmt=&header=&c=51466048&s=vic&tm=1189492166

18 Greig Street in Seddon,

The vendors sold tried to sell it last year.

it would have been around november december 2006, well it was

510+, passed in at auction, then went 539K Private sale, for a few weeks, didn't shift and was taken off the books.

Sold last weekend for 663, in about 9months a 125K gain or about 23%

yikes,

Also another in Seddon, for auction soon - 25 Mackay Street

http://www.realestate.com.au/cgi-bi...r=&c=35483405&m=1&s=vic&snf=rbs&tm=1189492440

This sold in Feb07 i reckon if memory serves, it was very nice, on nice street, not huge on land but very nice all the same, 807K which was odd at the time because it was badged at 600+ when all the talk started of agents underquoting etc, wonder what it'll go for now

Sold through HS last time round now with B&S yarraville badged at 800-880, will this get the mill, dont think so but ya never can tell with these thing
 
Hi jizzlobber,

The inner west has been booming for a good 6-12 months. I've seen similar results week after week. I had so many opportunities to buy around Footscray, Seddon, Yarraville 12 months ago but kept waiting for the right property/right price. I'm kicking myself now :(

Ozi
 
Oh, here is another example:

http://www.realestate.com.au/reales...te+yarraville/jadyar/homes+for+sale/104274450

The owner of this property bought it about 18 months ago I think for $350k. It is on a long block with dual street access. Gave it a quick reno, sub-divided in half and is building another house on the rear block. They are quoting $390k-$420k for the front house but I guarantee it will go for $450k+ easily. It is in a quite street next to the park. So the smart owner will end up with a free block of land and a very cheap house!

Ozi
 
ozi said:
Oh, here is another example:

http://www.realestate.com.au/reales...te+yarraville/jadyar/homes+for+sale/104274450

The owner of this property bought it about 18 months ago I think for $350k. It is on a long block with dual street access. Gave it a quick reno, sub-divided in half and is building another house on the rear block. They are quoting $390k-$420k for the front house but I guarantee it will go for $450k+ easily. It is in a quite street next to the park. So the smart owner will end up with a free block of land and a very cheap house!

Ozi
Click to expand...

Hi Ozi,

That is an amazing story. So effectively they will have gotten the subdivided land for free, and money to fund their building if they can sell the front for $450+!

The growth in Melbourne has been amazing over the past 6 months.

Where are you looking now Ozi?

Regards Jason.
 
Ozi:
The inner west has been booming for a good 6-12 months. I've seen similar results week after week. I had so many opportunities to buy around Footscray, Seddon, Yarraville 12 months ago but kept waiting for the right property/right price. I'm kicking myself now
Click to expand...

....and been very strong growth patterns historically too:

Footscray: 1994 Median House Price: $95,000.............2004: $310,000...............Change of: 226%

West Footscray: 1994: $95,000.................2004: $305,000........221%

Seddon: 1994: (Less than 10 sales in year) $100,500...........2004: $320,000.............Change: 218%

Yarraville: 1994: $104,000.....................2004: $345,005...........232%

For the Suburbs of Melbourne, top performers (in the West) 1994-2005; Yarraville and Footscray featured in the top 5:

Braybrook: Change 1994-2004: 236%...........Growth PA: 12.9%........Change 03-04: 8%.........2004 Median: $231,500

Yarraville: Change: 232%..........Growth PA: 12.7%........minus 3%...........$345,005

Footscray: ......... 226%...............12.6%...............2%...........$310,000

West Footscray: ...221%.................12.4%...............minus 2%.....$305,000

Maidstone: .........217% .................12.2%............1%.................$285,000

Statistics courtesy of Victorian Valuer-General 1994-2005
 
jingo said:
Hi Ozi,
Where are you looking now Ozi?
Click to expand...

Hey jingo,

I'm currently considering Melton and Werribee. I am leaning towards Melton though as I live 10 mins away :rolleyes: I figured I could probably buy 2 properties in these areas, instead of 1 in the inner-west. Yields are better so serviceability will be easier. I am taking a long term view here and over time it doesn't really matter where you buy because everything goes up.

P.S. I paid $269k for my house in West Footscray a few months ago... my neighbour just sold theirs for $435k :D I'm looking forward to re-valuing mine in a couple of months when the reno is complete :D

Cheers,
Ozi
 
ozi said:
Hey jingo,

P.S. I paid $269k for my house in West Footscray a few months ago... my neighbour just sold theirs for $435k :D I'm looking forward to re-valuing mine in a couple of months when the reno is complete :D

Cheers,
Ozi
Click to expand...

I'm wondering if its worth revaluing, cause for people like myself, who keep the property long term is that all revaluing does is put up the rates! Unless I needed the equity in it to borrow, I want the valuations to stay as low as pratical.

The place next door to ours in seddon was quoted a month ago at 350, was sold at auction for 424... and it is in much worse repair than ours. I wonder what our 3br double fronted property down the street would go for if this is what you get for 2br single?

http://www.realestate.com.au/cgi-bi...=&fmt=&header=&c=99773758&s=vic&tm=1189556183
 
Hi Joey,

I meant getting it re-valued by the bank in order to draw down on the increased equity. I don't think bank valuations have any correlation to council valuations which is what determines your rates (correct me if I'm wrong). I believe the council valuations are done every 2 years and these don't necessarily reflect the market value.

Regards,
Ozi
 
Ozi

You are correct. Council valuations are done by the Valuer General (in Qld - equivalent in other states) and the values supplied to councils are the unimproved land values (or UCV - i.e. unimproved capital value). The councils use this value to set the level of general rates.

Valuations done for loan purposes are done by private valuation firms and include the value of the land and all the improvements (buildings, sheds, pools, fences etc). They have no correlation with council valuations.

Cheers
LynnH
 
Last edited:
GSJ said:
That's a busy road too isn't it?

GSJ
Click to expand...

It sure is, there's alot of Trucks and HGV travel along here, i think this one and Francis Street is even worse, one of them is along an official truck route into the city on vic roads

it must be the 1,000m2 with the high asking price
 
GSJ said:
That's a busy road too isn't it?

GSJ
Click to expand...

Yep, VERY busy!

jizzlobber said:
It sure is, there's alot of Trucks and HGV travel along here, i think this one and Francis Street is even worse, one of them is along an official truck route into the city on vic roads
Click to expand...

And here's one for just under $1m on Francis St (and on the train line)! Unreal! (Both roads are highly used by trucks)

http://www.realestate.com.au/cgi-bi...=&c=23413722&cc=AUSTRALIA&s=vic&tm=1189754072

Cheers,
Jen
 
I can think of a lot better places to put $1 million.

At face value it seems a ridiculous price to pay to be on a busy road or on a train line, and in the inner West.

Wasn't there something in the news recently about 'Mobil' having a petroleum leak that had an impact on some houses in the West...can't remember which suburb was affected though.

GSJ
 
jizzlobber said:
Also another in Seddon, for auction soon - 25 Mackay Street

http://www.realestate.com.au/cgi-bi...r=&c=35483405&m=1&s=vic&snf=rbs&tm=1189492440

This sold in Feb07 i reckon if memory serves, it was very nice, on nice street, not huge on land but very nice all the same, 807K which was odd at the time because it was badged at 600+ when all the talk started of agents underquoting etc, wonder what it'll go for now

Sold through HS last time round now with B&S yarraville badged at 800-880, will this get the mill, dont think so but ya never can tell with these thing
Click to expand...

Hey um...jizzlobber, do you or anyone know how much 25 Mackay Street sold for? Just interested
 
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