VIC $1M - seriously?

Discussion in 'Property Analysis' started by Stvn, 22nd Dec, 2019.

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  1. Stvn

    Stvn Active Member

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    Hi guys, would be good to get your thoughts on this?

    This 2/1/1 Melbourne apartment is one I have been watching, thought it was okay but nothing really special

    https://www.realestate.com.au/sold/property-apartment-vic-collingwood-132628978

    Price guide was $800K-$880K which I thought was a little high for what it was (figured more like $750K-$800K) however I have just seen it sold for $1M?

    Kind of surprised - what are your thoughts about that sold price?
     
  2. jprops

    jprops Well-Known Member

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    What comparables did you use to arrive at 750-800k?
     
  3. noomi_nooma

    noomi_nooma Well-Known Member

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    A warehouse property in Collingwood with outdoor area. I think 1m is fair price. Your value is way unders.
     
  4. Stvn

    Stvn Active Member

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    Comparables in the SOI were $811K to $825K, located closer in near the Carlton/CBD border. Interested to know what it is about the unit you think makes it worth $1M?
     
  5. noomi_nooma

    noomi_nooma Well-Known Member

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    Check out warehouse sales in Cambridge and Oxford streets and you will see that is what they bring.
     
  6. jprops

    jprops Well-Known Member

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    I don't know the area. SOI? Statement of Information? Closer to CBD might not translate into more money.

    Can you find comparables on the same street or comparable streets? Prices can vary greatly depending on which end or which side of the street also. You need to be sure you are comparing the right product.
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    It is what it is: an excellent result for the vendor - assuming they paid less for it!

    I guess it is a good time to sell in the area for that type of prop, and not necessarily the best time to buy (personally would rather get a house for that money)

    The Y-man
     
  8. Geoffrey

    Geoffrey New Member

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    I know someone who sold a very similar but inferior, one possibly the same building, but it couldn't have air conditioning due to heritage rules. It sold for just under a million. I think 1 million is actually a bit of a bargain with 2 car spaces for that type of property in that area. It's not my cup of tea but it is for a lot of people. Walk to the free tram zone in the morning. Lock and leave. Two balconies.
     
    turk likes this.
  9. TMNT

    TMNT Well-Known Member

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    it may be worth that much but its a pretty tasteless/tacky looking interior through out
     
    Melbourne_guy likes this.