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VIC Bayswater North

Discussion in 'Where to Buy' started by MTR, 30th Aug, 2016.

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  1. MTR

    MTR Well-Known Member Premium Member

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    Anyone purchase units in Bayswater North, according to REIV June - 23.9% growth in the last year.

    Yet houses went up same period - 14.1%, not shabby...but buying houses for growth is not always going to trump


    MTR
     
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  2. DareDevil

    DareDevil Active Member

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    That is interesting, i just bought a house in Vermont and was looking in both Wantirna and Vermont for sometime, it is really hot both auctions and private sales
     
  3. MTR

    MTR Well-Known Member Premium Member

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    The middle ring south east is very hot at the moment.
     
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  4. DareDevil

    DareDevil Active Member

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    True, between the time I started looking seriously (6 months ago) to the purchase most properties went up by 100-150k for comparable sales
     
  5. MTR

    MTR Well-Known Member Premium Member

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    I am not in Melb but I have been told is that there is not enough stock
     
  6. S0805

    S0805 Well-Known Member

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    I'm looking in wantrina, vermont & their respective south as well. started following market from last 3 months....i'm looking at 4,2,2 config house in wantrina college or vermont secondary zone....my budget is 800k max and seems to not finding much... @DareDevil what's your feedback on these areas as you've researched & bought...school zones are key decision driver for us..
     
  7. oki doki

    oki doki Well-Known Member

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    have you considered buying in Bayswater and sending your kid/s to Knox School ? or looking for a 3X2X2 in Mitcham or Mitcham bordering Donvale? Its not uncommon to rent in the zone for 1st year just to get admission, besides if you are in Mitcham u can get to VSC without much traffic headaches (mitcham rd/canterbury/terrara rd) ?
     
  8. oki doki

    oki doki Well-Known Member

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    I was/am considering Baysie North for PPOR - but distance from station is a show stopper for me...but people who cant afford Bayswater are considering Bayswater North and Kilsyth South.
     
  9. DareDevil

    DareDevil Active Member

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    School zone was the main motivator for me as well, as well as close to a station, i was also initially looking at 800k mark but during my research property went up considerably in both Wantirna and Vermont, but it seems Wantirna is going up quicker than Vermont.
    You can still get little bit old house in medium size block (~500-600sqm) for 800k in Wantirna, in Vermont stuff going on that range are basically inhabitable so you may need to knockdown and rebuild.
    I have done extensive search on that area for last 4-6 months, that means going to every open, every auction and making contacts with agents, let me know if you need anything else.
     
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  10. MrFox

    MrFox Well-Known Member

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    I seriously doubt you get 4+2+2 house in Mitcham or Donvale for $800,000 max budget.
     
  11. Lewis

    Lewis Member

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    No even ringwood or ringwood north which are further out are on 800k for a 4-2-2. Eastern suburbs have taken off a fair bit.

    You would be looking $900k in mitcham atm for a solid 4-2-2 with decent land.

    I'm having problems to understand this:
    40 Greenwood Avenue, Ringwood, Vic 3134 - Property Details

    It is a 3-1-1 that can't be subvivided and sold for 920k a week ago.
     
  12. S0805

    S0805 Well-Known Member

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    according to mrs. research knox school is not preferred based on rankings and everything else. initially i thought knoxfield could do and 4-2-2 with med size backyard is also non-negotiable. That' why I prefer buying IP's than ppor ...:)
     
  13. S0805

    S0805 Well-Known Member

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    Thanks @DareDevil . Frankly, I've not been looking for long (4 weeks) but yes finding few run downs available in wantrina in this price range....vermont so far nothing. PT is also my preference but my pref doesn't count much compare to other criteria..;) do you recommend going solo or using BA? any referral...any of your contacts you recommend...we are finding right side of the stud rd (in bayswater section) area is going little less than the other side....don't know why. as per our research some properties on that side also falls in wantrina school zone.....Thanks for the offer...will surely pick your brain :)
     
  14. oki doki

    oki doki Well-Known Member

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    Some things got to give....i think in your case increase budget?? Good luck.
     
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  15. DareDevil

    DareDevil Active Member

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    I have increased my budget, I bought through a private sale and had to go unconditional offer (it was a big risk but i had no other option) there was another offer 10k about ours but due to conditions vendor picked ours,
     
  16. MTR

    MTR Well-Known Member Premium Member

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    Interesting and makes sense.
     
  17. MTR

    MTR Well-Known Member Premium Member

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    I was chatting to my mortgage broker today who is from Melb regarding valuations which can be somewhat a good indicator on what is happening in the market. Could not believe that apparently some of the valuations are coming way above estimates, this is very rare. Perhaps some areas have had significant gains in a very short time frame.

    Can you imagine what will occur if we have another interest rate drop which may be on the cards in the very near future.

    MTR:)
     
  18. DareDevil

    DareDevil Active Member

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    I went solo but if you can find a buyers agent that would be an advantage, but it is a sellers market out there so unless you can go unconditional (or to auctions) it is very difficult to find a bargain (i wouldn't say my buy is a bargain i certainly paid at market price but this is PPOR not an IP)
    In Wantirna only properties in Templeton school zone attracts premium prices that is the reason right side of the Stud road is less expensive compared.
    Better draw school zones of the area you looking at and keep them with you all the time, every-time a new property comes if that fits your criteria call the agent and try to give them an offer before the auction, if it is unconditional they may take it to the vendors.
    Good luck :)
     
  19. DareDevil

    DareDevil Active Member

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    Yes, i talked to the agent about the vendors, they were old couple who want to downsize and travel, they also had a property build and settled soon, so they wanted the certainty more than anything, seems that worked in my favor.
     
  20. MTR

    MTR Well-Known Member Premium Member

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    Well done.

    One thing I have learnt, in a hot market which is rising fast do not worry about paying a little more, in a few months time it will be worth much more and in the mean time you shoot your competition out of the water.

    I am a developer and I believe at this time in the cycle in Melb if looking at developing it may be a good idea to buy with plans and permits already in place, they may make sense at the moment. I know a few developers that are now doing this in Melb. It can take 12+ months to obtain plans and permits.

    MTR:)