VIC Bendigo Property “Flip” - Thoughts?

One of the properties we unsuccessfully made an offer on last year has popped up again, this time at $495k up from $330k October last year. I know the market’s gone up, but it seems a bit crazy given that all they’ve done is add a deck and get approval for a subdivision… or did they really just get a bargain and we should have offered more last year?! Any thoughts?

https://www.domain.com.au/property-profile/70-pallett-street-golden-square-vic-3555

 

You do realise that to get a DA through is time consuming and can be expensive, depending on various factors. I'd say they've increased the value somewhat. Add to that the market increased over the year & it's not so hard to imagine the price difference.

 

October was pretty hot in Bendigo last year. You should have offered more than $330K for a 4 bed on 900sqm.

 

Yeah it was a bit of an eye opener to see the recent asking price. Ah well, hindsight is 20/20 I guess. But a good learning experience too.

 

I second this plus the estimated 23% growth in that suburb over the last year was a bonus too