VIC Box Hill North

Hi,
Anyone here familiar with Box Hill North?
My friend has been considering selling their property for the last 12 months, however prices seem to be on the rise. The dilemma: sell now, or is it worth waiting another 12 months.
Is there any indicators that prices may jump in the next year?

 

I don't know the market of Box Hill, however to help others help you, can you provide the nearest major intersection, is it a house, townhouse, apartment, unit, renovator, the condition and is it a PPOR or investment property for your friend.

 

The gables development only just kicked off with priority numbers taken last week and another 100 odd blocks under the hammer this weekend.

$540k 450m2
Should be a nice area but still a large land supply

 

Is that tall residential tower next to Box Hill Central going ahead?

 

It depends on what type of property they have. The market there is still hot however, may change when new supply comes online.

Do they have a point of difference?
Is their property of value to a developer?

Box Hill is one of the second land release precincts in the North West Growth Centre. The 764 hectare precinct, will deliver more than 10,000 new dwellings to accommodate 28,000 residents.

So a lot of new homes will be built on smaller lots.

 

Think he's talking about Box Hill in Vic not Syd.

In saying that, 10,000 new homes for Sydneys NW growth centre, and 76,000 new jobs within a 15 min drive whether at Box Hill, Marsden Park or along the NW rail link.. Pretty amazing planning from state gov. Box Hill's land wont register for 18 months which is ages away.. New land wont affect current prices as each new release is only such small amount of land and they do it so slow too.. I dont think Box Hill is a great place for people to put their money in though..

 

I'd recommend that they sell next year. Box Hill is still going gangbusters but in saying that it does depend on the type of property they have.

 

Apologies for the late reply everyone who was kind enough to reply. I was in PNG for a few days and had limited access to Internet. Anyway, the property is Box Hill North, Vic (didn't know there was one in NSW).
My friends seperating from their partner and was offered money for their share of the house, based on the value 3 months ago. However, it appears as though the area may be on the rise. Just trying to gauge if others feel it has potential for growth in the next 12 months. My friend may be better off selling the property in a year and getting a better profit than the current figured offered from the ex.

 

FYI 500 sqm, 3 bedroom, good condition.

 

Sounds like it's worth holding onto for another year.
Thanks all.

 

For me personally I have a couple of theories:
1) The market in BOX HILL is hot!! very hot for me personally I am not sure how long this be sustained for. Why wait a year reap the rewards now.
2) have a exit plan, what is your friend planning to do with the funds?

 

When it comes to seperation, I think some times its better to just move on... sell why the going is good and move on