VIC Box hill... Renovate and flip.

Discussion in 'Property Analysis' started by mc123, 1st Aug, 2017.

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  1. mc123

    mc123 Well-Known Member

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    mc123, 1st Aug, 2017
    #1
  2. Hamish Blair

    Hamish Blair Well-Known Member

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    Interesting they didn’t go down the two townhouse route which they had permits for.

    I suspect that area (1.3km to Box Hill Station) has gone gangbusters in the meantime so a natural uplift in land value.

    They did a substantial extension and new façade etc plus wet areas. I expect they will make a tidy profit as a result.

    Repeatable? Depends on how well you buy. This one is nearby and being quoted at $1.1m - $1.2m
    26 David Street Box Hill South Vic 3128 - House for Sale #125949146 - realestate.com.au
     
    Hamish Blair, 2nd Aug, 2017
    #2
  3. MrFox

    MrFox Well-Known Member

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    Price range is $2,2M to $2,4M at the moment and only single carport but great location. They bought it in 2014 for $829,000. If they did not touch it the property would be worth $1,4M to $1,5M today. Reno cost? Mot much change out of $500K I think. Could this be repeated? No unless you demolish and build new with lot less profit.
     
    MrFox, 26th Aug, 2017
    #3
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  4. Perthguy

    Perthguy Well-Known Member

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    Most of the increase is because of the Melbourne boom. I first bought in Melbourne in 2007 and this is by far the biggest boom I have seen in that time. This was perfect timing for the seller. The market started picking up in 2014 and has boomed until now. Amazing!
     
    Perthguy, 27th Aug, 2017
    #4
  5. mc123

    mc123 Well-Known Member

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    fyi - Passed in at 1.9 m on Saturday.

    10 cunningham diagonal across the street (very nice imo) sold for 1.43 m back in Nov 2016.
     
    mc123, 28th Aug, 2017
    #5
  6. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Looks like they gutted the existing house and put a significant extension out the back as well. I'm no expert in building costs but I doubt they got any change from $400k, it could be more.

    A lot of the value increase is from growth in the market. They've made some money on the redevelopment, but not enough to justify doing this in a flat market.
     
    Peter_Tersteeg, 28th Aug, 2017
    #6