VIC Eastern suburb booming?

Though id continue on with previous discussions here...

Prices are CRAZY at the moment. I missed out on a property in Wantirna South 9mths ago for $550k, currently it would sell for $900k+.....

End of my street in Wantirna South a 1100m2 place sold for $1,680k and thats for land only as a development site! 12months ago it would have only fetched $500-$750k.

Im starting to think now is not the best time to buy another development site

 

With prices shooting up like this in all east - what's the future of east? How are the areas like Montrose and Kilsyth?

 

Someone told me that only person who remembers the house purchase price is the person who missed out in the auction. I start thinking that it's true.

 

Also I would be interested to know about the recent price growth in these areas. Unfortunately just starting to research those areas and have not yet built knowledge about property values.

 

Whereabout in wantirna south timmy?

 

Wasn't at auction. Was private sale directly with the owner

 

Maybe slightly off topic, but my quick analysis I did while at work tells me branches of my company in the Boroondara area are doing extremely well revenue-wise. I compared the latest 2-3 weeks of data against the data from the first 2-3 weeks in April.

If that sounds vague and without details its because i'm not sure where the boundaries of company privileged data starts and ends so understandibly i'm keeping it high level and somewhat generic.

Note what I say are my views formed from seeing a certain set of data presented in a certain way and I am not speaking on behalf of my employer.

 

South Eastern suburbs are really moving along. I bought a place in Scoresby (borderline Wantirna South) on 868sqm April of last year for $525,000 which at the time was possibly $20k above what it was worth but now I think you'd struggle finding anything under the $600k mark. Even areas like Boronia and Bayswater are seeing some silly prices!

I think there is still a good amount of growth left in these areas but will be interesting to see how they perform over the next 12 months..

 

Eastern suburbs sure are appreciating nicely around a property we have in Camberwell/Hawthorn East.

 

Hi Rixter -

Interesting i'm bidding at an auction on Saturday in Hawthorn, they are expecting $2.2m and my price is $2m, fingers crossed I get it, given I will be missing my first quarter of Hawthorn footy live in melbourne for some years to attend the auction. Reckon Hawthorn has been quiet, no chinese interested in this one which is good and so far no offers. Will be doing the trick Wednesday of delivering a 10% deposit cheque to the agent with my offer (it works believe me) particularly when I know there are no other offers!

Re Vermont and Wantirna - the Chinese are spilling past Glen Waverley and buying houses in those areas at ridiculous prices. Bought a house on behalf of a Chinese friend for $1.3m (they really wanted it) last sold in 2012 for $600k.... crazy.

On SS we were discussing Glen Waverley, on Saturday, went to two actions for development sites, both purchased for ridiculous prices by non-Chinese....amazing to pay ridiculous prices in GW. However, we all know there are 3 building approved to be double the size of Ikon.

Oh well, I think this is my first post on the new forum, look forward to sharing some stories for years to come!

Cheers Ivan

 

All the best for Wednesday Ivan..do let us know how it went.

 

Indeed and I hope it keeps going so by the time I sell my ripper townhouse in Rowville towards the end of the year some rich Chinese person will pay me the bank lol

 

Let's hope its the Bank of China, then!

 

haha when it comes to coin Rixter, I don't discriminate lol

 

I had a client who sold his house in Knoxfeild for over $1 million a couple months back, said it was a mainland Chinese who bought it,record price at the time.

He is now struggling to buy in to Ferntree Gully to get a cheaper site for his new PPOR as he's competing against....you guessed it.....Mainland Chinese!

Looks like the whole east is affected in part by overseas money (broad based assumption on one example only)....I should work in the media....

 

East is headin north like no one's business.

Last week auction result and activity indicates more buyers with deep pockets in eastern suburb...

 

East, South, north or west, Melbourne suburbs are booming!!! The market is hot.. I have more people who have pre approvals vs homes to buy at the moment.

 

Melb is hot everywhere
If you can buy a deve site and puts plans and permits together a good way to go at moment, builders screaming for sites.

MTR

 

Tell me about it!!!

 

I think we may have 12 months, let's milk it

MTR