First Home Purchase in VIC

Hi everyone,

I am very lucky to have found this forum. Please note that we are a young family ( first home buyer) and we are looking to buy in Caroline Springs. Can anyone please advise how much should I offer for this property ?

58 The Esplanade, Caroline Springs, Vic 3023
https://www.realestate.com.au/property-house-vic-caroline+springs-134776634

I have been pre-approved for $720k, however I still feel that this property is over priced with the proposed range ($750k - $800). The land size is just 212sqm. I need a property in CS ( or the surrounding suburbs) which is not too far from the Australian International Academy. Your kind advice is highly appreciated.

 

Jesus, that property is OVER-priced. Not sure how far Hillside is from this academy but you'd be wayyy better off there instead of this shoebox. You'd get a better property in Burnside Heights too. Don't fall for this shiny and new pigeonhole.

 

agreed with Westie! I am not across that suburb for its investment potential but don't expect much capital gain paying c$800k for 200 sqm of land in CS. Look for a decent sized block around there and aim for a prop with bit of a backyard (especially for a young family)... you are sure to find decent homes with 3x more land - offering a much better long term value proposition.

 

The attached RP Data report appears to agree with the asking price (look at page 3).

However the listed comparible sales tend to be a little lower with simlarly new houses and slightly larger land sizes.

It's also worth noting that this property has been on the market since early November. My observation of Melbourne in general is that it's been a hot market since October (when houses are priced appropriately).

I'd say overall that the asking price might be a little high, but the location overall is a bit over priced. I suspect prices around there might be driven by developers rather than the open market. You can probably get better value elsewhere.

 

Thanks for your input everyone. Peter, I really appreciate you sharing the property report with me. I had the same feeling too ( it is overpriced with no foreseeable future gains). How about this property, can you please advise what price it is worth?

9 Braeside Walk, Caroline Springs, Vic 3023
https://www.realestate.com.au/property-house-vic-caroline+springs-135223354

I spoke to the agent and he told me that the vendor is open to offers.
Thanks in advance guys.

 

Last sold price is $712 k
https://www.realestate.com.au/property/9-braeside-walk-caroline-springs-vic-3023

Obviously, the owner would want more than what he had paid. The house is on auction too. I reckon it will fetch easy at around $750k or more.

 

Not sure if you have to live in CS for some reason, check these out in Hillside's better pockets:

https://www.realestate.com.au/property-house-vic-hillside-135230202
https://www.realestate.com.au/property-house-vic-hillside-135227706

Slightly older, but 2x the land size. Better CG expected for these 2, over time.

 

Just a word of caution as another someone mentioned it in a different thread.

46 Speargrass Drive may get a fair bit of plane noise once Melbourne Airport's runway upgrade is completed.

Melbourne Airport | Noise Information Tool

 

Good point @Ben JH, I overlooked this bit.