VIC First Property Purchase in VIC.

Thanks Westie, yep i wanted to land in one property early this year as both me and my wife are planning to switch to a new job. And the house is in good condition and i am pretty sure no renovations for next 5 years ( my guess) .

yep i submitted the signed contract to the agent , sorry first home buyer and not really sure about the terminologies.

previously a house sold for 665k in the same pocket - the land is 700m2 and the house was renovated. the $$ are less due to the fact that there is a man hole in the back yard and the authority have rights to access it any time ( experienced it in my current rental house , they stayed for 2 whole day and night to sort out an issue in the sewer) so i stopped at 650k but actually there was a party went up to 665k. thinking of not making that mistake here.

its a two storey , 4 bedroom , 660m2 with a decent size pergola and a good PS in walking distance.

Let me know what will be your $$$ predictions if it is a PPOR?

Thanks.

 

You have seen the property @Broady, going by what you've mentioned about it - it looks like your offer's on the money. Whether someone offers higher remains to be seen. Sometimes the vendor will look at the applicants details such as why they want it, whether they're investor or occupiers and stuff like that - maybe you can tell the agent why you want it more than anyone else and get them to pass the message on or something (may not be effective but hey you have nothing to lose either).

Had a B&P done on the house? You want to rule out any major issues. Might be too late anyway given your offer's in or maybe you've already put the clause in?

 

Are you worried about overpaying by a lot (e.g around $50k+) or a few thousand dollars?

If just a few k, I'd say not to worry if you like the property and you can afford the price. Just a personal opinion because I went through the same 2.5 years ago buying my first home.

If you're worried about overpaying above the estimated market price, you can use those price prediction platforms to get some indications. I can think of four - ANZ, REA, Domain & RealestateView. If their predictions are similar, that would be the best estimate. If different predictions, take an average.

 

Hi Westie,

Finally offers accepted and signed the contract last week. B&P returned no major issues. but smaller issues to be fixed in next 1 or 2 years like cracked roof tile mortar and aged pergola columns which i noticed during the inspections. Pest inspection is ok too.

There was another group of buyer but he wanted a shorter settlement and managed to beat him by giving 60 days.

The property is 35 years old as per Building inspector but the lot was subdivided in 1993 and i am not sure how that can happen. May be the Building inspector got wrong infor ?

My final offer was slightly over 660k and told the agent that's my limit. The kitchen needs a reno and the pergola need to be nocked down and rebuilt as the timbers can only last for 2-3 years i guess.

The median 4 room price in this pocket is 663k so i am satisfied with the offer. (double storey, 4 room , 2 dining, double garage and side access for boat/ caravan +660m2).

The house located within the M79 & Melton highway triangle which will not see any further expansion as per the Melton CC development plans.

Overall i am satisfied with the property for the price.

Need your comments see what you guys think ?

 

Good work! Congrats.

Now don't dwell on whether the price was right or not or whether things needed redone so the price should've been lower. You've pocketed a decent property, I don't see the area coming down in price, it's OO territory.

 

Hi Lads,

I found a good website for the airport noise check,

Melbourne Airport | Noise Information Tool

even the outer light green zone got terrible noise at night, I used cycle trough Dallas to upfield station and the landing plane fly pretty low.

Good tool for anyone looking / researching properties in this area, don't forget to shuffle between current future stages (at left top corner).

Now i know why there are no expansions between M79 and Melton highway. '


Thanks

 

That`s great, thanks for that

 

Nice find. Wonder if they compensate the home owners that will be affected by the expanded areas.

 

Can't really agree. I mean one family lived several decades in a 5 bed mansion while the other lived some place falling apart. Several decades is half your life. It's a mindset I see far too often. Your PPOR should not be viewed as an investment. It is life changing, because it should make your life better right now, turning a profit decades later should not be part of the consideration, that's for IP's.

 

Hi Jeff,

I know this is 2 years ago but did you end up buying in Melbourne?

 

Sounds like the value of the townhouse in braybrook is predominantly the building (assuming new ?) 200sqm is pretty small, a house in caroline springs is probably better, if you can squeeze a 600sqm block out of your budget to have potential subdivide down the track that might be some extra food for thought.

as for roxburgh park, rough as guts suburb i mean so is Braybrook but its wayyy closer to the city and next to gentirfying suburbs like West Footscray etc

 

I assume that price was 2 years ago and looks like there aren’t many houses with land for sale in Braybrook in August 2022, esp for $700k. Mostly townhouses now.

I think OP probably already bought somewhere in Brimbank CC, now just looked at one of his posts.