Flipping thread

Let's put all the flips here, i'd start:

https://www.realestate.com.au/property/346-rae-st-fitzroy-north-vic-3068
2017: $1,210,000
2018: Asking $1.5

 

this was on domain - some korean guy doing it.

 

Yeah, i read that. I don't think there's much profit after all the costs though...

 

https://www.realestate.com.au/property/9-paradise-gr-highbury-sa-5089
2017: $550,000
2018: Asking $650,000 - $680,000

 

better some money than no money - ppl need to eat some kimchi too

 

Yeah... do u think someone will pay 1.5 for that tiny block? no carpark some more... Hm...

 

not sure - a 2 bedder too. that is more ex that sth melb and parts of albert park though below the median. - u go see the auction. though collingwood neighbouring suburb has been flying through the roof 31% for the year and also was the most ex auction sold last week or week before.

 

5 Moola Court Broadbeach Waters Qld 4218 - House for Sale #126423246 - realestate.com.au

Brought $1,105,000 Sept 2017
On sale at $1,750,000 dropped from $1.85 and initially EOI.

The couple were on reality TV show, not the block the other one, found the link below.

HYPE Build + Design - Meet the team behind the HYPE

 

This link will get you some of the pics pre-reno.

https://www.realestate.com.au/property/5-moola-ct-broadbeach-waters-qld-4218

 

Time will tell, I don't think so not a 2 bedder, tiny block
Also somewhat telling a private sell, and a very large price range, that speaks volumes to me

Now that the market is softening, lets watch over the next 3-4 weeks.
Reminds me of the Marrickville flip thread that was posted, desirable location, however wrong time to flip

Just some simple numbers -

Stamp duty around $60K
Holding costs for 12 months close to $60K??
Selling fees - $30K

Now how much was the reno is the question?

 

Not a private sale. Plus that suburb is booming - although i agree, margins are tight.

 

Here's a good one:

Purchased for $1m in November 2017.

Sold at auction yesterday for $1.437m



60 Abbeygate Street, Oakleigh, Vic 3166 - Property Details

60 Abbeygate Street Oakleigh Vic 3166 - House for Sale #128016294 - realestate.com.au

 

Definitely a good one!
I’ve never watched the Oakleigh market but I was blown away after scrolling through recently sold. This one it seems they picked up a bmv bargain-other comparables sold that month we’re 1.1m +
I wonder if they bought and did nothing would it have still sold for same amount? Can’t believe some are bringing 1.5-2mil

 

https://www.realestate.com.au/property/8-millicent-ave-carrum-vic-3197

1-4/8 Millicent Avenue, Carrum, Vic 3197 - Property Details

 

How much is the reno cost do you think? Seems to have very good profit even taking into account a hefty CGT bill (flipping less than 12 months) and holding cost.

 

Probably cost $300k but less if you are a tradesman of sorts. I suspect they worked flat out over the holiday period to get it done so fast.

As I have said before, there are markets within markets and still plenty of ways to make money in Melbourne despite the 'overall' market slowing.

 

I think probably ard 150-170k? seems like he kept the boards just standard kitchen with stone bench no waterfall, tiled bathrooms and deck and render, i did something similar in Doncaster years ago- it’s a very good example of flipping in melb that there are markets within markets

 

I thought around 100k-140k max
We did whole house for 35k and that was gutting most of it and replastering, new bathroom with floor to ceiling tiles etc and new second hand kitchen (looked new) but without extending, keeping the original foot print. We didn’t touch the exterior though. We got a lot of new things/near new etc from gum tree though. My hubby is a tradie though and does that type of stuff in his job anyway though.

 

What did these sell renovated for ?

 

Brilliant