VIC Heidelberg West, Bellfield, Heidelberg Heights - 3081

Hi all,

I went to an auction today, and was so suprised to see the price for a 4 bedrooms house in Heidelberg West goes from 830K to 1105K, just dont understand why it's so expensive, any thoughts? Thanks!

14 Wewak Parade, Heidelberg West, Vic 3081

 

A pokey new build in the middle of the ghetto? Couldn’t pay me enough to live there.

 

Technically not the worst part of Heidelberg West, that would be near olympic village. Also, move a little bit towards heidelberg heights and that house would have sold for 1.2 to 1.3, maybe more (some streets in Heidelberg Heights towards the Rosanna/Heidelberg border are beautiful tree lined streets with nicely renovated period homes).
Move further towards Heidelberg/Rosanna, it would be 1.3 plus. So you can see why it sold for 1.1mill, I personally wouldn't have paid more than 950K for that, but I understand some families prefer shiny new houses.

See below:
97 Edwin Street, Heidelberg Heights, Vic 3081

 

Thanks for the reply, the house is on market for 880K, I personally would think 900K is a reasonable price, yet it went up to 1.1m, it's a 10 years old house, not brand new, and four bidders, maybe they just like the design...

 

Now that I took a closer look, it looks even more understandable. Below house sold recently for over a mill, although don't know exact amount.
40 Morotai Parade, Heidelberg West
Sold 40 Morotai Parade, Heidelberg West VIC 3081 on 16 Jul 2019 - 2015383113 | Domain

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Also, couple of streets down it becomes Heidelberg Heights, all similar size blocks that sold for mill plus 3 yrs ago
106 St Hellier Street, Heidelberg Heights
Sold 106 St Hellier Street, Heidelberg Heights VIC 3081 on 25 Jun 2016 - 2012834781 | Domain
24 Sackville Street, Heidelberg Heights
Sold 24 Sackville Street, Heidelberg Heights VIC 3081 on 09 Dec 2016 - 2013215676 | Domain

11 Sackville Street, Heidelberg Heights
Sold 11 Sackville Street, Heidelberg Heights VIC 3081 on 30 Jul 2016 - 2012905894 | Domain

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I lived on Morotai parade (till very recently) which is right there. This is one of the nicest parts of Heidelberg West. Actually quite a nice microneighbourhood near a huge park which is awesome for kids and dogs.
It’s a big, developable block with a large newish family home on it. There is demand for this type of thing from young families with a bit of coin that want some space near the city.

 

It's a fairly new house even if low spec. It would cost 500k to build it plus 2 years of your life.

The land is probably worth 600k based on 1k/m2 which seems to match numbers in area.

Rear-facing backyard add 100k.

That's 1.2m plus you don't have to wait for 2 year for it to be built. Could have gone higher in a better market.

Though I don't understand why the house wasn't flipped on the length axis to have east and north sun flooding the living area.

 

Yeah it’s actually quite a good deal, good luck buying a 600 sqm block for 600k in that part of West Heidelberg. Most blocks that size get converted into townhouses or split in 2.

 

West Heidelberg isn’t what a lot of people think it is