VIC Holiday house dream

Discussion in 'Where to Buy' started by newtothis, 4th Apr, 2017.

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  1. Brendon

    Brendon Well-Known Member

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    Yeah I saw your project in another thread, looks like you've timed it perfectly.
    I've got 2 down there, 1 I've had since 2012 and I was starting to get worried it was never going up it would've gone up around 20% over the last 2 years.
    The other was a big Reno project which meant instant equity and a good yield, and I think that's gone up at least 10% this year.
     
  2. strongy1986

    strongy1986 Well-Known Member

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    Didnt really expect the growth thats happened. I knew it would happen when the estates started to run dry but wasnt sure how long that would take.
    One thing we knew that was all these estates made for great buying of established properties
    I think i vaguely rememver reading something about a duplex renno. Was that you? Where abouts was it?
    I remember there was a bomb of a duolex for sale in albany road for some crazy price a year and a bit ago.
    It think it was less than 200k??...
     
  3. Brendon

    Brendon Well-Known Member

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    Vic
    Yeah that was me, 13 Yarramundi way.
    I looked at the Albany Rd one because that came up as I was finishing mine, think it was $220 or $250 from memory which is a bargain but it was a wreck and there was something dodgey going on with the sale, the agent was giving me the run around then they were saying it wasn't for sale anymore, something really suss was going on, but realistically I wasn't ready to buy again anyway
     
  4. See Change

    See Change Well-Known Member

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    Sydney
    We have a holiday house and five years on don’t regret it at all.

    It’s under a two hour drive from home so we do use it on a regular basis . Have been up for most weekends in the last month and probably going up most weekends up to Christmas

    We did happen to buy it at the bottom of the local market , so if we did decide to sell it we’d make a profit and we are now thinking of renting it out part of the time so we can have our cake and eat it ( ie have more OS holidays ) . We’re in the process of putting in a jetty with our neighbours , then we’ll have to finally decide on what type of boat we want ,outside th flotilla of kayaks , SUP’s and windsurfers .

    There is a big difference physically and psychologically of walking into “ your place” , knowing where everything is , being able to do with it what you want , getting involved in the local community etc

    Buying a holiday home is as much psychological as anything and for us it was the correct move . It’s not about the dollars and sense .

    If anything it’s about having a comfortable bed you know you’ll get a good nights sleep in ... which often isn’t the case in many other places we’ve stayed in

    For us we are now at the point where our weekender is really our home and our house in the city is where we live .

    Cliff
     
    chindonly, Owlet and Brendon like this.
  5. Big Lez

    Big Lez Well-Known Member

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    Sydney
    In NSW, (especially within 2.5 hours north and south of Sydney), properties within walking distance of the beach have had some pretty good growth (looks like it is slowing down again).

    You look at the trends though, there are heaps of baby boomers selling their homes in blue chip suburbs in Sydney and moving to these coastal towns as well as young couples with children (usually teachers, nurses and tradies) as they can have a much better lifestyle for the fraction of the price of Sydney.
     
  6. Ghoti

    Ghoti Well-Known Member

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    Melbourne
    Hi Brendon - our little slice of heaven is in Lakes Entrance. We have been using the same park for 30 years and seen a few owners come and go :) Its a small park and the limited Annual sites are tightly held, so when the opportunity arose to buy in we jumped straight away.

    Its not unlimited use, but the kids were nominated as they became adults and the owners are great and turn a blind eye to the partners (and now grandkids!) using it.

    To my mind it has the benefits of a holiday house (my own place, no need to book etc) yet someone else keeps an eye on it and mows lawns. The annual site fee includes electricity, water and garbage etc and coz its a van in a fixed location insurance is $250 per year.

    Not as big as a house, but we only sleep there so its no big issue.
     
  7. johnmteliza

    johnmteliza Well-Known Member

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    Mornington VIC
    Some suburbs in Phillip Island are doing incredibly well are of late. For example, in Silverleaves the median house price has risen from $468,000 to $676,000 in the past 12 months (core logic). Neighbouring Cowes has grown from $315,000 to $490,000 in the past 12 months as well. But it isn't just this end of Phillip Island as San Remo has risen by $100,000 in the past 12 months as well. This really shows the popularity of coastal traditionally holiday markets. Buyers are really demanding more lifestyle appeal and these markets are poised to benefit. The Mornington Peninsula is also continuing to perform strong as you stated.
     
  8. johnmteliza

    johnmteliza Well-Known Member

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    There is still a lot of value to offer on the Mornington Peninsula. Generally all the growth has been within the premium end of the market. The more affordable suburbs are still poised to prosper in the future with similar growth to catch up.