VIC Melbourne 2022 - Post a Bargain

I noticed there are “Post a Bargain” threads for Sydney, Brisbane, Perth but not for Melbourne?

Does this mean there aren’t any bargains in Melbourne?

I’ll start off with a property that initially looks like a bargain - $600k for 6400m2 land in Cranbourne - but it’s really likely not due to all the caveats on the land.

https://www.realestate.com.au/property-residential+land-vic-cranbourne+west-203265659



Please post some real Melbourne bargains here if you find any!

 

Dunno if I would buy this one as it's on a main road.

But it passed in with 1.1m vendor bid

Not much interest at the auction

https://www.realestate.com.au/property-house-vic-huntingdale-138437075

These B grade properties are not doing well in Melbourne right now. The softening has arrived.

 

Looking for $1.22m now. The property is not bad but it’s on a reasonably busy road. And small land. But I agree the price is not over the top.

 

I have been monitoring the market quite closely in inner east/north. I’m not seeing bargains yet but I am seeing a lot (I mean a lot) of properties being passed in and not getting their expected ranges.

1/9 Lonsdale Street, Bulleen, Vic 3105
https://www.realestate.com.au/property-house-vic-bulleen-138449447

This home initially had a range of $1.28-1.35m. Went to auction and had no bids, now sitting on market for $1.28m. Vendor obviously expected $1.4m based off their range but the market just isn’t willing to pay that…maybe 12m ago it may have been different but things have changed. This is just one of many examples.

 

This one went for $1.25m has bigger land and is much nicer too , even though it's backed to auto warehouses. https://www.realestate.com.au/sold/property-house-vic-huntingdale-137662246

That whole pocket is full of industrial traffic.

 

I agree this looks nice inside but $1.4m probably too high expectations for the vendor. The market does look like it’s softening.

I agree it’s nicer. But not too sure about backing onto auto warehouses. Noise and pollution.

 

Any thoughts on this property?

https://www.realestate.com.au/property-house-vic-dandenong+north-139065967

 

What a difference 12 months makes. Was at this auction last weekend, very few attendees, mostly neighbors (real ones, not from the show), passed in without any bid (vendor bid at $1.22m).

https://www.realestate.com.au/property-house-vic-vermont+south-138818659

House next door sold around a year ago - festive atmosphere, big crowd, news crew, sold for $1.6m.

https://www.realestate.com.au/sold/property-house-vic-vermont+south-135843238

Obviously TV series Neighbors finishing (these houses are part of the fictional Ramsay Street) and the chatter of heritage control had an impact but market has definitely slowed.

In saying that I have noticed few surprisingly strong results as well - my hypothesis is that really good, well presented properties are still achieving good prices but everything else is struggling to meet vendors' expectations.

 

You can already feel the hot market has coolled hard. It usually takes a while for people to realise but you can clearly see it now. I'm really hoping we get a nice 10-15% retraction so I can buy more and honestly a nice property crash would be the best but knowing melbourne and sydney I dont see it ever happening.

 

House looks ok, but there's probably not much natural light in the afternoon. Inspections will probably be in the mornings

Considering the size of the block, it looks like a lot of wasted space with not much room to play in the backyard.

House was last sold in March 2017, they got tenants in Sept 2017 & then tried to sell in 2019. This might not be an issue with the house, but sounds strange.

I would want to find out more about the charity next door. i.e. Do they have lots of visitors, what hours/days are they open, etc?

 

Any thoughts on this unit/villa? Not been selling since its auction.
1/1106 North Road, Bentleigh East, Vic 3165 https://www.realestate.com.au/property-unit-vic-bentleigh+east-138666091

 

yeah wtf that seems too cheap. Im might go see this myself.

 

I am looking at this too and have been for the inspection. It needs around 80-100k worth of reno. But not sure on the street, as its on the main/busy road. Any thoughts/views on this would be appreciated..thanks.

 

Thoughts are you've just gained yourself some competition unfortunately mate ;-)
But there are plenty of other properties to come up and options coming up are likely.

 

The location is absolutly horrid. North road literally has constant traffic flowing throughout the day. I looked at an appartment on the corner of north and warrigul road and when standing on the balcony got a gulp of diesel smoke to the mouth.

Also road proximity has been associated with incidence of non-Alzheimer's dementia, Parkinson's disease, Alzheimer's disease and multiple sclerosis so I would only look at this for invesment.

I do all my renovations myself but yeah looking at this could be 30-100k.

Depending how desperate the seller is might be a nice lowball property for easy flip with minor reno.

EDIT: It was listed 28 Feb Been on the market 59 days. Propvalue says it should be circa 900-1m. Could be an easy win, would defs get a hardcore building inspection though and also check the rear property to make sure no riff raff live there.

 

What does the council have to say on fence height limits? Could do a high fence and plant mature plants to block out sound.

 

Its under NRZ planning zone, max fence length is 2m. I agree, mature plants will help.

 

Thoughts about this small townhouse in Ascot Vale? Just sold for $850k. Location seems to be pretty good.

3/40 Langs Road, Ascot Vale, Vic 3032 - Property Details (realestate.com.au)

 

Terrible location. Busy road opposite the Showgrounds. This is why it went cheap. There are certain pockets of Ascot Vale I would avoid and this is one of them.

 

I meant suburb-wise, but I can see your point.
I'm not familiar with the Showgrounds, wouldn't that road only be busy during events, which I think wouldn't be too frequent? Maybe a few times a year? I'm starting to look into the surrounding suburbs and would appreciate all thoughts.