Melbourne best performer 2016, to overtake Sydney

Take cover, the Loganites are coming!!!

I've been buying this area for the same reasons noted too - Melb population growth, proximity to CBD, infrastructure and yield (which probably falls short for pure yield chasers, but good by Melb standards).

Dallas def does look to have moved over past few months. Similar houses to the above were going for $335-350 earlier this year...

Or perhaps that agent is a bit optimistic? Be interesting to see what it sells for...

 

Pr

Might be, he did text saying 380 after the convo. But that's obviously negotiable. Perhaps a little less? Not sure. Didn't push as not buying.

 

as @Westminster said. Townhouses are those double storey ones (separated or sometimes sharing walls like duplexes). Villas are those like in group of 2-6 in Melbourne single level and apartments (well are apartments) multi storey. it is sometimes classfifed as units when you do searches.

 

OK. Something like this:

1/19 Florence Street Mentone Vic 3194 - Unit for Sale #123149610 - realestate.com.au

Is it a "unit", "villa", or "units/apartments"?

In Sydney I don't see these "unit" type of properties. They are either Villas or Apartments (also called units).

 

It's a villa unit or short form a villa.

 

these are villas or villa units. don't forget there is also a category - "cottages" like the ones you see in port Melbourne, south Melbourne, albert park, Williamstown, Brunswick

38 Little Page Street Albert Park Vic 3206 - House for Sale #123184366 - realestate.com.au

 

for houses it will be hard to get below 500K if it is on decent plot 450 sqm above. there is a lot of development selling of public land etc which is driving increased prices.

 

It was only 2-3 years ago I was looking at deve sites (4 units) selling at over $600K-650K dependent on location, I missed out on a few, too competitive at that time, more so now. I have not looked at these lately, they will be as scarce as hens teeth.

I wish I purchased in Preston what a gem of an area, deve sites could have been snaffled up at $700-800K a couple of years ago.

MTR

 

I did not realise this about Syd.
In Melb seems they don't have villas, single 3x2, they call these units? at least I think so

 

What is the significance of 450sqm? Is this the minimum size for subdividing or redevelopment to townhouses?

In Sydney, we just call them Villas, not units:

2/100 Herring Road Marsfield NSW 2122 - Villa for Sale #123152806 - realestate.com.au

That's why I was confused with the term "units" in re.com. Seems like unit = villa in Melbourne.

 

you may or maynot depending on the zones, from GRZ, NRZ, GRZ. I know my friend subdivided his 350sqm plot in footscray but then again it is high growth zones there. With 450sqm would be good size to subdivide or sell. there are ppl who subdivide 499sqm into 3 townhouses in preston.

Villas here in Melbourne are prime real estate in premium suburb. I have seen many that were sold 1.1 million after buyers were priced out of normal houses.

 

David Jones to shift HQ from Sydney to Melbourne

 

Have noticed some very big price tags for villas/townhouses in well located areas, almost wonder whether its better option to buy workers cottages for growth???

 

I think there is a correlation. cottages, older units in places where the neighbourhood residential zone has been applied in some councils that restrict development to only one dwelling with a minimum 400-500sqm has seen the greatest jumps. For a full time developer like yourself, workers cottage is good you can just do an upper storey extension which gives you instant gains.

 

Nice w/end, Melbourne clearance rate at 80%.... keep going you beautiful thing.

Stock is low in Melb at the moment, at least this is what the agents are telling me.

MTR

 

It is in many suburbs. In the middle ring SE suburbs I am seeing stuff go for crazy prices as their is nothing available FOMO!

 

Single level villa units are achieving huge prices and are in high demand from OC that want to downsize. They cost less to build but take up more land than double storey town house. Hence they are rare as most developers want to get higher yield from the site by putting more units on.
I know a developer that only builds single storey and they never hit the market. Always sold for top dollar too.

 

Interesting, I know the villas are in huge demand with downsizers/baby boomers and you can ask a premium. If I could build these In Melb market with every development I would be very happy

 

Villa's are very much flavour of the month, bought a number through Brighton and Hampton about 8 years ago. we completely renovated them and have had great returns since.

These are not that far removed from villa's, newly built in Brighton East.

15 Thomas Street Brighton East Vic 3187 - Unit for Sale #119844193 - realestate.com.au

 

nice
what would something like this sell for?