just having a sticky beak, 11 Barmah Street, Mount Eliza, VIC 3930 sold for $1.76 mill at auction yesterdya ( according to auction results) is this correct? 3000sqm odd, seems way too cheap
Hi I wonder what this site will go for in Mt Elza? 109 Old Mornington Road, Mount Eliza, Vic 3930 - Land/Development for Sale #502158754 - realcommercial.com.au Regards, alicudi
Hi Whilst I do know who the current owner of the property is, I can't confirm what suitable use or more importantly the sites highest and best use is as I haven't looked at the zoning and overlays of this particular site. However if someone were to subdivide it the best I could potentially see is it been cut up into say smaller lot sizes of approximately 1500sqm each or maybe a small nursing home? If someone were to look at smaller lot sizes I am more than certain they would be met with great objection from all the solicitors, lawyers and judges that live around all 3 sides of the property! Personally I would like it as my own home site. Regards, alicudi
17 The Ridge Mount Eliza Vic 3930 - House for Sale #124032722 - realestate.com.au $2.09m is there any development opportunity? ive done some figures and its doable......but a planner could do far better
Interesting I actually used to live next door to this place. Seems not much change as it is a bit of a walk to the bus stop and not near the shops or sea
I doubt units will ever be allowed to be built on 109 Old Mornington Road, Mount Eliza, Vic 3930. At best, it will become a large block for a single modern mansion. The land has a poor history given it was once home to Norman Lodge, which was probably once the most iconic building in the area. It is a real shame its gone and if anything is rebuilt it should be a replica of Norman Lodge. . Norman-Lodge-1 by johnmteliza posted 7th Sep, 2018 at 9:26 PM Vhr by johnmteliza posted 7th Sep, 2018 at 9:26 PM Resizedimage600399-KL1-7375 by johnmteliza posted 7th Sep, 2018 at 9:26 PM Resizedimage600399-KL1-7235 by johnmteliza posted 7th Sep, 2018 at 9:25 PM Resizedimage600399-KL1-3 by johnmteliza posted 7th Sep, 2018 at 9:25 PM Resizedimage600900-KL1-7303 by johnmteliza posted 7th Sep, 2018 at 9:25 PM Norman Lodge Mount Eliza VIC by johnmteliza posted 7th Sep, 2018 at 9:19 PM
Hi I am very confused, what does 109 Old Mornington Road have to do with the photos of the building you have attached? Regards, alicudi
Hi This magnificent property was once on the 109 Old Mornington Road site. However, it has since been knocked down. That comment was directly related to your comment about you wishing it was your own home site and if units were likely to be built on the site or not.
Hi You are 100% wrong and you don't know what you are talking about. I can confirm Normal Lodge still exists and you are confused, it may have had the same architect though. Regards, alicudi
Personally I would like it as my own home site. Yes you are right it is located on Nepean Highway not Old Mornington Rd. Thats a relief considering the architecture is stunning. Thanks for clearing that up. The house that was on Old Mornington Rd appears to have been knocked down between 2010 and 2013.
It does appear that 11 Barmah St was undervalued and not sold for its full potential. Community Real Estate unfortunately have occasionally sold properties under market value. So this may be one explanation of why it sold cheaply. The block has been subdivided into 4 separate lots of roughly 780m2 approx. The newly built houses are actually up for sale now. You can seen them here. Interestingly, 29 Mohilla St which is on a 1012m2 block further back behind 11 Barmah St towards Nepean Highway sold for $920,000 in mid 2017. This sale can be representative of the land value as well because there is only a very tiny and poorly kept 2 bedroom house on the block. Therefore, a 3000m2 block further back from 11 Barmah St near 29 Mohilla St could have been worth 2.7M to 2.8M in mid 2017. This is because 11 Barmah St had a block which is roughly 3x the size of 29 Mohilla St. The market median also only grew by $100,000 between late 2016 and mid 2017. So if you deduct the market growth of $100,000, technically 11 Barmah St should have been worth 2.7M to 2.8M back in late 2016 when it was sold. This is considerably higher than the sold price of $1,760,000. In fact, 11 Barmah St could have been worth 3 million+ today if it wasn’t developed. This is because the market has since grown by approx $300,000 since late 2016. Nonetheless, the developer is reasonably asking 1.45M for each house which is roughly around market value.
Hi johnmteliza, Not a personal attack but I would have to disagree with your opinion. As per my post made in this thread dated way back from the 19th of December 2016 I stated that the sale price was right on the money for that point in time. Regards, alicudi
Hi alicudi, there is no problem with disagreeing. I appreciate your view. It is all speculation anyway.
Hi JohnMtEliza, without knowing the specifics of the property, land value does not usually usually triple if the size is tripled. Unless you are talking change of use ie becomes a development site etc. Check Sqm research (I think it is) that has a graph of the price per m2 of land in each suburb. It is typically not a straight line and decreases as size increases, so this might help understanding. Likely the sale price has determined a fair market price which was agreed between buyer & seller.
They say that imitation is flattery. Mt Eliza must have some prestige since they're using similar sounding name 'Mount Aliza' to flog an estate on dry western plains towards Melton about as different from the real Mt Eliza as you can get! Mount Aliza Estate
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