VIC Outer East Melbourne

Discussion in 'Where to Buy' started by MTR, 16th Mar, 2016.

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  1. oki doki

    oki doki Well-Known Member

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    I know, unbelievable - its relative though prime suburbs have become "more" expensive...
     
  2. Perthguy

    Perthguy Well-Known Member

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    29 Kingston Way Sold $950,000 in Sep 2014 29 Kingston Way, Mooroolbark, vic - Property Sold Price

    5 Kingston Way Sold $901,000 in Jul 2015 5 Kingston Way, Mooroolbark, vic - Property Sold Price
    26 Kingston Way Sold $895,500 in May 2016 26 Kingston Way, Mooroolbark, vic - Property Sold Price
     
  3. melbournian

    melbournian Well-Known Member

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    is there a particular reason why this street is so expensive. For those prices, they could have bought in doncaster east last year though slightly smaller block.

    This one 876sqm block sold for only 590K last month?
    10 Maralee Drive, Mooroolbark, Vic 3138 - Property Details
     
  4. Perthguy

    Perthguy Well-Known Member

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  5. MTR

    MTR Well-Known Member

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    No Rhyme or reason this is typically what happens in boom cycles, people lose their head, just make sure we are holding stock:)
    Lillydale another area going nuts, its the ripple effect.... Ringwood, Croydon, Mooroobank etc.
     
  6. MTR

    MTR Well-Known Member

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    No Rhyme or reason this is typically what happens in boom cycles, people lose their head, just make sure we are holding stock:)
    Lillydale another area going nuts, its the ripple effect.... Ringwood, Croydon, Mooroobank etc.
     
  7. melbournian

    melbournian Well-Known Member

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    I did go to Boronia - I might go down there this week to scope around :) . I do like boronia due to its distance to knox SC.
     
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  8. adrian_christian

    adrian_christian Well-Known Member

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    I can only assume that there are emotional reasons behind these "over the odds" purchases.

    The street itself is very nice, it's the highest point in the area, owner occupier driven, good size blocks (although imo the house to land ratio is poor)....people who claim to move out here because of the sprawl east, and that they're priced out of Mitcham, Heathmont, Ringwood, but there's no reason why you can't get a good PPOR in those areas in preference to Lilydale, Mooroolbark etc.

    These prices still baffle me.
     
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  9. MTR

    MTR Well-Known Member

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    Its called a boom, no logic just what it is.... enjoy the ride I say:)
     
  10. MrFox

    MrFox Well-Known Member

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    Kingston Way is in a newer very popular estate with high end luxury homes. These homes were built in late 2000's compare to Maralee Drive which is a home built in late 1980's. It's like comparing VN Commodore basic model to a VE Commodore Clubsport. People will pay premium for new and shiny.
    To buy equivalent home last year in Doncaster East you would need $1,500,000 to $2,000,000, depending on which part of the suburb you are looking at.
    Great area of Doncaster East:
    6 Daws Road, Doncaster East, Vic 3109 - Property Details
    Average area of Doncaster East:
    11 Savernake Court, Doncaster East, Vic 3109 - Property Details
     
  11. melbournian

    melbournian Well-Known Member

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    You are probably right with the mcmansions as that is what was on sale. i have owned on roger st doncaster east and have purchased others too around the area over the years. i decided against it this year and bought elsewhere this year with partner (3 sites for 1.8 million). There are sites which are not mcmansions going for that price last - one bought by relos for 900k - 600-700sqms.

    where do you own @MrFox or live ? you seem to know the templestowe and doncaster area
     
  12. TMNT

    TMNT Well-Known Member

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    hmmm, are yo uguys worried about buying in what might be near the top of the cycle,

    sure, people say, buy anytime at e best price, but if chances are the prices will stabilise or even go down, wouldnt it be better to wait????
     
  13. MrFox

    MrFox Well-Known Member

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    I live in Templestowe. Manningham, Whitehorse and Maroondah are my stomping grounds. If you ever want to know anything about those areas, feel free to PM me.
    I use to own properties in Doncaster East and Elsternwick but stupidly off loaded them. Now I am about to develop a site in Nunawading. This time I am going to hold on to them.
     
  14. MrFox

    MrFox Well-Known Member

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    I only invest in A grade areas and not selling anything. Unfortunately you will never know about the market cycle until after it happens which will take few months. There are always good opportunities to buy. My old boss used to tell me "always buy the best property you can afford and even pay premium if you have to". I don't buy anything unless I have to fight over it. If every one wants it today, there is a good chance it will be the same case in the future.
     
  15. Tranquilo

    Tranquilo Well-Known Member

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    @MrFox Do you think I've missed the boat with Croydon. I'm looking for long term hold with cosmetic reno close as possible to train station.
     
  16. melbournian

    melbournian Well-Known Member

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    good stuff - i've lived in roger st doncaster east (off blackburn rd) for a 2-3 of years -offloaded it like yourself 3-4 years ago and bought 3 H&L in the west (point cook) a bit of regret there. Anyway to get back in doncaster is exp - i regularly monitor the area esp around the schools,SC etc and it's pretty competitive. Demographics mainly asians and chinese has made the median just gone through the roof from couple years ago.

    Templestowe is exp as well. i'm trying on new suburbs in the north and west and also looking further off knox.
     
    Last edited: 28th Sep, 2016
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  17. melbournian

    melbournian Well-Known Member

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    i think for certain places - yeah i would be worried prices have gone down slightly or stablilised. But these suburbs like mrfox mentioned are blue chip. i regularly go to balwyn, doncaster east auctions and it's a different ball game to other parts of australia. going to some balwyn auctions is like going to some car show, the ferraris, porsche, mercs all park on one side. auctioneers dun go for 1K bids and will push it to 10K so it's a different ball game there. The demand is strong in these suburbs. i've won 2 auctions recently in last 4-5 months but unfortunately not in these areas and had it been in those suburbs i would have lost.
     
  18. melbournian

    melbournian Well-Known Member

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    croydon may still have steam left being close to ringwood and the asian demographics moving further off but i think croydon is more townhouse dev units as oppose to comestic reno. comestic renos are more likely to work for victorian edwardian restores in seddon, williamstown etc.
     
  19. Tranquilo

    Tranquilo Well-Known Member

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    @melbournian thanks. My wife and I might drive down from Sydney this weekend and have a look around. I'm open to a townhouse if on own title.
     
  20. MrFox

    MrFox Well-Known Member

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    If you looking to hold it you should be OK. I agree with melbournian post above. Also close to station could be high density zoning so you will have developers all over it. Stay away from the main road.