VIC Outpriced from Glen Waverley and Mount Waverley, what next?

https://www.realestate.com.au/property-house-vic-wheelers+hill-135423062

Any comments on this? Going to auction on 06/03. Would it be 1.35+ or 1.38+ or 1.4+? Looks like a good lifestyle house (3 living areas, 4 bedrooms, theatre room, pool, Bali seating, garden, outdoor deck, double storey)

Thanks

 

any examples you can share

 

Bumping this up, any comments?

Is it too close to the freeway and hence the noise component? Any comments would be welcome

 

This is under offer already!

 

I did call the agent and agent did not disclose the price however said it was crazy interest with 5 parties and its gone 100K-120K above the top range (range was 1.150-1.265M), with that commentary from the agent it would be 1.370 - 1.375M

Would anyone pay this much for this property?

Pros:
Lifestyle house
4 bedrooms, master also has a balcony equivalent to a garage size as its built above the garage
3 living areas
Theatre room (double garage converted into a theatre room)
Outdoor deck
Swimming pool
Baliense hut
Garden
Land - 760 sqm
Brandon park primary school zone
Brentwood Secondary school zone
Walking distance to Brandon park shopping centre

Cons:
Close to freeway and major roads (springvale and ferntree gully road)
Not the best pocket of Wheelers hill
Old property (1980's build)
Drive way instead of a double garage to park cars
Entire house is renovated except 2 bathrooms

I am keen to hear people's feedback. I know this property is under offer but feedback from experienced people would definitely be valuable for future screening

 

it is Crazy if this is true

first of all , GW/MW is better/more expensive than WH in general .

2nd , even in GW/MW , I personally will never consider any property south of Waverley Rd

 

horrible location surrounded by major highways (M1 Monash), arterials (Springvale & Fern Tree Gully Roads) and service roads (Brandon Park Rd) with large shopping district traffic zooming past your door frequently. good find

 

Thanks Dave80, yes it's close to major roads, however, it also acts as a convenience for a lot of people including myself. Getting in and out to freeway, walking distance to shops and a bus stop at the door definitely sounds a plus to me.

Everyone would have their preferences however someone has already paid top $$ to get it off the market prior to the auction.

 

It is true as the agent have clearly indicated the amount of interest and agent reckoned 1.33M - 1.35M on the auction day, however its gone way more than that and hence its under offer prior to the auction.

 

Properties south of Waverley road

https://www.realestate.com.au/sold/property-house-vic-wheelers+hill-135272270 - sold for 1.351M

https://www.realestate.com.au/sold/property-house-vic-wheelers+hill-134909802 - sold for 1.71M

https://www.realestate.com.au/sold/property-house-vic-wheelers+hill-135221306 - sold for 1.345M

 

https://www.realestate.com.au/property-house-vic-wheelers+hill-134404942 - Under offer, 1.380M - 1.390M

https://www.realestate.com.au/property-house-vic-glen+waverley-135370298 range 1.1M-1.2M, sold for 1.243M

https://www.realestate.com.au/property-house-vic-wheelers+hill-135322714 , range 1.120-1.220M, sold within range at 1.2M

 

https://www.realestate.com.au/property-house-vic-wheelers+hill-135351510 - old house , complete renovation required, sold for 1,263,000 (land component - 707 sqm)

https://www.realestate.com.au/property-house-vic-wheelers+hill-135423062 - under offer for 1.375K have done well in that regard as its 759 sqm land and a lifestyle house with a pool and better access to Brandon park shopping centre.

Its difficult to read the market as each day and each property is different. Wheelers Hill is definitely a mixed bag, Vermont South and Forest Hill on the other hand have got consistent results week after week

 

https://www.realestate.com.au/property/12-brand-st-mount-waverley-vic-3149

another crazy price , sold for 1.66M mainly for the 730sqm land , Close to $2,300/sqm

I have never seen such crazy land price for the 2nd tier MW location

 

Not sure I agree with the complete renovation part, it looks better than most houses in Melbourne lol

 

I disagree, If rented out could be pushing up to $800 per week with the seperate dwellings. Also appeals to multigenerational living or dreams of it.. It has had a bit of a touch up and due to the dual buildings this is no knock down.

The buildings I would value at 150K to 200K leaving the land value closer to $2.000/sqm, still could be expensive but this place definitely not land only

 

https://www.realestate.com.au/sold/property-house-vic-glen+waverley-135375770 - sold for 1.436M, no wow factor just a plain piece of land, house needs serious work

 

Out of curiosity, how do you determine land value for a suburb, for example, I have heard agents talking of 2,500 - 3000 $ per sq for the land component in GWSC zone. Is there a science behind working out land values for GWSC, Highvale Secondary and Brentwood Secondary school zones?

 

I was looking at a display home yesterday in glen w, and stumbled across rose avenue. Surreal to say the least .....

 

I know what you mean , used to walk the street after dropping my daughter at music class. It is hard to find another example where one side of the street is just a typical suburban streetscape and the other side is the most extravagant display of 'new money'.