VIC Seagrove Estate, Phillip Island

Discussion in 'Where to Buy' started by alicudi, 1st Sep, 2017.

Join Australia's most dynamic and respected property investment community
  1. Brendon

    Brendon Well-Known Member

    Joined:
    11th Jun, 2016
    Posts:
    341
    Location:
    Vic
    I think people who have houses close to where it will dock are fighting it, local businesses are pushing for it.
    I don't know enough about it to say too much but I think a lot of the residents who are fighting it have a bit of the 'not in my backyard attitude', aren't necessarily against the idea but don't want it close to where they live/have property
     
    Hamster likes this.
  2. Hamster

    Hamster Active Member

    Joined:
    9th Feb, 2016
    Posts:
    29
    Location:
    Melbourne
    Is anyone likely to be around Newhaven this Saturday morning (@Brendon @alicudi @strongy1986 )???

    Interested in feedback on how many of those blocks at The Narrows sell and what sort or price they end up going for (Auction is at 11AM at the Newhaven Community Hall at 23 Cleeland Street, Newhaven).
     
  3. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,236
    Location:
    VIC
    I'm in Bali getting my bogan on
    my personal opinion is that they will struggle to sell at auction
    will be plenty at the auction, 99% for the free sausages
     
    Hamster likes this.
  4. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    I have left it to the last moment to respond as I have been sick this week and didn't want to make my mind up till now been Friday night.. Unfortunately I won't be attending The Narrows estate auction in Newhaven tomorrow but I for one would love to know approx how many buyers attend and what prices the blocks sell for/pass in at.

    Regards,

    alicudi
     
  5. Hamster

    Hamster Active Member

    Joined:
    9th Feb, 2016
    Posts:
    29
    Location:
    Melbourne
    All I know is that I received an email stating the following on Saturday:
    "These lots went to Auction today, Saturday, the 23rd of June at 11AM which resulted in several lots being passed in.
    If you still have an interest in this land release contact us now as these lots will now be coming on to the market for private sale and won't last long."

    Not meaning to be cynical but I would have thought thought that if they were passed in there's a good chance that they will last a while on private sale...as there's not enough demand for that many blocks at Phillip Island in one go!
     
  6. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi all

    Just found out that 7 blocks were sold prior to the auction and I have to make the assumption that these are the exact same 7 blocks that were noted as sold on The Narrows estate website before the actual day of the auction.

    I also found out only 1 lot sold at the auction and the remainder passed in, all of the available lots will be coming up for private sale between $340,000 to $400,000.

    Regards,

    alicudi
     
  7. Hamster

    Hamster Active Member

    Joined:
    9th Feb, 2016
    Posts:
    29
    Location:
    Melbourne
    Heaps for private sale online now...
     
  8. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    Yes, I just noticed that. And the pricing from $320,000 to $350,000 is considerably lower than the information I was given over the phone where the agent indicated the vendor wanted $340,000 to $400,000.

    Regards,

    alicudi
     
  9. Rad Licina

    Rad Licina New Member

    Joined:
    22nd Aug, 2018
    Posts:
    1
    Location:
    Melbourne

    Not sure there are any blocks left on Seagrove Estate as it is by far the best of the estates. Good luck!
     
    alicudi likes this.
  10. Luisa Coyle

    Luisa Coyle New Member

    Joined:
    30th Aug, 2018
    Posts:
    1
    Location:
    Hawthorn
    Hi
    I just joined this group. We brought an investment property at Sunset Strip in 2016. Our intentation is to retire down the island in 3 to 4 years time. I was interested in reading the threads to see how the market is going we love the island and we look forward living there.
     
    alicudi likes this.
  11. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    Couple of blocks from Seagrove estate for sale right now on realestate.com.au

    Prices range from $315,000 to $345,000.

    In regards to The Narrows estate in Newhaven, still many blocks for sale and as of today only 9 remain sold.

    Regards,

    alicudi
     
  12. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,236
    Location:
    VIC
    Funny how the Newhaven blocks arnt selling....

    Not entirely sure these days but an average house in Newhaven is/was worth more than an average house in cowes yet the blocks arnt selling
    Is thisbecause the majority of buyers are from Melbourne and gravitate to Cowes?
     
  13. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    I think it is for 2 reasons: 1) The spookiness of the old boys home and 2) The fact that Cowes is the main part of the island and it would be more convenient to have a property in Cowes versus Newhaven and that is coming from someone who intends to also keep a boat in Newhaven marina and still chose Cowes as the area to reside in.

    Regards,

    alicudi
     
  14. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,236
    Location:
    VIC
    Question for all the Island posters

    What's your gut feel on the current market and its prospects for the spring / summer

    My feeling is market has slowed but prices are still strong.
    stock on market has stabilised, it was falling rapidly until a few months back
    I'm thinking the spring/summer will see an increase in sales volume but I would be surprised if prices kept increasing

    Thoughts?

    happy to be proven wrong as will be selling one late this year
     
  15. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Hi

    I seriously think that the island has hit its peak, I mean come on the last 12 months gain has been absolutely astronomical, ie: I paid $189,900 for a block in Seagrove 12 months ago and just got an un-conditional offer of $305,000. I believe that this is it and to achieve the highest selling price for anyone that owns a property that is not currently been marketed, it is time to get it up for sale quick smart or else they will miss the boat.

    I am predicting a continual drop in Melbourne residential property prices and this drop to flow onto the island sooner rather than later and prices could stagnant for a long time on the island.

    I can tell you the demand for land is extremely low on the island where agents are now getting on average 1 genuine enquiry every 3 weeks, I don't know how many enquiries they are getting for houses though but I suspect it is considerably higher.

    Regards,

    alicudi
     
  16. Brendon

    Brendon Well-Known Member

    Joined:
    11th Jun, 2016
    Posts:
    341
    Location:
    Vic
    @strongy1986 havent been on the ground for a little while now but from the little I'm hearing/seeing there seems to be an increase in stock on the market which has stabilised things a bit.

    That being said everything that comes up I think is asking what I would consider to be a high price, there doesn't seem to be any bargains/good opportunities available.

    I know at one person who has put his property on the market at a high price just seeing what happens, if it sells great, if not he just keeps holiday renting. I wonder if there are quite a few people doing this and agents are happy to do it because there was a period where some agents had virtually nothing to sell.

    Have you heard anything about the ferry? I have noticed a few properties trying to sell near where it will potentially dock and wondered if they're trying to get out in case it goes ahead and suddenly there house is on a much busier road.
     
    alicudi likes this.
  17. Brendon

    Brendon Well-Known Member

    Joined:
    11th Jun, 2016
    Posts:
    341
    Location:
    Vic
    I have noticed a similar price trend to Geelong (some areas) the price boomed $350k houses became $450k house in 6-12months then things have relaxed, still ticking along but can't expect that growth to continue as yields look worse very quickly.
     
  18. Brendon

    Brendon Well-Known Member

    Joined:
    11th Jun, 2016
    Posts:
    341
    Location:
    Vic
    @strongy1986 have you been speaking to any locals/agents to gain any insight as to what they're thinking?

    Hopefully there's a bit of a spring rush of people who are keen to get in by the end of the year!

    When do you think you'll be looking to sell?
     
  19. strongy1986

    strongy1986 Well-Known Member

    Joined:
    24th Jun, 2015
    Posts:
    1,236
    Location:
    VIC
    hey mate
    haven't been socializing/ gossiping lately so I dont know much about the ferry
    personally I think it's not a huge deal and a massive waste of money
    Probably looking start of November on the market. We have blown our timeline by a couple of months as we have had various unplanned holidays and a rogue roof plumber...
    Hmm not sure about a kick but I'll keep my fingers crossed. We are still going to make really good money on this project but every little bit extra helps!

    However you are correCt in saying that there isn't much affordable stuff on the market. I'm thinking we will be aiming to sell somewhere between 520 and 550 which only puts a handful of houses at a lower price and none with 4 beds and 2 baths
    what will be interesting with our sale is whether the house can break through the 'stigma' of the street/ area as it would have to smash the sales record for the street to get our price.
    Having said that theres probably only 2 houses on the street that would be comparable and they haven't come up for sale recently
     
    Last edited: 3rd Sep, 2018
    Brendon likes this.
  20. alicudi

    alicudi Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    423
    Location:
    Melbourne, Australia
    Brendon likes this.