Spruiker property 14 years ago

I was shredding some old files and came across a some papers for a client's purchase of a property in Glenhuntley Vic. It was an off the plan unit with the proposed purchase price being $270k and it was around 2002 that this occurred. Luckily for the client, the construction was delayed and they got out of the contract by using the sunset clause.

It was sold by spruikers so I thought I would check RP data and see what it actually sold for when it did settle - $255,000. RP data estimates the current value estimated as being $339,000.

 

Wow, that's quite small gain for 14 years ?

I wonder which suburb is this if you can share.

No need to share the exact address or the spruiker name as they probably now have changed their name

 

Tekoz, "when it did settle"...I assume it didn't take 14 years to settle.

 

It is Glen Huntly in Vic as per Terry's post. Having said that, I have seen worse results from OTP

 

You are very perceptive Tekoz.

 

The mistress of understatement.

 

At that price point (current value of $355k) for Glennhuntly, I'd imagine it was a 1 bedder?

 

Yes, a 1 bedder on the ground floor.

 

The only really large scale unit block I know of in Glenhuntly is at 115 Neerim Rd abutting the railway. Glenhuntly has heaps and heaps of units but rarely more than 12 in a block. This one is mega - over 10 times as many.

I pass it every day. Tatty looking and I imagine it would be mostly overseas student tenants. Look for yourself below, noting all the signs.

Google Maps

Like the notorious Ambassador complex in Frankston, apartments there are for sale all the time. This one bedder recently sold for $347k Sold Price for 11/115 Neerim Road Glen Huntly Vic 3163

For comparison, a 1960s 1 bedder in the early 2000s in the area would have sold for maybe $100 - 120k. It would now be worth around $300k. Something like this: 10/148 Booran Road Glen Huntly Vic 3163 - Flat for Sale #122007398 - realestate.com.au

The person sucked in by the spruiker could instead have bought two of the above and made at least $350k capital gain in the years since. Or, if their budget wasn't as much they could have got something in Perth when it was cheap and made similar gain. As opposed to under $100k with the OTP.

Meanwhile, in the next suburb, here we go again! 71/5 Dudley Street Caulfield East Vic 3145 - Apartment for Sale #122007038 - realestate.com.au

 

Well that's what happens when you get spruiked.

The spruiker and co take all the profits.

 

Hey atleast it went up, bet some people who purchsed from spruikers in mining towns would be happy with that gain.

 

You bet.
Not only the gain but to even be able to rent them. Oversupply in mining towns, means vacant properties.

Apparently was told recent sale in Moranbah as low as $105,000 from dizzy heights 600-800K?????