VIC Sunshine Results today

Following on a thread in Somersoft, this is where I'll be posting my impressions of auction results in the Sunshine area from now on. Gosh I hope my mate has a property by 18 July.

 

I did not go to an auction today but got an SMS from my mate who was at an auction.

Property below went for $760k, apparently about 100 people there and everyone was apparently in shocked. Heard bidder was bidding in 30K lots (increasing bid by $30k. This is quite a unique property for Sunshine in my opinion. Thought it would go over $700k.

http://www.realestate.com.au/property-house-vic-sunshine-119875041

 

Well oiled beef hooked! When are these appra policies going to kick in?

 

Sunshine median is around 500k. What is so special about this property that fetched more than 250K above median?
Is it the size of house, able to fit dwellings, or keep existing and build 2 at the back? or is it the location?
What's going on in Sunshine?

 

RetireRich I think it is all the factors that you mentioned. It is in a great location, over 700 square metres and the house is solidly built. It was always going to go around 700k.

Whether these prices are sustainable we'll wait and see.

 

I've read couple flyers from Brimbank council and note the recent rezone gazette.
In particular the, Limited, Incremental(General Residential) and Substantial (Residential Growth)Change Area...

Which zoning do you think present best opportunity buy for 2-4 unit sites?

 

The way the market is right now, I just can't see people making money in the short term in building units in Sunshine. Properties that don't offer much development potential seem to be more reasonably price. I am not a developer but I am noticing anything with a slight development potential are the properties going for prices that are shocking everyone.

 

Went to one auction today. Sydney Road Albion. Property sold for $620k. I thought this was a bit undervalued in this market because the property does rent out for $500 a week and with simple improvements can earn more. Also had some plans to build two units (couldn't care about them). We would have gone harder but bank loan is coming from has issues with dual occupancy and will only lend 70% of value. And before you ask there are very good reasons why my mate is going with the bank he is going with, so changing banks is not really an option (it is unique to him).

http://www.realestate.com.au/buy/pr...ne,+vic+3020;/list-1?includeSurrounding=false

 

Was bidding fierce at this auction and what was the turn out like?

 

The weather wasn't the best so not toomany people. Bidding was not too intense. A normal Douglas Kay auction. Sometimes hard to tell who was bidding.

 

The auctions i attended today seemed flat and lifeless at times. Not sure if it's due to the weather or a sign of the market to come.

 

Are you referring to Sunshine specifically?

 

Not specifically sunshine but inner west melb. Majority passed in. Few weeks ago it was hot hot hot.

 

Yes I reckon this one is a very good buy considering all factors.

 

The market is still steaming, there are plenty of homes selling before auctions and plenty of homes in the west that sell privately.

I was talking to a real estate team in the Deer Park region on Saturday night and there numbers for inspections in Deer Park, Caroline Springs, Carnlea and Derrimutt was crazy.

 

Went to one auction today on Ridley Street Albion. House went for $750k. Not many people at auction and only 2 bidders. However reason why property went for so much is that it is a nice house that is extremly well built.

http://www.realestate.com.au/buy/pr...ne,+vic+3020;/list-1?includeSurrounding=false

 

Thanks for the update PP. Walked past that place many times and was always impressed by it.

Always had the impression from the solid feel to the house that it was built by a large Greek or Italian family

 

It was owned by an Italian. I know people here might laugh but I'm sensing the market in Sunshine is starting too cool down. There were a lot of auctions today (didn't go to them as i had other stuff to do) but results not shown on REIV and a few were passed in. Time will tell.

 

The market has been quiet for the last week or two.
But the weather has been bad... to cold for allot of people with families to go out and buy.

I think the market will cool down but not in terms of prices going down but more being steady.

 

Went to a few auctions on Saturday and my mate went to two others that I did not go too. My thoughts below

http://www.realestate.com.au/property-house-vic-sunshine-120150049

Sold for $490,500. Not in the best location in Sunshine and house and land not anything special. Quite a boring auction.

http://www.realestate.com.au/property-house-vic-sunshine-120120369

Didn't go to this auction but apparently was passed in at $430k with no bids. My mate went to it. Did not see property at all or went to auction.

http://www.realestate.com.au/property-house-vic-albion-120117373

Got passed in at $465k. Did not see inside of property. Is very close to Ballarat Road and quite close to petrol station. However has plans for three townhouses/units. A few bids, but not much interest from all parties.

http://www.realestate.com.au/property-house-vic-albion-120086061

Went for $680k. Didn't know what this property would do and encouraged my mate to bid if can get at around $550k because of Hertigage of property. A buyer agent was at auction (thanks to my mate for pointing that out). Was built in 1913 so had hertitage interest. Bidding got a bit crazy.

And my mate went to an auction an Parsons Street that sold for $730k. Apparently lots of interest. Can't find link to property and as I did not attend auction or see property can't offer much more comments on it.