VIC Thomastown/Lalor

Is their big turn outs these auctions ? Are the majority of buyers investors/developers or people look for PPOR's ?

 

Rocky,

As other have said this area has had a price ripple from Preston,Reservoir which has been smashed in the last 12-18 months with a lot of developer activity,buying properties as close to land value as possible,demolish and build 3/4 townhouses on block.

I actually live very close to this area in Thornbury which is only a few suburbs away albeit closer to the CBD.
What price point are you looking at?
From what I have seen you won't get much change from 450k for something decent in the area..

 

My budget would be around the 425k mark was hoping to secure a freestanding house on a decent allotment (600sqm+) with dev potential down the track... Would settle for a house in "rentable" condition. Sounds as if the horse has bolted though- that's a bit disappointing. I understand this area could continue growing but sounds like the time to get in was 6 months ago

 

It's still below it's previous peak so take from that what you may

 

Thomastown median is 430k previous highest median was 410k in last year via PriceFinder..

 

https://propertychat.com.au/communi...7/?temp_hash=be12285ff7c19a86f5d6d4104466c0dd

 

Must've been Lalor 3 bed median I was looking at.. Is anyone on the ground out there to tell us what demand is like?

 

Hey marisa. Yeh ive chatted with a few agents and they seem to think that most builders prefer doing single storys in the area ( i get the feeling its because they want to sell the property now as is for a quick sale)

Ive had a couple of offers around 480 but i want closer to 500 to make selling worthwhile.
Roughly theres prob 50k gross profit in it for me if i develop which is poor considering the amount of money invested. But i still feel this moght end up being best option as i have to consider transaction costs for selling out of this and buying into a development.

I think i will stick to a smaller project for my next one, retain and build like my first project in perth. It worked well for me and theres less risk with a project like my thomastown one. Im happy to have learnt a few lessons with this and it lucky that it hasnt really cost me much.

Maybe we should turn this into a lets hype thomastown thread to get end values moving so there will be some fat in it for me haha

 

Hi

 

Hi Blair
Having issues pm'ing your, I course I would, technically challenged.
Can you email me I have a suggestion that may be helpful for your scenario.

Cheers
MTR

 

Hey marisa just sent you an email

 

Frustrating to see everything go to auction especially being interstate

 

That's the Melbourne market..

 

Soft point of this market was in 2012 when it had a median of 360k now you don't get much for under 450k

 

Area is undervalued IMO considering proximity to Melb, I expect this market will contine to rise, lower entry makes it an attractive for FHB and investors. Reservoir neighboring area has gone through the roof, ripple effect.... Thomastown, Lalor.

MTR

 

Hi BeDev,

Are yours 8-12sqs and two bedders?
I saw a lot of these going through council about 2 and a Bit years ago all round there near the station.

Did you acquire your sites pre-boom time or just recently?

 

@Lisa Parker- Buyers Agent

Bought it just before boom time.

End values are going up nicely in area.

We got the timing right.

Area was suggested to me by one of the ss forum member.. I just bought it based on numbers...

It worked then and works now

 

Brought well, understood

Can you describe your definition of well execution? Intrigued to hear from you

 

@Lone_Wolf

good question, can i answer that later date? will be able to explain in detailed.