VIC Thomastown/Lalor

Thanks
People do lose their heads when markets are booming

 

Here's my development, wonder what they would be worth today

1-4/4 Cedar Street Thomastown Vic 3074 - Townhouse for Sale #119924193 - realestate.com.au

 

It's all fallen back now, what happens is the outer suburbs with too much land become more vulnerable when markets fall

 

You are mistaken each townhouse has gone up by around $20,000-30,000, its not in whoop whoop, its only 16 km from CBD and has good infrastructure. There is very little land its not a new area, developers are screaming for stock


@SOULFLY3 sold his development site at auction I think last week for record price, end values have continued to rise due to land rising.

 

That is correct, it was Builder Vs Builder bidding against one another.
I would definitely say it has not fallen back..

 

Very true last 2 weeks just in the suburb next door reservoir 650sqm went for 1.34 mil and 700sqm odd went for 1.1 million. Was at one of those auctions but these prices are nearly like in the east like Doncaster or Ringwood

 

that was brilliant outcome, you only need 2 people at auction to push prices up.

 

that is crazy talk

 

Just had a run-in with the locals at Lalor Plaza whilst doing a bit of "on the ground" research tonight. Ice-head backs into my rental car and then starts a brawl with security guards and other bystanders... gentrification might be a little while away for this part of town!

 

Lalor prices have also risen, developers have already jumped into this area

 

Just today auction double block in reservoir went for 1.6mil+ which is similar to what I have. That's like nearly 500k up from what I bought couple months ago without even doing any permits or anything.

 

Actually damn it, I could have sold my development with plans and permits without building and possibly made the same or more. However, for me it was timing I guess I would have had to held on to it and the house was falling apart literally.

How high can it go. Melb been running hot for some time now, are we getting close to peak, I do wonder?

Not sure how the recent interest rate hikes Westpac/Nab will impact? perhaps we wont see it now but if other banks follow this may be the nail in the coffin. Many punters saying mid 2017 we will see markets flatten

MTR

 

I do think that Melbourne in general remains under-valued, especially in relation to Australia's other main market of Sydney. Taking a long-term (20yr+) view.

Low yields whilst holding are a bit of a putoff though.

 

Yes, Low yields not attractive, however pretty much insignificant considering the growth we have seen in this market. Also, need to perhaps look at different strategies where you can achieve higher yields.

 

Agree with you there. I'm still a bit green, so I am looking to acquire a property with some future subdivision/development prospects, and then do something down the track when I've built up the confidence and knowledge. I've certainly learnt plenty already by reading your posts, among others, but not game enough to get the toes wet on a project just yet.

We will be dropping down to one income in the next year or two also which may affect any potential renovation/development budget. But it's all part of the grand plan!

 

i agree with that - gotto be careful further out north. Lalor plaza is quite nice if you ask me although the few times i been there it seem quite alright lots of italians, greeks, chinese and vietnamese which has a market feel selling fruits and veges out in the open but- however if you go slightly out like epping - man there was subway robbed 9 times in a year.

WATCH: Sunny Singh's Subway store robbed for the ninth time in Melbourne

 

pity couldn't post you the video (i have of the auction)

 

i would stick to few things -in melbourne - in no particular order (demographics, infrastructure developments (highways, shopping centers, development zoning and overlays and the asian favourite - schools, universities, transport). if one of these factors is quite high as in next to the popular school or uni or zoning is right or rezoned - the chances of capital growth will come is much higher than buying on yields alone. No point buying in a place where the demoraphics are one that does not help high employment or majority have low median incomes as who will support the growth. Yields can be increased by doing a variety of stuff, through renovation, semi furnishing or property managing yourself. Zoning and being close to a popular school (that you can't change).

 

29 Keane Crescent, Lalor, Vic 3075 - Property Details

WOAH

 

Big result but at same time no unimaginable with Watsonia 3/1/1 on 680m2 (I think) unrenovated getting $1,010,000 the other weekend.