VIC Thoughts on Blackburn Vic

Discussion in 'Property Analysis' started by Jezzah, 17th Oct, 2019.

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  1. Jezzah

    Jezzah Well-Known Member

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    Hey all,

    Since the election the data I follow suggests that the upper end of Melbourne's market is the area seeing the greatest price rises. With that said it's also experienced the greatest drops in the preceding years. Blackburn is not the height of Melbourne's property market but a decent 4 bed house is hard to get for less than 1.4m.

    So with that said and a few 4 bedders on the market now, I was wondering what your thoughts might be on the pricing of this one.

    8 Dwyer Street Blackburn Vic 3130 8 Dwyer Street, Blackburn, Vic 3130

    I've inspected it and the fit and finish isn't a concern. It does have an easement for sewer inspection points but they are easily accessible along the boundary of the property. Others nearby with 50% or more land are listed at 1.65+ so am I crazy for thinking this could go for say 1.5-1.55?

    Cheers.
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Seems outrageously expensive - but people (not on Property Chat! :D) pay for the house ~ so if it's extremely well presented (as it looks like it is) it can get a good price.

    Having said, I would personally be rather shocked if it went for over 1.7m.... Like we are talking sub 600sqm land, butt end of nowhere (relatively speaking) transport wise.....

    The Y-man
     
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  3. Jezzah

    Jezzah Well-Known Member

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    Thanks for the reply y-man. Yeah, maybe I am reading the market wrong but it seems pretty high to me too as a starting expectation.
     
  4. Redwood

    Redwood Well-Known Member Business Member

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    Not overpriced at all, Blackburn is an area that has done very well through the 12 month slump and now bounced back like surrounding suburbs. This is more a "family" home and you will see most development sites going at auction at astronomical prices. Blackburn has been influenced heavily from chinese buyers which has seen it skyrocket over the last 5 years.

    I think you will find the property is underquoted and will go for more. Our office is around the corner and commercial price psqm has done well too

    Cheers Ivan
     
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  5. Jezzah

    Jezzah Well-Known Member

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    Thanks for the feedback Ivan. So you see this as a potential knockdown and development opportunity that is underquoted? Wouldn't the other locations with much more land would be supremely underquoted then?

    You are not wrong about the local influence of foreign money over the past couple of years.
     
  6. The Y-man

    The Y-man Moderator Staff Member

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    At least the woolies down the road is open until midnight! :D I am often their on the way back from home church night service.

    The Y-man
     
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  7. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Blackburn is a great suburb and I think this property will hold it's value very well, in fact probably has good growth prospects overall.

    My only criticism of the location of this particular property is it's at what I'd consider the outer edge of walking distance to the stations (Laburnum which is skipped by a lot of trains, or Blackburn which every train stops at).

    My aunt lives nearby and I lived with them for a period during university (about a hundred years ago). It really is a lovely area. It's the sort of location where nobody ever sells.
     
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  8. The Y-man

    The Y-man Moderator Staff Member

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    @Jezzah

    Is this for you to live in?

    The Y-man
     
  9. Jezzah

    Jezzah Well-Known Member

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    @The Y-man Well that's what I would purchase it for but I totally get others may see different potential in a property that I don't. Most here are far more experienced than myself when it comes to valuing and purchasing.
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Value is in the eyes of the beholder :) ..... for example, if 8 Dwyer was a live in proposal, I would much rather an acreage
    30-32 Curry Road, Park Orchards, Vic 3114
    or 1000 sqm in Templestowe
    6 Bedervale Drive, Templestowe, Vic 3106
    or 1000 sqm in Eaglemont (with a significant history)
    4 Glenard Drive, Eaglemont, Vic 3084

    for the similar price range..... :D

    The Y-man
     
  11. Jezzah

    Jezzah Well-Known Member

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    @The Y-man very true about what appeals to one not appealing to the other. Probably the primary reason its so hard to predict value!

    @Redwood Interestingly, one sold pre-auction this week that I had also inspected. It was listed 1.65 to I think 1.8 or thereabouts. It sold for 1.9 on 1,132m with two double garages, a theatre and close to the station.

    Sold 8 Downing Street, Blackburn VIC 3130 on 18 Oct 2019 - 2015670988 | Domain

    I had thought it might go for 2 or more so that's interesting to see.
     
  12. LIDM

    LIDM Well-Known Member

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    Blackburn is a beautiful and definitely worth scoping out properly (drive/walk around the streets) to understand the different sections - some streets are a lot nicer than others.
     
  13. The Y-man

    The Y-man Moderator Staff Member

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    Black Walk - Blackburn - morning
    Google Maps

    The Y-man

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