VIC Thoughts on Blackburn Vic

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.

 

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.

 

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

 

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.

 

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.

 

@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.

 

@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.

 

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.