VIC Thoughts on property

Discussion in 'Property Analysis' started by papaya, 15th Jul, 2019.

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  1. papaya

    papaya Member

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    Hi guys,
    Just wanted some thoughts on a property that will be going to auction soon. Nice place but concerned about a few things - not in any particular order. 530-580k
    353 Main Road, Montmorency, Vic 3094

    1) its on a slope (eyeballing - approx 20-30 degrees)
    2) its on a main road (literally on 'Main Road') which can get pretty busy
    3) water/flooding due to slope
    *Seems to be a recent reno but had my eye on some spots on the wall that looked like possible water damage/buildup behind the paint - will have another closer look next time its open
    *I came after a few days of decent rain and the soil/grass on side of the lawn was also really wet and muddy
    4) worried about termites due to rain

    I'm looking to live there for at least 4-5 years but worried about resale/rental prospects down the track.
    Theres another open later this week so if you guys have any suggestions that I could look out for please let me know!
     
    papaya, 15th Jul, 2019
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    How does it flood if it is on a 20-30 degree slope? Consider the installation of some spoon drains to divert water around the house rather than under the house

    Improve the ventilation under the house - it is too enclosed.

    Don't tell people the property address of the houses you are considering - someone else might see it and have deeper pockets than yourself.
     
    Scott No Mates, 15th Jul, 2019
    #2
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  3. The Y-man

    The Y-man Moderator Staff Member

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    Looking at the pic, I'd say water would go IN and through the house if that little drain out the front got overwhelmed.

    Def not good feng shui

    The Y-man
     
    The Y-man, 15th Jul, 2019
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

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    @papaya

    What attracts you to this property?

    The Y-man
     
    The Y-man, 15th Jul, 2019
    #4
  5. papaya

    papaya Member

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    Thanks for the tips @Scott No Mates ! Reading some of the forums on this and other threads had me in the same headspace (installing drains).

    @The Y-man the attraction is its close to work, renovated so I shouldn't need to do too much to it, the price is good (due to negatives) and I like the area, I drive pass it on my way to work everyday!
     
    papaya, 15th Jul, 2019
    #5
  6. papaya

    papaya Member

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    Its also a standalone property (no OC fees)
     
    papaya, 15th Jul, 2019
    #6
  7. Optimus

    Optimus Well-Known Member Business Member

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    Wasn't this house on selling houses awhile back?

    Series 5 episode 10
     
    Optimus, 15th Jul, 2019
    #7
  8. papaya

    papaya Member

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    Indeed it was! Its obviously since changed owners though. Thanks for bringing this up, I'm watching the video now.
     
    papaya, 15th Jul, 2019
    #8
  9. The Y-man

    The Y-man Moderator Staff Member

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    OC fees can be very low for villa units - for example we have units where it is $92 per year (common driveway insurance).

    The Y-man
     
    The Y-man, 15th Jul, 2019
    #9
  10. papaya

    papaya Member

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    There are a few properties that have the driveway insurance but most others I've been to so far have been between 1200-1500 per year.

    So @The Y-man you dont think it will be worthwhile purchasing this property in the long run?
     
    papaya, 16th Jul, 2019
    #10
  11. The Y-man

    The Y-man Moderator Staff Member

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    Not for me (or anyone!) to tell you where to live :)

    BUT as an investment, the reason it is cheap today will not change over time.
    This might still be ok as it remains relatively affordable compared to other props in the area.

    The other risk is structural - slopes are difficult for 2 reasons - 1. earth movement under it (it's not that flat land is immune form this from drying etc, but it is exacerbated on slopes) so your house over time can basically be split apart (cracks in walls etc). In that sense a weatherboard structure is better as it flexes). 2. cost of (re)build - building on a slope is more expensive

    From a straight investment perspective in the vicinity, I'd probably go for:

    2/80 Torbay Street, Macleod, Vic 3085

    Allegedly no OC (duplexes technically don't need, and I assume it doesn't have a shared driveway)

    The Y-man
     
    The Y-man, 16th Jul, 2019
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  12. papaya

    papaya Member

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    Thanks for the advice. I'll keep all this in mind leading up to the auction. Also really appreciate the recommendation on the Macleod property. I'll have to check it out this weekend!
     
    papaya, 16th Jul, 2019
    #12
  13. Scott No Mates

    Scott No Mates Well-Known Member

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    Isn't a water feature good Feng Shui? :confused:
     
    Scott No Mates, 16th Jul, 2019
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  14. papaya

    papaya Member

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    I dont know too much about Feng Shui (although my family are so caught up in it :/) but it shouldnt be too bad given its not at the bottom of the valley...
     
    papaya, 17th Jul, 2019
    #14
  15. Propertunity

    Propertunity Well-Known Member

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    The median house price for the suburb is $887,500.....so you want to buy $300K under that and still get something decent? Probably not going to happen. :(

    ....eh, most Asian buyers do not like properties on the low side of the road - concerns about flooding. Selling later into a smaller buyer pool (pun intended).
    ....and will only get busier over time.
    You can stop talking now, I've stopped listening.
    Why am I still answering?? o_O
    Termites don't swim well. They like moisture and darkness not floods. :p

    Do not buy this house......
    [​IMG]
     
    Propertunity, 18th Jul, 2019
    #15
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