VIC Unbelievable prices in inner west melbourne

What a coincidence I purchased 11 and 12 Oxley court and put a DA (8 units) together I think in 2009????

picked the 2 houses/maisonettes for land/deve total cost of $597K, sold it one year later with DA, 8 reverse living apartments to builder for $907K, a quick flip.
I cant find the other link for 12 Oxley Court, Broadmeadows.

This is not even a good location, the rail is practically in the backyard, I purchased sight unseen, only interest in what I could do with the land. The neighbours wanted me to buy their properties, I stalled but once they realised I was not going to buy they objected to my development/DA...... the basturds, I won

11 Oxley Court, Broadmeadows, VIC 3047 Sale & Rental History - Property 360

 

FOMO in most auctions is what I figure is happening.....most people who have sat on the fence for 12mth+ probably took the plunge seeing how quickly prices shot up.

I know a lot of friends trying to buy cheap once a crash comes...but realistically I think prices would just stand still, move slightly downwards if so...

 

No one knows how low when it comes to corrections? It will be dependent on many factors, product, location, suburb etc.

What people don't realise is blue chip also gets hammered when markets correct. We have seen this happen before in many States.

I have also noticed that markets spike up the most when we are close to peak? something to keep in mind.

Not saying Melb is peaking, I don't know, however..... important to manage LVR at this point in time.

In saying this, I love Melb ..... its a beautiful story.....numero uno for immigration, a vibrant city, food capital of Australia, serviced based industries.... even if it corrected, buy well and you would be sitting pretty, buy a couple of development sites within 17Km from city and you hold for the next boom cycle, develop these and it could be your go out of Jail Card.

MTR

 

got a few in melb bought last year 500kish, all have moved to 700-900Kish now some reached that in even 6 months.

 

Wow, I'd be really eager if those Blue Chip suburbs slash 100-200K lol...buy buy buy!

 

Yes, I am looking at Hawthorn at the moment, older units seem cheap compared to other blue chip? Could be wrong and still just working on it, not necessarily buying at the moment. Can even get those rare 3 bedroom older units which are very appealing, as they are unique, still cheaper than other inner city stuff.

Collingwood, Flemington seem to represent good value in todays market.

 

Broadmeadows is a sleeping giant. It has so much potential being so close to the CBD.

 

Yeah but if we drew a 20km radius around Melbourne, so would so many other suburbs? IMHO the only real ugly duckling in Melbourne was Ashburton. It was nestled amongst a prestigious suburbs like Glen Iris and Camberwell. Sure, it also had Chadstone, Ashwood - both as bad as Ashburton was, but it was just surrounded by wealthier, family orientated suburbs in all directions.

Arguably, you could also say Heidelberg West but probably not as much as it is next to places like Rezza and to the West of that, pretty much all on the lower-socio ladder of the chain.

If I was a gambling man, I'd bet St. Albans would be a better bet? Similar distance give or take 1-2kms.

 

come on - take a punt in St Albans you basically know it like the ur backyard

My architect told me his client bid in auction (2 months ago) in heidelberg West 850-870K and said that was too much. Bang now similar block 950K. Heidleberg West has more housing comm houses than reservoir in terms of volume and numbers (and some parts of ramu pde) u see this only in the slummy areas of ascot vale (housing comm) or werribbee (housing comm)

 

Nah, I am not a betting man hahaha. Like life as it is now without mortgage stress or too much of it.

Speaking of Commission houses and off topic but as I was doing my daily run at the weekend at my parent;s place, I think I saw a commission house in Glen Waverley. It looked very sus like an old commission hose but not entirely sure, I was surprised though...

 

Lol, this house just sold for almost 700k. Who would've thought?

32 Poole Street, Deer Park, Vic 3023 - View Sold History & Research Property Values - realestate.com.au

I think they really overpaid. Seems to me to be more in the high 500s range

 

Yes cool
That's a good view point too

 

723m² of prime land, reno looks top notch, walking distance to the train station and only 26 minutes into the CBD.

I think the market has spoken.

 

Yes but that land size is pretty normal in the older parts of the suburb. The median house price in Deer Park is around 500k. A nice reno (especially considering how small the house is for the area) doesn't make it worth 200k more IMO. Just my 2c.

 

yes but is St Albans littered with development sites? Broadmeadows, many streets have potential to develop

 

that's insane, when I was looking at maidstone couple years ago -- I thought damn 700K is expensive. now once a suburb achieves a smashing price (like this), it is one of the signs of moving prices.

 

But isn't Deer park close to two metropolitan prisons?One of the reasons why it is comparatively cheap

 

The whole area in the middle of the station is zoned growth and commercial (ACZ) and then further now to the ginifer station it is zoned growth.

I recall when that place close to the shopping district got sold 1.8 mil for for 600sqm. bought by some Viet Sydney investor. Viets got some serious money I kid you not. he was upset as the place that he wanted was bought over by the council due to some clause and hence didn't want to miss out. After that those places were going 1.6-1.8 in that vicinity. I got friends who live in the area and agents who told me who the buyer was. THis kind of info (not many people would know)

 

Perhaps the new lending restrictions are placing a limit on what most can spend pushing up outer burbs.

 

Give it 3 months, it will move into "untouchable" territory. Rezza shot up during late 2016, T-Town is now shooting up. Maidstone is 10km from the CBD...no PT access though, same as Braybrook. In 2007, I had agents ringing me 24/7 for Braybrook prorperties in the low 200ks to mid 200ks.

Look at this one:

16 Menzies Street, Braybrook, Vic 3019 - Property Details

$760k! 2 Bedroom Weatherboard house, rent-able condition without too many renos. But 2.6 to the nearest station (Sunshine) and this is going backwards from the CBD. Roughly 10kms or so from the CBD itself...

Please note that Deer Park is not served by the Metro line, rather it is served by V-Line, advantages and disadvantages.

Further that property faces an oncoming road, not very good in my books especially at night when there are shining lights.