VIC Werribee Werribee!

Is it just me or does it always seem like previously sold properties provide much better value than what is currently for sale? Lol. Looking at what's around at the moment, I would jump all over something like the above 2 properties if they were for sale now

 

Dont think thats the main reason. Alot of chinese migration are 1st generations too (international student then obtaining a visa to stay, skill migration). But they still buying middle ring east. They wouldnt have family here too.

 

there are many other reasons e.g. Chinatown is now the whole of the city pretty much. Who wouldn't want to live in middle/inner ring east south/east if you had the money. Most Chinese would prefer to live in City apartment (appalling investment in my mind) than in an outer suburbs H+L package (slightly better investment)

 

Noticed Tiber was still for sale so called up the agent yesterday to offer a low ball offer around $420-430k given it's now been on the market for 3 months.
Before I mentioned any numbers he said its still available for private inspections only and they're now chasing $460-470k!! Couldn't believe what I was hearing. He said there was a bidding war between a couple buyers and it sold for around $460k but finance fell through.

So the vendor now wants $460k given he had an offer at that amount!

 

He will probably get it. Put the offer in anyhow with an expiration time, you never know.

 

Jeez, $470k for a 3x1 house .

 

$600k for a 3x1x2 house four days ago in Werribee. Big block and well within walking distance to the trains >> 45 High Street, Werribee, Vic 3030 - Property Details.

 

https://www.propertyandlandtitles.v...030/63399/Victorian-Property-Sales-Report.pdf

 

Bejesus....around the corner from mine...bought for 130k mine is only 580sq odd though...

 

Auction results from yesterday:



Definitely creeping up towards the high 4's now. The house on Melanie Dr is in the so called south side of Werribee, closer to schools and thus able to command a better price. The High St house is a few mins walking distance to the trains, massive block and thus the high price.

 

LoL, the agent called me as well about 10 days ago asking if I was interested (he obviously found me on one of the inspection lists and is probably getting desperate to get the place sold). He said vendor was looking for $450k at the time. Looks like the more he gets offered, the more he wants. Hard work if you're the agent...

 

From the Eastern suburbs here, In Werribee what size blocks can you you generally subdivide on a regular rectangle block (size for 2 and size for 3 townhouse)? What kind of zoning is there through out the suburb? Is there many covenants/overlays that may block your sub division(e.g. single building etc.)?

 

you will have to look at the planning schemes. but they are mostly general res zone. it is no diff to east or north, the planning schemes are statewide same as the garden min requirements etc. Overlays are dependant on the areas.

 

new guidelines have removed number of dwellings per block, its just a matter of getting them to fit whilst satisfying the zoning requirements.

Easier with RGZ1 all the way to the hardest - NRZ3

 

If that was only 7 days before I spoke to him, something in his story is lining up. He told me finance fell through which would generally take at least 5 business days from when the contract is signed. Wonder if he is making up a story..

 

So quick update since mid August as more places are selling and can check prices that compare similar to my places, 3/2/1 are selling for 430-450k on 300-400sq blocks.
So in total since June these lower priced property's are selling for 80k min to 100k more. Not bad for 4 months.

 

Nice work. I too settled in June so happy with that!

 

Possibly also something to do with Vic government $0 stamp duty on purchases up to $600k for First Home Buyers.

That $10k + otherwise going to stamp duty can be leveraged 5-20 times which would be sure to give properties sub 500k a healthy boost. The more they can borrow, the more they will pay.

 

Yep, good for people who own these markets already but just making it worse for the people they are actually trying to help.

 

Free stamps has definitely helped push up prices but so has population increase. As I wrote in another thread....
According to abs results, Victoria increased 146,000 people till march.
Last years abs results till September 2016 was 127,498 people. That's 18,502 more than last years increase already, and results have not been counted till September as yet. Melbourne is booming.