Hi fellow forumites, I've been looking at properties over the Western side of Melbourne and I've noticed there has been quite a few properties up for sale which have been sold in the last 12 months and up for sale again. Has anyone else noticed this or it may be a coincidence with a few properties I've looked at. Either way it has certainly dented my confidence in investing over there. I have a Budget of $550k and would prefer to buy South Eastern Suburbs but it's bloody tough to find anything that I would consider investment grade. ( proximity to CBD, close to train station, owner occ appeal etc). Would love everyone's opinions on where they think will see better capital growth over the next 10-20 years. Currently looking at houses in Carrum, Carrum downs, Dandy North, Endeavour Hills or possibly a unit in a complex of 4 max in bayside suburbs like Chelsea and Seaford. Or suburbs like ST Albans, hillside, Sydenham over western side of town. Cheers, Mitch
Hi, I am very interested to find out why that has happened as well. Have you tried calling the real estate to find out why it's being sold again?..
Was the sale price much higher than previous or marginally more? The former could mean it's a flip after Reno and latter could be owners financial trouble.i won't dismiss it.
Some people are in it for a quick profit in this current boom time. It happens in many suburbs not just western suburbs. Some properties in Glen waverley were transacted twice in around a year time. It's possible to double in value in just one year due to rezoning.
Investors are going crazy in the west with good reason. No issues with resale as its when up - perhaps the owners need to pay off a debt to Gatto and co.... For units bayside, try Bonbeach....awesome place. For the same price you can find something in Braybrook with land and potential to develop townhouses.... St Albans is great and has real potential - remember to forget about the stigma of the west......it will make you money that is all that matters. For example compare Footscray from 2011 to now..... Cheers Ivan
I'd be concerned that St Albans has moved? Of course past performance is no indicator of future performance but it's had two years of double digit growth.
I wouldn't say just waking up, more like just being born . Very early on in my investment journey. Hopefully can go through a boom cycle like we've just been through at some stage.
Sale price was only $30-$60k more. After transaction costs that are involved in property you'd like to think it was more of a financial issue then a quick flip for profit. After I posted this I didn't see any other properties that have been bought then sold in such a short time frame so maybe he was just a coincidence
I did see a few sales in braybrook for 500Kish. 500-600sqm block recently. maybe try that. Usually it was above 600-800K
We see all sorts of reasons for selling quickly after purchasing: PPOR flipping, growing family, building issue, work relocation etc. Always check with the Council that there isn't a compliance issue (I've seen quick resales due to Council enforcement action or a huge redevelopment next door) and always buy subject to a building and pest inspection or get it done prior to auction - has saved many of our clients from buying lemons.
You would be surprised how many people embark on a buy, reno, flip adventure with no grasp on how to determine whether or not there's a profit in it. I regularly hear selling agents indicate that someone has offered a much higher price than I feel is sensible for a (particular) property. Quite often these sort of buyers swan in and offer cash unconditional and are therefore not even giving themselves the safety blanket of knowing what the bank valuer thinks the sensible value actually is.
