http://www.realestate.com.au/property-house-vic-clayton+south-119814379
Went to the auction for this today 40-50 Asian/Chinese we were the only anglo people there.
It got ridiculous, agents thought it would go for 550k.... well someone who looked like a student bought it for 690k Congrats to him but we thought the house was extremely tacky and not of good orientation/shape along with the block.
I don't see how 690k on a property like that is viable. We checked this one out in Oakleigh too, http://www.realestate.com.au/property-house-vic-oakleigh-119913365. Agent reckons it'll go for 690k and in this current market I'd definitely consider it for that, but have a feeling it'll go closer to 750k possibly more.. it's only 2 bedroom but the block was great, also a fan of the old clinker homes. Do you think it could go as cheap as 690k?
I think the whole problem with the market is buyers offering ridiculous prices it's going to get out of hand really soon if it hasn't already. The homes are quoted at reasonable prices but insane people are overpaying 10-20% of the property's real value. Definitely demotivating if you're trying to seriously buy atm.
Edit: Looked at this also http://www.realestate.com.au/property-house-vic-noble+park-119902021 they believe it will go for 450k+ (we believe closer to 500k). It was actually far nicer than 114 Osborne rd and 2 minutes up the road. The property was far better but did lack the close proximity to Springvale main st, underground station etc. That Osborne one was rather terrible in comparison though. It's definitely viable and good value, but I don't feel comfortable paying over 420k for it, but I would never park half a million in Noble Park! All these suburbs have grown a lot already, we're looking around Berwick now (my old favourite) hoping it may finally grow as the Druitt has, but it's so far out with so much land around it, growth has been stagnate here for 7 years.
I see potential in Berwick and Beaconsfield, but Cranbourne, Clyde, Pakenham etc are all estates. There are identical estates/area's in Epping which is half the distance? But homes in Cranbourne are going up steadily lots of people choosing to move there. Upper Beac is great too but has grown 25% this last year, Narre North has also grown 33% over the last 12 months... wish I bought there.
It's basically a decision to buy in area's that've already grown heaps and hope they magically grow forever without coming down.. or buying outer hoping they will finally catch some growth and not remain stagnant... not sure which is the bigger risk lol.
Checked out this one too in the "golden triangle" personally seemed a step down from the Whitmorr other one, they were asking 480k+. I'd say the estate with Ellendale rd etc was much nicer than the triangle (next to the private hospital) http://www.realestate.com.au/property-house-vic-noble+park-119929581
i think you are WAY off with your predictions, that one in Oakleigh, for 750K i'd buy it today.
Those two in Noble Park - that one on Whitmorr will get high 500s and the Jeffers Street one will get low-mid 500s.
Let's see hey