澳洲Australia property Property increased 150 times in 30 years


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


I went to inspect a property in Melbourne today in Essendon North on a busy Arterial road.

The property, a 1000sqm site with a pull down basic 2 bedroom weatherboard/fibro house on it had recentlly sold at Auction for $1.5m.

Talking to the owner, she said she paid $10k for it 30 years ago!

Since then things have changed and the council now encourages multi unit development on that road. The site next door is having 6 townhouses constructed on it.

Not a bad return at all, leaves the old .. property doubles every 7 to 10 years statistic looking a bit sick.

The sorry thing is, that 30 years ago was my gap year and I was earning more than $10kpa working in a carpark. If only huh?

Just thought I would share this one with ya all.

cheers

RightValue  

评论
RightValue said: ↑
The sorry thing is, that 30 years ago was my gap year and I was earning more than $10kpa working in a carpark. If only huh?

Just thought I would share this one with ya all.

cheers

RightValueClick to expand...
Could this indicate that Residential Property is well overvalued today?  

评论
jingo said: ↑
Could this indicate that Residential Property is well overvalued today?Click to expand...
Or that it was undervalued 30 years ago? :D  

评论
RightValue said: ↑
I went to inspect a property in Melbourne today in Essendon North on a busy Arterial road.

The property, a 1000sqm site with a pull down basic 2 bedroom weatherboard/fibro house on it had recentlly sold at Auction for $1.5m.

Talking to the owner, she said she paid $10k for it 30 years ago!Click to expand...
I find that hard to believe, unless it was a token price - eg due to a sale within a family.

A suburban house in a capital city 30 years ago would have cost maybe $50k.

Maybe the $10k was a deposit.  

评论
RightValue said: ↑
leaves the old .. property doubles every 7 to 10 years statistic looking a bit sick.Click to expand...
I believe that it says: "on average....property doubles every 7-10 years".

So this will include properties that go up only 50% in 10 years as well as ones like this that do exceptionally well.

But thanks for sharing :)  

评论
The other side of the coin is almost as stunning - one family property in a major regional town was $160k 26 years ago, would be lucky to get $450k now. Barely even exceeding CPI, that one.  

评论
softmonkey said: ↑
The other side of the coin is almost as stunning - one family property in a major regional town was $160k 26 years ago, would be lucky to get $450k now. Barely even exceeding CPI, that one.Click to expand...
I don't buy in those kind of areas.  

评论
Thats too cheap. The price of a standard 3br house on 500m around that time in Sydney's western suburbs was about $30k - $40k.

In the late 80s it reached app. $60k.

I think she saying what she paid for it rather than what it was worth.  

评论
evand said: ↑
I think she saying what she paid for it rather than what it was worth.Click to expand...
Isn't that what good investors do?  

Property Investment

Australia property Selling Hints | Sydney

澳大利亚Hi folks I recall ready somewhere about what are some simple tricks for making your place more attractive during a home open. Im seriously thinking of selling my little pad and want to maximise my efforts. Any hints greatly appreciated. 评论 ...

Property Investment

Australia property Re-zoning | Sydney

澳大利亚What would the chances of a NSW Local Council allowing a community titled development (homes, community buildings, etc) on an area zoned Protected Agricultural land? Does anyone have experience in this area? Looking at the local council LEP, ...