Thought I would go and have a look at the market, since the past year all I have read is it has gone down.
So after checking out a unit 2 doors up all I can say is the market must still be be up here in the Toorak/South Yarra area of Vic.
A very small 2 br unit, cream brick, about 30 or more on the block, superficial renovations, I would have thought it would only suit student accommodation level 1, they asking 350,000 plus. History of that block, 7 years ago they sold for 65000, 4 years ago 130,000. Tightly held, hardly any turnover. And they usually sell before auction, or short time after listing. Then checked out the internet, same area think 400,000 might buy an unrenovated 10sqm property, but bottom picking price, get nothing much for that amount, only dog stock. One in my block sold about 2 months ago, no renovations, sold in 24 hours for 390.000. She bought it 6 years ago for 150000, before that at the start of the 'realestate bad news' a fully renovated one sold for 330,000 Have yet to go to the docklands to find out the reality of all the bad news stories there. Believe you have to go and look, to check out the reality of the space etc.
Have other properties in the country, will test the market on one soon, if I can get it together in time for xmas sales. cheers
