House Prices

[red750]

The house across the road was auctioned this evening - sold for $1,495,000.

 

 

 

 

 

 

[old man emu]

I suppose it was the water views that hiked up the price.

[Jerry_Atrick]

Can't remember where you live, Red.. is it Wantirna?

 

Blimey... That is not a bad price...

 

Does that make you a millionaire?

 

[red750]

Vermont, Jerry.

[Jerry_Atrick]

Thanks for correcting me...

[red750]

9 hours ago, Jerry_Atrick said:

 

Does that make you a millionaire?

Not really. Firstly, that depends on the value of the house. It is a nice house, extensively renovated within the last five years. Whether it is worth half a mil is anyone's guess. Our house is virtually knockdown/rebuild. However the location is ideal for someone with a family. The Vermont Secondary College is at the end of the street.

 

 < Driveway of the sold house.

 

Other schools and facilities in the area.

 

 Looking south west. The tower block left of centre is Glen Waverley shopping centre.

 Looking west. The towers on the horizon top left are at Box Hill.

 

The bus runs along the street in front of the Seconday college. North to Heatherdale Station, Ringwood and Eastland Shopping Centre, south to Vermont South Shopping Centre, the tramline to the city, and Glen Waverley Shopping Centre. Less than 10 minute walk to Boronia Road, with buses to Mitcham Station or Knox City Shopping Centre. 

 

The block opposite us is larger than ours, they squeezed an extra house in on our side of the street. I guess our block could be worth $1m. Half belongs to my wife who is leaving it to the three adult kids. Therefore I might be worth half a mil if the place was sold. A lot of good it does me.

 

 

[Bruce Tuncks]

Pricing young people out of the market is a suicidal thing for a society to do...  It is just what we are doing right now with our insane immigration policy behind it.

Many stupid people though think its great because their house is worth a lot more than they paid for it.

Both of our major parties are in favor of big immigration, as are the rich. But the average person is not as stupid and wants less immigration.

 

[red750]

Yes Bruce. We paid $55,000 in 1978.

[Bruce Tuncks]

That's typical Red. I'm glad I bought back then too. I sure could not afford to do it these days...  mind you, the jobs I had in those days don't exist now either.

I used to support Labor, but these days the Sustainable Population party gets my support.

[Jerry_Atrick]

I sold my house in Richmond, SW London/Surrey borders back in 2014. We had it for 6 years, refurbed it (cast about £120K) and we made £650K on it.. Not bad. When we first turned our noses up on it about 3 years , as we were yuppies and wanted to live in a small flat in central Richmond (this was about 1.5 miles out and at the time of buying my first flat here, was not undesirable, but sort of no-man's land), we could have had the house for less than half what we paid for it. Mind you in the years we sold the flat for about 150% of what we paid for it in three years and a very mild refurb; < £5K including a new bathroom.

 

Although the UK has immigration, it was not the driver  - at least in that area. Since we sold our house, the property market there has remained more or less flat. It is still a desirable place to move to, but two things have hit. Buy buy-to-let/rentals, the government sapped the market by eliminating virtually all tax deductions from interest payments to maintenance (over here, the tenant pays their council tax/rates). Secondly, the incomes of the people who would buy in that area have not increased much over that period.. There's only so much professionals make and small businesses have been under immense margin pressure.

 

Thanks to Covid, the country has had a surge in prices. Although only in this place 3.5 years we are now looking to move on. Problem (which has also now hamstrung the move) is that although we have planning permission to refurb it, each refurn has to be separately reviewed and approved by the planning officer (e.g. new windows, new doors, enclosure over a courtyard - they have to approve the materials, etc).. but we can't get builders for love nor money, nor both. And now that I work for someone else, I don't own my time.

 

 

[Bruce Tuncks]

Yep Jerry, the cost of "permissions" is way out of control. I call it "demanding money with menaces".

[nomadpete]

"Permissions"?

 

Don't get me started on permissions.

 

Possibly the most corrupt level of government - local councils.

 

Eg:

 

Local regulations do not allow a carpoert within 7 mtrs of my front boundary.

 

However, if I apply a substantial 'application fee', I can be allowed to put my carport right on my property boundary.

 

So, what I see is a rule that is functionally irrelevant,  designed to suck excess money from powerless applicants.

 

There are many other 'exceptions' to local regulations, and most seem to hinge on a requirement to 'cross their palms with silver'.

[Jerry_Atrick]

Yep.. Councils are the most corrupt.. Makes SFM look like a saint. Check out what happened at Casey... When we were doing our planning permission, the listed building officer intimated that it *could* be a rocky process... I am not 100% sure what she meant, but I name dropped a well known planning legal firm and said I don't bother with getting architects to fight it.. they are who I go straight to.. Amazingly, it looks to have worked, which was lucky, because we didn't use an architect.

[Bruce Tuncks]

good onyer Jerry. There was a building inspector around here who should have been locked into a padded cell. Once he rejected a shed foundation because the footings should have been 90 cm diameter instead of the 90 cm square that was built. The 90 cm square was actually heavier of course.

The council used to apologise and say that superior legislation forced them to employ a buildings inspector, and this was the only one around. Once they actually funded a ratepayer who challenged this inspector in court... ( the ratepayers won).

We, here at the farm, built on the basis that we were constructing shearer's rooms, and I found out later that we narrowly escaped retribution.

[old man emu]

Methinks that with my renovation I'll follow me mother's advice for a happy life, "keep your mouth shut and your bowels open".

[nomadpete]

Call me oldfashioned. But I'd be closin 'em at the dinner table.

[old man emu]

3 hours ago, nomadpete said:

Call me oldfashioned. But I'd be closin 'em at the dinner table.

There's a time and a place for everything.

[facthunter]

They are supposed to close by themselves.  Nev

[nomadpete]

But mum told me to keep them open.

[facthunter]

ONCE a day is good.. They don't like to let  you out of hospital if you  haven't proven the chute..Nev