tag:blogger.com,1999:blog-6383907926280689006.post6549882085260586509..comments2024-03-18T23:41:14.186-07:00Comments on A Library of Design: What You Can Buy On A Budget Of $650,000...Janelle McCullochhttp://www.blogger.com/profile/16006727386237836016noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6383907926280689006.post-37682138637295703592013-01-18T10:05:08.009-08:002013-01-18T10:05:08.009-08:00This makes me feel so old, I remember when you cou...This makes me feel so old, I remember when you could buy a house in Toorak for that amount. Clifton Hill was less than a 100k. Pretty scary, sometimes I feel like moving back to Melbourne but it is almost the same as London!! Coulda shoulda wouldahttps://www.blogger.com/profile/12507021618497645667noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-62806324695990529152012-01-27T04:18:45.205-08:002012-01-27T04:18:45.205-08:00Hi Heide, Thank you so much for your note - and fo...Hi Heide, Thank you so much for your note - and for writing such kind comments on the Library blog every now and then. I'm so grateful to have such lovely readers. Thank you also for pointing out the error in the $650,000 post. You're absolutely right. It's extremely difficult to make a profit margin with a 'renovator's delight', especially in this market. I should not have written it, and I'm grateful to you for correcting it. I apologise to anyone who was annoyed by it. In fact, I should have looked at our own situation as an example of how difficult it is. We sold our two South Yarra apartments 18 months ago in order to buy a big old house elsewhere. The price was less than the land value, so we thought we'd been fine. But it has taken SO much work to bring it up to an even respectable standard, let alone a re-sale one! While the budget hasn't been enormous, the time we've put into it has been far more than I expected. And to make things more challenging, the market's dropped! I'm hoping we'll sell it for a small profit, but I'm being realistic about the margin. I can't imagine how difficult and exhausting it must be doing this as a full-time renovator, year after year! (Apparently there are still those who do try.)<br />And yes - I'm just as gob-smacked by the price of Melbourne property as you are. I'd expect these prices in London, but not here. Thanks again for the note. JanelleJanelle McCullochhttps://www.blogger.com/profile/16006727386237836016noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-71748871132041414752012-01-27T02:35:44.855-08:002012-01-27T02:35:44.855-08:00Your comment that someone clever will pick up the ...Your comment that someone clever will pick up the house, renovate and make a profit is probably not actually true! I'm an Architect, worked in property development and can 100% say that most of those "renovators delights" do not turn a profit (the owners might think they do, but they usually are only getting normal market rise, and sometimes not even that). They are purchased by over eager amateur developers for above real market value as they think they are getting an original bargain. You need to get one of those places for land value only to turn a profit. Better value for money (although the term "value" doesn't really apply to Melbourne real estate) are the 80's/ early 90's renovated places that are structurally sound, but ugly. Not quite so romantic as the untouched original. We lived in Albert Park for 7 years. The ridiculous amount we sold our house for compared to it's size still astounds me. We decided to leave Melbourne when a next-size-up house up in our area (unrenovated, 400 square meter block brick Edwardian) sold for $2.9 Million.Heidihttps://www.blogger.com/profile/01432089507602828735noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-388522803505755522012-01-17T19:14:41.598-08:002012-01-17T19:14:41.598-08:00Hi Anonymous, I think those houses are in fairly g...Hi Anonymous, I think those houses are in fairly good suburbs of Boston, and Atlanta. And West Palm Beach is a pretty place too. We recently found a cottage in Beverly Hills for $800,000. So even Beverly Hills is cheaper than Melbourne!! So funny that you found those places too. We're obviously all looking for the same bargains... JanelleJanelle McCullochhttps://www.blogger.com/profile/16006727386237836016noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-64215033288826883272012-01-17T19:13:08.417-08:002012-01-17T19:13:08.417-08:00Hi Julienne
Love the house you kindly pointed me t...Hi Julienne<br />Love the house you kindly pointed me too. If it were not so far away, we'd love to take a look through it!<br />We had an agent in yesterday. He quotes us waaaayyy below what we were expecting, which is indicative of the depressed market, so we may have to do a big marketing campaign. It's not a good time to sell, is it? SO different to three years ago when everything was being snapped up!<br />JanelleJanelle McCullochhttps://www.blogger.com/profile/16006727386237836016noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-83949707150562071792012-01-17T02:31:13.868-08:002012-01-17T02:31:13.868-08:00Lol. I looked at 2 of those properties myself onli...Lol. I looked at 2 of those properties myself online the other day and was shocked too! How do people afford to spend what they do on property here? I am shocked at the beautiful homes listed overseas - are they in inner city suburbs or outer areas? I know you can get a nice home in Melbourne if you are prepared to live in a new housing estate with no character or facilities 1 hour from the cbd! -SophieAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-82961202783507575362012-01-16T23:46:34.126-08:002012-01-16T23:46:34.126-08:00or you could have this one and change in your pock...or you could have this one and change in your pocket<br />http://www.realestate.com.au/property-house-nsw-wellington-107485395<br />Are you going to leave your lovely house already?Juleshttps://www.blogger.com/profile/12951295463270151861noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-2045567517067556312012-01-16T23:02:22.333-08:002012-01-16T23:02:22.333-08:00Oh, and forgot to say, yes would love to get toget...Oh, and forgot to say, yes would love to get together and meet up for a coffee or something stronger sometime! xSemi Expathttps://www.blogger.com/profile/12839322243900070800noreply@blogger.comtag:blogger.com,1999:blog-6383907926280689006.post-51542580002223715952012-01-16T23:00:44.740-08:002012-01-16T23:00:44.740-08:00Yes, know all about this.. NOTHING for a reasonabl...Yes, know all about this.. NOTHING for a reasonable amount of money in Melbourne which is why we have not bought here! (or reasonable enough for us to afford). Very interesting to see what $650,000 buys elsewhere though. xSemi Expathttps://www.blogger.com/profile/12839322243900070800noreply@blogger.com