This beauty sold for $1.1 million in 2004 (it was the first house in the suburb to crack the million mark, I remember it well) and it is now on the market, 8 years later, for only $1.390 million. This type of property 4 years ago was selling in the $1.6 - $1.7 million bracket.... actually properties not as pretty as this were... same land size, same house size, same area..... google Donald St, Camp Hill, 4 years ago. This is a bargain!
The market is really patchy. Even though it was quoted in the Australian yesterday, that properties in some capital cities have gone backwards by six percent, there are other suburbs/towns that have increased by a similar amounts. Record prices are still being reported... but here are aberrations everywhere. You still can't find a decent block of land in West End for under a million dollars. Some areas just haven't budged from boom time prices....others are limping along. They might not have grown, but they haven't really changed much.
The property market is very personal I think. I say this based on my experience and what I keep my eye out for. Sometimes I am not sure who's really benefitting from the statistics? When they say the Australian property market has gone up or down by so much, who is this relevant to? It's relevant if you have a property in every suburb across the country but if you owned a home in Cloncurry, which went up by 64.1% last year, you'd be rather disinterested in the generalisations. Obviously we all need statistics to tell us the general direction in which things are heading but property price often comes down to the type of house in the type of street, the side of the street, block size (something missed out by EVERY growth statistic!!!) and the how much the buyer is really prepared to pay for it.
What do you think? What's happening with the property market? Are you finding your area matches the reported statistics?
Link to bargain house HERE.
Oh and PS, this is what is going up, in place of the traditional pre and post war homes that were washed away in the flood, in my neighbourhood. I got excited when I saw the gables going up at the steel frame stage. I was hoping for just a little bit more character. Each to their own.
So many of the big blocks have had the damaged homes removed, the blocks have been split in two and two matching, cookie cutter modern homes have been constructed. Maximum bang for the builder's buck. Town planning rules must have changed in this area? Don't know about the changing face of what was once a beautiful character suburb, with a character code? The flood is still impacting in many ways. It's heartbreaking to run past homes that weren't insured, where people are still living in them.... on concrete floors ..... and with just internal frames and no internal walls. I run past many every day.
End of waffle.