Can anyone provide me with some information on what the property market in Melbourne CBD (Southbank) looks like at the moment?
I own a property in Southbank Boulevard on the 26th floor of a 28 floor building. Run by MCIM (Melbourne Inner City Management) the property (2 bedroom, 1 bathroom, 1 garage space) was a bargain when I first bought it 8 years ago.
However, right now I am getting mixed responses as to the value of the place and the market indications in this area.
Can anyone give me an idea of whether or not property prices are still rising in this area, falling, stabilised, good time to sell, to sit etc etc..
At the moment I have decided to invest a new kitchen in the place and then get it valued, but it would be good to know what to expect ahead of time.
Thanks for any feedback,
Cheers,
Val
G'day Val,
The best way to determine the value of your apartment is to compare like with like, based on what has previously been sold in your immediate area, and what is currently up for sale. Obviously you should compare same number of bedrooms, bathrooms and car spaces, and then make allowances for other factors such as views etc.
To assist you with all this, and to save you time, I can provide you with a free report on your own property if you like, which gives you full details on similar apartments that are currently up for sale in your area and what has been selling. This will enable you to make up your own mind.
I believe you will quite easily be able to work out the true value of these properties because you will also be able to see how long these properties have been on the market for – so you know if these are too expensive. This can help you negotiate better if you are buying, and it can give you a good indication of your pricing entry if you are selling.
Check out the one on my website at http://www.centralchoice.com.au and click on the FREE Property Report heading.
Cheers,
Hany
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