Bargain property at Mount Eliza? Home at $2 million discount
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
A resort-style Mount Eliza residence on 2,701 sqm, with views of Port Phillip Bay and the city, is on the market with an amended price guide of $3.4 million to $3.7 million.
It was initially listed at $4 million to $4.4 million earlier this year having had $5 million to $5.5 million hopes last September.
Nicholas Lynch of Nicholas Lynch Real Estate has the listing.
The three-level home at 1 Brookwood Drive comes with six bedrooms generous living spaces flowing onto two large entertaining terraces, family room, rumpus room, sitting room and gymnasium as well as home office with views.
Other highlights include wine cellar, CCTV security, ducted vacuum, ducted heating/air conditioning, triple garage, double carport and drive through portico.
It has private access to Daveys Bay Beach and is moments from schools, cafes and shops.
Recent Mount Eliza sales include:
18 Watts Parade Mount Eliza VIC 3930 - $4,350,000 - Apr-19
5 Cypress Point Drive Mount Eliza VIC 3930 - $3,575,000 - Mar-19
31 Daveys Bay Road Mount Eliza VIC 3930 - $4,300,000 - Mar-19
It is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.