Demolition Kills Auction

What do you get when you try to sell opposite a large development? ZERO Bids!

There is a lovely town house in Curlew court Doncaster Opposite the current demolition works for 30 appartments.

Well the auctioneer tried hard, but only got two bids from the sixteen groups of onlookers – and both bids were the auctioneers’ own vendor bids!

I did think it quaint how he had just finished describing the serenity of the small  court, when the piling machines started smashing away on the construction site below.Curlew 5-7 Opp fails auction

It seems important to pick your time to sell, in the middle of a street demolition does not seem to work well.

Currently there are major excavations for 50 appartments on Thiele at the entrance to this court, demolition of two sites for the 30 apartments in the picture above, and a display suite with full site hordings two doors down.

 

 

 

3 Responses to “Demolition Kills Auction”

  1. Disgruntled says:

    Why expect otherwise? Before long the only buyer for homes or townhouses, in the multi-storey development zones, will be developer who will purchase on land values only. So if your townhouse is one of a cluster on a single allotment (as are at least 25% in the rezoned areas) and wish to move, it will be difficult, if not impossible, to sell and duplicate the amenity you paid such a high premium for without incurring substantial losses.
    It is not much better if you are a single property owner adjacent to a planned high-rise who would want to move away and need to get $900K (I am using random prices here) because that is what it would take to purchase and cover costs for a home of equivalent quality with similar amenities nearby, and/or that price is what your house is worth to you. But the developer may decide he can only make his development work if he gets your place for $700K
    Our house is not in the rezoned area, but it may as well be because the homes on the other side of the street are in it. My agent friend called me to say that a building permit had been issued for a three storey beast almost opposite which would likely have a negative impact on our property’s value whether it proceeds or not.
    Disgruntled

  2. Beverley Street says:

    The one man ‘independent” government panel, nominated to review council’s amendment 96, made the following comments in his executive summary; “this development is not ad hoc; it is the result of carefully crafted policy”
    Nearly a decade has passed since the inception of the DDO8, council’s residential strategy, and we still don’t know what is to be built on smaller sites in precinct A. We are now told “two storey townhouse style developments” but no detail has been provided or how they will compare with established units. Council also portend the introduction 4-5 storey buildings, in the DDO8, but won’t say where.
    Council should have concentrated on administration and let the private sector determine the strategy’s feasibility and planning. There would at least be accountability, a more prudent selection of consultants, a greater incentive to get it right where their funds would be at stake and not those of our community.
    Beverley Street

  3. Edward of Beverley Street says:

    Much will depend on the state planning authority’s acceptance of Council’s amendment C96 and a definition on what is envisaged as a “two storey townhouse style development”. The new head of the Manningham planning arm has acknowledged that the majority of lots, in the areas of sub-precinct A, have already been redeveloped with a mixture of villa units and two storey townhouses, conceding that the opportunity for a three lot consolidation, the requirement to facilitate a 3 storey apartment development, is very restrictive. Accordingly, all future development in this area should be limited to two storey buildings, be proportionate to and not detract from the value of existing properties.
    Edward of Beverley Street

Leave a Response

Currently you have JavaScript disabled. In order to post comments, please make sure JavaScript and Cookies are enabled, and reload the page. Click here for instructions on how to enable JavaScript in your browser.