Thinking of investing in St Kilda property? The suburb is a blend of beach, social hangouts and entertainment hubs with offerings for all ages and personality types.
The Wakelin Blog
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Despite every street address now available on my smartphone, I admit I am still attached to my physical copy of the Melways. The street directory is my bible in my day-to-day travels through the suburbs of Melbourne. For my past birthday, the office gifted me a special Melways – the 1966 First Edition. My colleague Liz McMahon also has a 1923-1924 edition of the Collins Street Directory and Public Guide. With an ever-growing city, it is interesting to not only see what has changed but what has stayed the same.
Ascot Vale is like several mini-suburbs in one where the problem is finding which mini-suburb is the right fit for you. With its rich history and increasing popularity, Ascot Vale is a great suburb to invest in and to live in as well.
With many weekends hosting over a thousand auctions in Melbourne, it would seem that securing a quality investment grade property would be an easy task. However, a closer inspection shows that this isn’t the case. At Wakelin Property Advisory, we estimate that less than 5 percent of properties make the grade from an investment perspective. A filter is required to isolate the target assets. Indeed, at Wakelin Property Advisory we joke that we are the kidneys of the property world!
Underquoting only used to be a problem for inexperienced buyers. They were the ones that carried the cost when a property was marketed well below the vendor’s reserve price. They wore the expense of building inspections and other research costs – plus precious time wasted – for assets they had no realistic hope of buying. But the landscape is changing, with state governments tightening rules and enforcement. As a result, underquoting is – quite rightly – becoming a problem for vendors and agents who don’t adapt.