A note to a client this week on an off-market we were looking to buy – it was in the Domain, but the thoughts apply to half a dozen of Melbourne’s great precincts.

Per sqm the Domain is as expensive as Melbourne gets for land.

Why? Is this the world’s best investment – for some it’s ok – for most it’s a place to spend their money rather than make it.

Domain is as hard to get into and as hard to get out of as Brighton Waterfront, St Vincents Place, Grace Park, Portsea clifftop and Towers Road. People look for opportunity to find something they connect with within Domain; sometimes for decades.

Why? The homes are not spectacular – the block sizes are generally small and rarely is there a bargain on offer. Why?

For Anglo types – European types – those that love Paris or New York or London – a certain sophistication – not better – but very specific – then the Domain is attractive, as its not repeated anywhere else in Melbourne. The small section of shops is like no other in this country – perhaps in a very different way Bondi can give you the same inner comfort – but nowhere else in Melbourne – if this what you like.

Add the Tan, the river, the walk into the city, the speed and ease of against the traffic if you need to venture out and ……… location is AAA.

__________ is for me AAA within the Domain as it’s private.

The home – is a part of the sandwich I don’t like to be in, as sunlight is hard to find. That’s a truth and not fixable. The car spot is there – you won’t use it day to day but it’s there for when you lock and leave.

Somebody has put some thought and expense into the internal designs – I think they succeeded in feel and emotion and failed in practicalities. If you like what is there now, then there’s enough class to makeover for not much and make it a whole lot better. If you feel it lack size and space and flow, then it’s a regut and rebuild and you still have some slope issues to deal with.

Like every home in these sorts of precincts they go for a lot more when the buyer wants to buy and the seller doesn’t really want or need to sell – ideally the bargain comes when the seller wants and needs to sell, it’s a secret to all but you have options if you don’t buy. That is rare, a dream.

Generally, those that buy into Domain, “buy into Domain” and they are happy with what they have, not what others thought they should pay.