A snap shot of what is happening on the ground in Melbourne

Discussion in 'Property Market Economics' started by Lisa Parker, 31st Jul, 2018.

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  1. kaibo

    kaibo Well-Known Member

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    no tree at the front always helpful, under 2.5K per metre is not very hot
     
  2. johnmteliza

    johnmteliza Well-Known Member

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    7 Duggan Street Balwyn North was sold by Tim Heavyside who is one of the top agents in Melbourne and likely pushed a hard deal with the buyers. Also, he is renowned for underquoting. So its pretty unlikely 141 Maud St will deliver the price the vendors want. The market isn't improving either as you can see in the graph.
     

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  3. MTR

    MTR Material Girl Premium Member

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    One for the locals, how is inner city holding up.

    I expect apartments are being hammered

    ... but what about other product ie town homes, houses
     
  4. mues

    mues Well-Known Member

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    I know two people who sold town houses Caulfield way, both got about 100-150k less than ideal.

    In coberg Preston on the other hand, I’ve seen two former council houses go higher than I expected, but they were both in the 800k area.

    Things seems to turn south almost dead on 1mil currently. 800k bracket is fine.

    Even 900 is a hard line to cross.
     
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  5. MTR

    MTR Material Girl Premium Member

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    Thanks Mues
     
  6. mues

    mues Well-Known Member

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    Here is one that Has been on the market since maybe September. Initial pricing was 1.25-1.35

    41 Gordon Street, Fairfield, Vic 3078

    To be honest I’d by it for a mil if it had a yard.
     
    Last edited: 18th Nov, 2018
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  7. johnmteliza

    johnmteliza Well-Known Member

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    Coburg and Preston are defying the odds this year considering the median house price has risen by $100,000 approx for both suburbs. This likely means a larger correction next year for these suburbs? Caulfield's median house price on the other had has fallen by $250,000 - $300,000 in the past 12 months. Caulfield North has decreased by $500,000, Caulfield South decreased by $230,000 and Caulfield East has decreased by $180,000 in terms of median house price in the past 12 months. This explains what you have seen first hand.
     

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  8. johnmteliza

    johnmteliza Well-Known Member

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    Fairfield has decreased by $100,000 approx in the past 12 months. You would be better off holding off and waiting for the market to rise again.
     

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  9. mues

    mues Well-Known Member

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    Got the Coburg and Preston graphs?

    If your into posting - One for Heidelberg heights, Kensington, Stratham and Essendon would be handy.
     
  10. johnmteliza

    johnmteliza Well-Known Member

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    Be mindful that Peston has stabilised since February 2018 and so has Coburg since May 2018. Nonetheless, growth over the past 12 month period. Heidelberg Heights and Kesington has decreased. Essendon’s median house price has increased by $100,000 however the 3 bedroom median house price has decreased by $20,000 in the past 12 months. Strathmore has increased by $130,000 over the same period.
     

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  11. johnmteliza

    johnmteliza Well-Known Member

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    You can view and track all the increases/decreases here: Strathmore Investment Property Market Data

    You can also expand the map and view other key areas in growth outside of Melbourne such as Geelong and the Mornington Peninsula. Other cities and states are also viewable.
     
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  12. albanga

    albanga Well-Known Member

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    Surprisingly has a friend who purchased in Newport OTP in May last year for 790k and settled in December.
    Just had it valued 1 year later and came in at 840k which surprised me.

    Their has not really been any median growth in 18 months but there you have it..
     
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  13. mues

    mues Well-Known Member

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    I’d mark that as stable. That type of value change is within the margin of error.
     
  14. berten

    berten Well-Known Member

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    Yeah, investor Data shows Newport unit median is down from $745k to 633k across the ytd. That’s pretty harsh drop, esp for that bracket.
     
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  15. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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  16. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    "Smallest decline in listings for January that I have seen in a long time. With this amount of unsold stock hanging over from last year, property listings will likely surge ahead in February.."

    Louis Christopher on Twitter
     
  17. JamesP

    JamesP Well-Known Member

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  18. berten

    berten Well-Known Member

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    Data says no. Berwick Property Market, House Prices & Suburb Profile

    Prices were flat for the quarter. Down 15k since peaking in May.

    Holding up very well, but the lower end of the Melbourne market has really only just started to fall.
     
    Last edited: 5th Feb, 2019
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  19. JamesP

    JamesP Well-Known Member

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    That's what they all say! Pretty sure two of those are price records for the Edrington and Kingsmere estates. Never thought I'd see a house sell for 600k on Jarryd crescent

    The markets definitely changed here in terms of demand I was surprised to notice no price falls yet. But you're right I'd imagine they won't be far off. Luckily it never went up much to begin with!
     
    Last edited: 5th Feb, 2019
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  20. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    The current market falls we are witnessing is top down (as it is due to credit tightening rather then IR hikes),
    top end got effected first and most and price falls will trickle down to lower end soon if not already.