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

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

 

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.

 

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

 

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.

 

Thanks Mues

 

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.

 

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.

 

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.

 

Got the Coburg and Preston graphs?

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

 

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.

 

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.

 

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..

 

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

 

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.

 

Look at the increase in listings from a year ago

• Melbourne 42%
• Sydney 22%

Pete Wargent (@PeteWargent) | Twitter

 

"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

 

A snap shot of my favourite area Berwick tells me prices have grown considerably last quarter

12 Mansfield Street, Berwick, Vic 3806
28 Jarryd Crescent, Berwick, Vic 3806
36 Edrington Park Drive, Berwick, Vic 3806
7 Loders Way, Berwick, Vic 3806

I know the area well. Most homes are still selling at peak price or even a touch higher over the summer. Only noticeable difference is they are taking longer to sell!

 

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.

 

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!

 

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.