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VIC For those Active in the Melbourne market....Is Melbourne cooling ?

Discussion in 'Where to Buy' started by See Change, 4th Nov, 2015.

?

what is happening in Melbourne following the APRA changes ?

Poll closed 25th Nov, 2015.
  1. No change , market still strong

    7 vote(s)
    14.6%
  2. Markets cooled slightly , but still going quite strongly

    11 vote(s)
    22.9%
  3. Definitely cooler , though good properties still selling well

    16 vote(s)
    33.3%
  4. Much cooler , everything's taking longer to sell and the lesser properties are just sitting there

    2 vote(s)
    4.2%
  5. Market ... What market ?

    0 vote(s)
    0.0%
  6. No idea , I don't watch Melbourne .....

    12 vote(s)
    25.0%
  1. See Change

    See Change Timing Lord Premium Member

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    Following on from my brissie vs Melb poll ...

    OK , Sydney's cooling after the APRA changes , some places more than others and there might be occasional spots that are still travelling well .

    Last time Sydney peaked in 2003 , it went sideways until after the GFC , however Melbourne continued to move up from a median of around 400 to the low 500's , closing the gap on its northern rival .

    What are people seeing happening on the ground in Melbourne at the moment ?

    Obviously post area specific comments .

    Cliff
     
    Sam Yue likes this.
  2. sash

    sash Well-Known Member

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    Inner Melbourne units is cool as ice now...
    Inner Melbourne houses and most mid level houses have also gone up to the point they are cooling.
    The suburbs targeted by immigrants under say 450k are doing reasonably well
    New H&L areas where they are say under 35 klms North, 30 klms West, 55 klms Southeast, and Geelong are also doing reaonably well. Developers do not have titled land and there is a 9-12 month wait.

    This is my 2 cents...I have a vested interest as I am targeting these areas.
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    I think the Melb market is strong at the moment. I have 2 projects on the go and have practically sold all my OTP stuff, only 1 townhouse left, this is 15-17 km north of Melbourne. They are all FHB interested in this product, lower end $350-370K

    My other project is with council and East, from my enquiries with re agents and how quickly product is selling I thing still strong market.

    Obviously the market has been strong for some time now and APRA will effect many buying, but I believe its the FHB that are in full swing in this market at the moment.

    My suggestion depending on strategy is buy close to rail, zone 1 if possible and stick to lower end.

    MTR:)
     
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  4. Perthguy

    Perthguy Well-Known Member

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    I'm only really closely following Heidelberg and surrounding suburbs. Sales and prices are still strong in the area with development sites selling particularly well. I expect this to continue into December.
     
  5. andrew_de_a

    andrew_de_a Active Member

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    Location:
    Melbourne
    Apartment market cooling, housing market still strong.

    Investor stock too is cooling.
     
  6. See Change

    See Change Timing Lord Premium Member

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    Where abouts are you looking ?

    Cliff
     
  7. Esel

    Esel Well-Known Member

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    ive only really followed family homes in the inner north and north east, but they seem to be selling well for high prices. lots of exceptional homes sold too.
     
  8. juzzy

    juzzy Well-Known Member

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    Melbourne
    Houses? No, not in the inner suburbs that I have been following. Even attached houses are going strong.

    Townhouses and Units? I couldn't tell you.
     
  9. MTR

    MTR Well-Known Member Premium Member

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    There has always been an oversupply of apartments in inner city Melb for years right???
     
  10. tone1

    tone1 Active Member

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    For housing, there is less competition at the moment given the influx of supply, 1000+ auctions across Melbourne metropolitan area each week and will remain that way until early December. Haven't really noticed any outrageous results as of late in the areas I follow, growth has definitely slowed, but houses are still easily selling for what they are worth.
     
  11. See Change

    See Change Timing Lord Premium Member

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    That's been the mantra on the forum way back to the last cycle when Henry Kaye was around . Avoid Southbank / docklands ( though we liked docklands when we stayed there ..)

    But obviously there a whole ring of suburbs a few k's out which have stock from the 70's / 80's which might be in a different category . Any thoughts ?

    Cliff
     
  12. Esel

    Esel Well-Known Member

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    What areas are you talking about?
     
  13. JDP1

    JDP1 Well-Known Member

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    Brisbane
    Generally ok..apartments cooled a bit due to new supply. Most well located stuff with some land holding firm... Although clearance rates are down but medians holding relatively firm. at peak I'd say...some more banks raising might tip it into a stronger southward direction. Else might linger around this level or slightly downwards for a while.
     
  14. MTR

    MTR Well-Known Member Premium Member

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    Yes, your correct.
    I am not an expert in these pockets and my focus has been development sites.

    The major growth in this cycle has been in the East, those wanting properties in good school precincts.

    I suppose its a little tricky at the moment because the market has moved so much and probably closer to peak.

    As I mentioned from my observations you are safer to stick to lower end product that will attract FHB, as they are in full force at the moment and assume prices will continue to stay strong.

    The other alternative is do nothing especially if you are chasing growth, I know it may be hard to do but just my 2c worth.

    MTR:)
     
  15. R377

    R377 Well-Known Member

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    Adelaide - Southern
    How is Thomastown going after the shooting fatality last week ?
     
  16. Esel

    Esel Well-Known Member

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    Melbourne
    I was in thornbury recently, which seems to have a hipster breeding program. According to realestate.com.au the median price for one bedders peaked in 2010 at 325k. the Median price in the year up to sept 2015 was 285k.
     
  17. MTR

    MTR Well-Known Member Premium Member

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    Interesting, the Melb boom cycle in 2008 started with inner city and older units in prime inner city locations experienced amazing growth, not sure how far they dropped once the market turned??.

    I had no idea Thornbury is now hipsterville, how times have changed.

    MTR:)
     
  18. Esel

    Esel Well-Known Member

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    Total hipsterville with craft beer bar, huge food truck beer garden and hipster barbers.
     
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  19. tone1

    tone1 Active Member

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    Location:
    Melbourne
    Inner/middle ring western suburbs mainly.

    I was there over the weekend, first time in maybe 6 months, and High Street has dramatically transformed. It used to be a little quieter, now it rivals the Northcote section.
     
  20. HappyCamper

    HappyCamper Active Member

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    Location:
    Sydney
    I've been trying to buy in St Albans for a few months and think it's still very hot. Got blown out of the water at an auction next to Sunshine Hospital 3-4 weeks ago that went for at least 20% more than it should have.