VIC Has the crash come to Melbourne?

Discussion in 'Where to Buy' started by The Y-man, 14th Apr, 2017.

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  1. The Y-man

    The Y-man Moderator Staff Member

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    It might be here!

    Just saw an ad for a house 5km from the CBD, on 1000+ sqm essentially going to the market for the same price that the current owners paid in 2010 :eek:

    I thought the ad looked familiar - it was put up for sale last July (2016) and pulled off market. Now going for auction.

    Could be a bargain pick up for someone.

    The Y-man
     
    The Y-man, 14th Apr, 2017
    #1
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  2. Scott No Mates

    Scott No Mates Well-Known Member

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    @The Y-man - what's wrong with it? Subject to road widening, easement, structurally unsound, dodgy agent?

    How close to land value?
     
    Scott No Mates, 14th Apr, 2017
    #2
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  3. The Y-man

    The Y-man Moderator Staff Member

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    Gen Res Zone (R1Z)
    Heritage overlay.

    House looks heavily reno'd and extended.

    The Y-man
     
    The Y-man, 14th Apr, 2017
    #3
  4. Momentum

    Momentum Well-Known Member

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    Got a link?
     
    Momentum, 14th Apr, 2017
    #4
  5. KateAshmor

    KateAshmor Victorian Conveyancing Lawyer Business Member

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    The vendor may be in financial trouble or need to sell to fund a purchase/relocate. The neighbours may be awful. The orientation/sunlight could be bad. Many possible reasons why they are selling and for that price range.
     
    KateAshmor, 14th Apr, 2017
    #5
  6. Chrispy

    Chrispy Well-Known Member

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    If it is an auction then using an old price might be just to get people interested
     
    Chrispy, 14th Apr, 2017
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  7. MTR

    MTR Well-Known Member

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    they never under quote do they??:p
     
    MTR, 14th Apr, 2017
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  8. Scott No Mates

    Scott No Mates Well-Known Member

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    It's starting to cool down. I better put on an overquote. :rolleyes:
     
    Scott No Mates, 14th Apr, 2017
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  9. The Y-man

    The Y-man Moderator Staff Member

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    Possibly - you would think the stamp duty and reno alone would kill 15%.

    The Y-man
     
    The Y-man, 14th Apr, 2017
    #9
  10. The Y-man

    The Y-man Moderator Staff Member

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    Pm'd you. Don't want to look like I am doing free promos! :)

    The Y-man
     
    The Y-man, 14th Apr, 2017
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  11. Optimistic M

    Optimistic M New Member

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    Maybe not a crash yet but definitely getting more difficult to purchase properties as banks tighten lending. It will be interesting times ahead should interest rates go up...
     
    Optimistic M, 17th Apr, 2017
    #11
  12. google boy

    google boy Well-Known Member

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    I think Melbourne and Sydney will be the New York of Australia
     
    google boy, 17th Apr, 2017
    #12
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  13. Joynz

    Joynz Well-Known Member

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    This will be why. Unless they really overpaid back in 2010.

    Y-man could you post the price it sells for (since you haven't posted the link here).
     
    Joynz, 17th Apr, 2017
    #13
  14. willister

    willister Well-Known Member

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    Haha so my crystal ball was true? Having said that this may be an exception to the rule or really the tsunami has claimed its first victim? All auctions I've been attending have basically been 100-150K above what it was advertised for.
     
    willister, 17th Apr, 2017
    #14
  15. The Y-man

    The Y-man Moderator Staff Member

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    Sure - I hope thy disclose the price though!

    The Y-man
     
    The Y-man, 17th Apr, 2017
    #15
  16. Wendy Chamberlain

    Wendy Chamberlain Well-Known Member

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    2 common things in the Melbourne market right now - 1. the agents quote below what the property is worth. 2. the buyers take it way past the reserve anyway. Be interested to see what it sells for
     
    Wendy Chamberlain, 17th Apr, 2017
    #16
  17. Big Will

    Big Will Well-Known Member

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    When it sells, put a link up with the with the Quoted price and sale price and what the sale price was back in 2010.
     
    Big Will, 18th Apr, 2017
    #17
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  18. Omnidragon

    Omnidragon Well-Known Member

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    Not so much a function of Melb slowing down, more a function of overpaying in 2010. I did the same thing.
     
    Omnidragon, 18th Apr, 2017
    #18
  19. zed_kid

    zed_kid Well-Known Member

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    Wow you’d have to overpay significantly to not see any growth for 6+ years, in arguably the biggest growth cycle to date. Y-man could you please PM the link? Peaked my interest for sure.
     
    zed_kid, 18th Apr, 2017
    #19
  20. dave80

    dave80 Well-Known Member

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    there is no such thing as over paying, property only goes up!
     
    dave80, 18th Apr, 2017
    #20
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