VIC Has the free stamp duty taken off, Or just massive migration to Melbourne?

Just checked recent sales in Werribee around a couple properties I own and prices have jumped 50k each at least. I feel it was only about 2 months ago I was considering selling one when @sash @Cactus and others said to hold. Glad I did and will hold a little longer as this market is exploding.

Is this because the market has gone nuts in outer areas due to extremely high migration or because of the free stamp duty to first home buyers?

 

My money's on high migration.

 

The so called "free" stamp duty has already disappeared - its been gobbled up by jacked up prices. Land sales companies deserve a special mention for greed. Blocks of land I looked at just over a month ago that were $250,000 are now $350,000.

 

Gees that much. What area?

 

Outer SE report from a couple of local agents, a bit quieter leading up to 1st July but since then buyers are out from everywhere & very strong on the ground. So would say the stamp duty changes have done it.

 

Mixture of both I reckon. Glad holding worked for you barny. I managed to secure a small Lot in Werribee on the 30/06...

 

Didn't I recommend jacking up your price by 10x the saving on stamp duty?

Someone listened

 

Where else is booming

 

is anyone considering buying an older block in warribee and surrounds?

 

Its people like myself who heard about first home buyer grant and suddenly decided to buy a house lol. Finding it hard to find something that is still for sale withing my budget. 90% of the properties i enquired about were already sold!

 

I think I can see a bit of a pickup. In the Western side of Melbourne there was a noticeable slowdown May/early June. But since July things have picked up again and booming

 

U would be glad to know a half burnt house nearby urs with a order from council prohibiting occupancy just went for 725k 2 weeks ago

 

What about in NSW ? Has the the new stamp duty exemption from 1 July had any effects ?

 

Posted this elsewhere but this is what I am seeing in St Albans

Houses that were selling for $550000 2 months ago are now going for $620000+

2 Ibsley Court, St Albans, Vic 3021 - Property Details
29 Gillespie Road, St Albans, Vic 3021 - View Sold History & Research Property Values - realestate.com.au

and houses selling for $600000 only 2 months ago are $650000
1 Orford Road, St Albans, Vic 3021 - Property Details

This is happening Melbourne wide but shows great growth of $60000 in 2 months!

 

Houses like this were selling at 340-350
3 months back, now 410k.

https://www.realestate.com.au/sold/...au/sold/property-house-vic-werribee-126012186

18 ventosa way Werribee

 

For example of cheaper houses not too long ago
16 Harleston St May sold for $602000 (now 650000)
16 Harleston Street, St Albans, Vic 3021 - Property Details


And examples of St Albans West sold for $550000 and $565000 (now $630000)
12 Altyre Court, St Albans, Vic 3021 - Property Details
7 Revell Crescent, St Albans, Vic 3021 - Property Details

 

@Barny it's happening all around Melbourne that's a $60000 jump

 

Yep sure is. It has to be a combination of lots of migration and the free stamp duty. Wonder if homes over 800k (no free stamp duty)have increased Melbourne wide over the past 3 months?

 

Cranbourne West but now they want $410,000 for a 440sqm block.!

 

some has - look at this article below -- even rain isn't stopping a surburb's first 2 mil dollar sale.
Northcote 3.4 mil - those are like nearly Camberwell and Brighton house prices.

was there at one of the auctions - been saying it all along this "flow on" effect. Commies? nah... blame the Italians and greeks.

Melbourne auctions: Two stand-out regions at auction, Preston sees first $2m sale