Market movement in SE Melbourne

Discussion in 'Property Market Economics' started by 3rd Drop, 7th Dec, 2019.

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  1. 3rd Drop

    3rd Drop Well-Known Member

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    Melbourne, VIC
    Hi Guys,
    I have been keeping an eye on this market for the last few years and bought one immediately before the election. I put a few offers before ending up getting one in February this year. Among my other offers, one was this listing below:
    https://www.realestate.com.au/sold/property-house-vic-glen+waverley-130393762.

    The property was listed for $800 - $880k and I offered $913k just after the first opening. The property was sold for $918k after a few days and the agent didn't even ask for a 2nd offer from me. Anyway, I was looking at the auction result today and just saw this one got sold again for...$1.12M, a difference of $202k in 10 months.

    Is this just one property I know and is this the general scenario of the market? Where is the market heading to?

    What's your thoughts? Share some example so we can compare.

    Note: They have just changed carpets and painted the walls before putting this back to market.
     
    Joseph Attia likes this.
  2. hieund85

    hieund85 Well-Known Member

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    Just curious. I do not see the sold price in Feb like you said. Can they hide it?

    Back to your question, I have seen an average of 10% increase in the areas (Burwood/Burwood East/Vermont/Vermont South/Glen Waverley) in the last 6 months.
     
    3rd Drop and korando1234 like this.
  3. 3rd Drop

    3rd Drop Well-Known Member

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    Melbourne, VIC
    Thanks @hieund85. Somehow they have cleared this from the database.
    Please see some evidence below:
    45 King Arthur.jpg
     
    hieund85 likes this.
  4. willister

    willister Well-Known Member

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    What's been driving this demand, the immigrants from Hong Kong looking to relocate? Doncaster/Doncaster East, Vermont, Wantirna and to a lesser degree Box Hill and Glen Waverley were Hong Kong strongholds before the influx of Mainland Chinese immigrants.

    My folks still live in GW and I'm very surprised prices still hold pretty well there.
     
    3rd Drop likes this.
  5. Triton

    Triton Well-Known Member

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    Location:
    Vic
    Not just confined to Asian suburbs and houses with land.
    Eg 1
    1/25 Durham Street Eaglemont VIC 3084 Sold Prices and Statistics
    Sold for 985 in aug 2018 and 1.16m in Dec 2019.
    Eg 2
    Unit 1 993k in jul 2019
    Unit 2 1.11m in Dec 2019
    1/3 Bronte Street, Heidelberg, Vic 3084 https://www.realestate.com.au/sold/property-unit-vic-heidelberg-131502518
    2/3 Bronte Street, Heidelberg Sold 2/3 Bronte Street, Heidelberg VIC 3084 on 09 Dec 2019 - 2015910601 | Domain
    Clearly not sustainable, but I get the feeling that autumn 2020 will be a great time to sell.
     
    Last edited: 15th Dec, 2019
  6. hieund85

    hieund85 Well-Known Member

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    Been to several auctions for both houses and units. Most of buyers/bidders are families with school-aged kids from both OZ/Asian background. I think stocks in good school zones in the range of $800k-$1.2mil are in high demand. But there are some investor-graded stocks (old house but big land with easy subdivision potential) also selling well too.
     
  7. Younginvestor2

    Younginvestor2 Well-Known Member

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    Went to 2 open for inspections this morning in Glen Waverley.
    I counted the people there-
    9 groups in the first house, 7 groups in the other townhouse. These are only the groups that were there when I was there for 5-10 minutes.Market there seems very hot.
    Can’t tell what’s happening in any other suburbs.
     
  8. albanga

    albanga Well-Known Member

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    In Valley Lake near me I saw 500k in under 12 months.