VIC Media Fluff - Regards to a Cooling Market - Melbourne Market!!

Discussion in 'Where to Buy' started by Johann_, 23rd Nov, 2015.

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  1. Johann_

    Johann_ Well-Known Member

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    For the last couple of months, the media has been saying that the Melbourne property market has been cooling down "etc".

    I noticed that the REIV in Melbourne as stated that auction clearance rates where at 65% over the weekend.

    Does this mean the property markets slowing down? Here are some pointers....
    1) Did you know that not all agents report the auction data to REIV?
    - There are allot of vendors who do not want to disclose the sale / price.
    2) When a home does not sell at auction, some times its because the VENDORS want to much for the home...
    3) It only takes one buyer to buy a home, so when you hear about less people attending auctions, its not a refection of the market cooling. I know so many people who go auctions just for educational purposes.
    4) If the house is priced right, it will sell simply as that.
     
    Johann_, 23rd Nov, 2015
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  2. Bayview

    Bayview Well-Known Member

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    A rate rise next month will definitely cool it off...there have been murmurs about it.

    Right now is our "selling season" in Melb - so it's all-a-frenzy - but without this; the media might actually be close to correct.

    Personally; I hope the markets' collective backsides falls out and I can buy another PPoR at the bottom of the market.
     
    Bayview, 23rd Nov, 2015
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  3. S.T

    S.T Well-Known Member

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    The REIV should make all their members report auction sales, no big deal if price paid is not recorded - buyers and vendors are entitled to their privacy.
     
    S.T, 23rd Nov, 2015
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  4. TMNT

    TMNT Well-Known Member

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    TMNT, 23rd Nov, 2015
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  5. Propertunity

    Propertunity Well-Known Member

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    Not publishing price paid at auction is just silly IMO. Were there not a whole bunch of people, 20, 30, maybe 50+ people at the auction who saw & heard what the final price bid was when the auctioneer dropped the hammer? How can that remain a secret for long?
     
    Propertunity, 23rd Nov, 2015
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  6. Propertunity

    Propertunity Well-Known Member

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    I understand why you want that, but as I say to my guys, "Hope is not a strategy". Cheers BV.
     
    Propertunity, 23rd Nov, 2015
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  7. S.T

    S.T Well-Known Member

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    There was only about 8 at an auction I went to on Saturday and the property was sold after negotiation with the highest (and only) bidder. You can always contact the agent to find out the price, or wait the ~3 months for it to be released.
     
    S.T, 23rd Nov, 2015
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  8. Bayview

    Bayview Well-Known Member

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    Damn!
     
    Bayview, 23rd Nov, 2015
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  9. melbournian

    melbournian Well-Known Member

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    i went to auctions in braybrook, maidstone and sunshine.

    maidstone (chinese vs vietnamese vs caucasian) all fighting for bids (hottest) - in the end chinese won. (cars driven - porsche, lexus, mercs)
    sunshine (vietnamese vs caucasian) flighting for bids (50/50 in this case) - many ppl came on foot.
    braybrook (vietnamese - limited action passed in - couple didn't even break 500K for 550sqm more site - 90s commodore and early 2000s toyota corolla).

    Bear in mind these suburbs were like 1-2kms aparts from each other
     
    Last edited: 23rd Nov, 2015
    melbournian, 23rd Nov, 2015
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  10. Johann_

    Johann_ Well-Known Member

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    The market might slow down a tad but vendors with realistically prices will sell!!
     
    Johann_, 23rd Nov, 2015
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  11. Johann_

    Johann_ Well-Known Member

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    I agree with you :)
     
    Johann_, 23rd Nov, 2015
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  12. Johann_

    Johann_ Well-Known Member

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    I had a family friend who wanted the result to be a secret so other family members would not know that they sold there house for 1.4 Million but what they didnt know was that some family where hidden with the crowd lol
     
    Johann_, 23rd Nov, 2015
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  13. Johann_

    Johann_ Well-Known Member

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    These areas you have mentioned are going nuts...
     
    Johann_, 23rd Nov, 2015
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  14. melbournian

    melbournian Well-Known Member

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    @jpcashflow - maidstone i feel was crazy it is like the east now. braybrook hmmm not really from this week i didn't like the area as well. wasn't sure about other weeks.
     
    melbournian, 23rd Nov, 2015
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  15. Johann_

    Johann_ Well-Known Member

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    Maidstone is very hot!! Braybrook is cooking but most homes are being bought by developers...
     
    Johann_, 23rd Nov, 2015
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  16. melbournian

    melbournian Well-Known Member

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    agree maidstone is really really hot (once the chinese are in the mix - whole new ball game) but i felt braybrook looked very bad in terms of infrastructure wise and also bit dodgy - it has potential. i much prefer sunshine over braybrook.
     
    melbournian, 23rd Nov, 2015
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  17. Johann_

    Johann_ Well-Known Member

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    Braybrook looks Dody but don't be fooled... its only a moments walk to footscray and a short bus trip to Totenham station.

    Only a few years ago Sunshine had the same stigma...
     
    Johann_, 23rd Nov, 2015
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  18. MTR

    MTR Well-Known Member

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    I just back from Melb, I can not talk for all areas, but my particular markets are still going well, developments are selling above asking price and Croydon seems to still be going gangbusters, properties selling quickly.

    I believe FHB are still strong in this market.

    I am still getting agents phone me regarding my projects, its when they stop phoning you need to worry.

    MTR:)
     
    MTR, 23rd Nov, 2015
    #18
  19. Chrispy

    Chrispy Well-Known Member

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    Montmorency is selling very well. Auction signs are going up then 2 days later a sold sticker is across it. 5 houses in the Montmorency area have sold in the last 2 weeks without going to auction.
     
    Chrispy, 23rd Nov, 2015
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  20. Johann_

    Johann_ Well-Known Member

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    Melbourne west is going buts but good to see other Melbourne parts going well too.
     
    Johann_, 23rd Nov, 2015
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