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

Discussion in 'General Property Chat' started by jpcashflow, 23rd Nov, 2015.

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  1. jpcashflow

    jpcashflow Well-Known Member Business 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.
     
  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.
     
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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.
     
  4. TMNT

    TMNT Well-Known Member

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  5. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business 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?
     
  6. Propertunity

    Propertunity Exclusive Real Estate Buyers Agent Business 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.
     
  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.
     
  8. Bayview

    Bayview Well-Known Member

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    Damn!
     
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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
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  10. jpcashflow

    jpcashflow Well-Known Member Business Member

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    The market might slow down a tad but vendors with realistically prices will sell!!
     
  11. jpcashflow

    jpcashflow Well-Known Member Business Member

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    I agree with you :)
     
  12. jpcashflow

    jpcashflow Well-Known Member Business 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
     
  13. jpcashflow

    jpcashflow Well-Known Member Business Member

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    These areas you have mentioned are going nuts...
     
  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.
     
  15. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Maidstone is very hot!! Braybrook is cooking but most homes are being bought by developers...
     
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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.
     
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  17. jpcashflow

    jpcashflow Well-Known Member Business 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...
     
  18. MTR

    MTR Well-Known Member Premium 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:)
     
  19. Chrispy

    Chrispy Well-Known Member Premium 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.
     
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  20. jpcashflow

    jpcashflow Well-Known Member Business Member

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    Melbourne west is going buts but good to see other Melbourne parts going well too.