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Melbourne best performer 2016, to overtake Sydney

Discussion in 'General Property Chat' started by MTR, 26th Jul, 2016.

  1. MTR

    MTR Well-Known Member Premium Member

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    No talking up, no BS...don't need to, facts speak for themselves

    .........just keep going you beautiful thing:)

    Mentioned this before affordability, affordability, bread and butter areas, good infrastructure and relatively close to CBD.
    Melb is cheap in comparison to Sydney market and has been for quite some time.

    Melbourne to overtake Sydney in 2016 as the best performing capital city for market growth: HTW

    Melbourne is expected to overtake Sydney in 2016 as the best performing capital city in terms of market growth in house values, with property price growth expected to hover around 8 percent in Melbourne while Sydney is expected to see growth of about 4 percent according to Herron Todd White.

    According to HTW's latest market review, the apartment market for central Melbourne has started to soften with a 0.5 percent drop in unit prices for the first quarter of 2016, including a fall of 0.9 percent in March, and is attracting those priced out of the Sydney market.

    "With the steep price of housing in Sydney, home buyers are finding it unaffordable and are looking to other capital cities such as Melbourne," HTW said.

    "Melbourne is expected to overtake Sydney in 2016 as the best performing capital city in terms of market growth in house values with property price growth expected to hover around 8 percent in Melbourne while Sydney is expected to see growth of about 4 percent.

    "Comparing Sydney’s median house price of $995,804 at the end of the March 2016 quarter with Melbourne’s median house price of $713,000, housing is evidently more affordable in Melbourne. Melbourne’s median house price has had a steady growth over the past few years since the GFC demonstrating the strength of Melbourne’s economy and overall property market. "


    MTR
     
    Last edited: 26th Jul, 2016
  2. JohnPropChat

    JohnPropChat Well-Known Member

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    Nice but aren't they at different points in the their respective cycle. Sydney peaked, Melbourne rising hence higher growth?

    PS: I am looking in Melbourne as well.
     
  3. MTR

    MTR Well-Known Member Premium Member

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    your right many areas have seen significant growth, however I believe there is still upside in particular west.

    A certain BA advised that inner city west is going nuts, it's catch up time, undesirable areas are changing and cafes popping up etc

    happy hunting
     
  4. larrylarry

    larrylarry Well-Known Member

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    My relo just sold up in Glen Waverley and downsize to Malvern. Melb market looks exciting.
     
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  5. MTR

    MTR Well-Known Member Premium Member

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    Have not investigated house and land packages in Melb burbs, but perhaps these may be worth considering.
    I would always consider selling some to mitigate risk
     
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  6. Barny

    Barny Well-Known Member

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    Which suburbs of inner city west are you referring to? To many places in Melbourne are hot right now
     
  7. MTR

    MTR Well-Known Member Premium Member

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    Footscray is one area
    Check out auction sold prices of all inner west suburbs
     
  8. Barny

    Barny Well-Known Member

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    Footscrazy has been hot for years
     
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  9. MTR

    MTR Well-Known Member Premium Member

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    I actually never looked at Footscray, it always gets bagged
     
  10. Barny

    Barny Well-Known Member

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    They have the best Vietnamese rolls ever at the corner store...line up all the way out the door.
    Seriously though, had a bad rep for years but it was a place to buy years back. With today's prices going nuts in Melbourne, most of these locations with a bad rep are great buys, so close to the city at reasonable prices.
     
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  11. MTR

    MTR Well-Known Member Premium Member

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    even Broady....:)
     
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  12. MTR

    MTR Well-Known Member Premium Member

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    I think smart money already jumped into Melb at least 12-18 months ago. However I would still buy in Melb in selective areas over Brissy, more upside just my opinion
     
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  13. larrylarry

    larrylarry Well-Known Member

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    I had yum cha in Footscray more than a week ago. Didn't feel like eating pho but yes lots of people eating Vietnamese food. Lots of apartments.
     
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  14. MTR

    MTR Well-Known Member Premium Member

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    Vietnamese my favourite, and generally healthy fresh
     
  15. Barny

    Barny Well-Known Member

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    Yep even broady. Broady has an awesome location and transport hub. I rate it.
     
  16. MTR

    MTR Well-Known Member Premium Member

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    what about surrounds Dallas etc and I don't mean Texas:) though I am looking....

    Glenroyd has already had significant growth
     
  17. Iamnumber5

    Iamnumber5 Well-Known Member

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    Has anyone been paying attention to Sunshine?
    I personally think there is a lot of potentional growth in the near future.
    800 million railway upgrade to include regional railway (Bendigo, Ballarat, Geelong), 28 hectare (4-5 the size of Melbourne city) zone change from industrial to mixed use development, town center upgrade (forget the dollar figure), Victoria university 40 million upgrade.
    Sunshine is projected to be the central of west Melbourne, and the good thing is it's location which is just 12 km from city.
     
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  18. Barny

    Barny Well-Known Member

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    Lol if you mention a suburb, it means you've already looked into it.

    Glenroy flow on affect for sure if prices keep rising in Melbourne, Broadmeadows and Dallas have similar median prices, 50k difference.
    I prefer broady as it's heaps quicker into the CBD by train. Bout 10 min quicker. And I prefer the area.

    My idea is to keep things simple. I don't care what stigma is attached to an area as I will always look past it, and eventually all those numb nuts that had stigma issues will eventually buy there as its all they can afford at a higher buy in price. Eg Footscray/Frankston.
    If population continues to grow in Melbourne like it has, it will continue to put pressure on property prices that are affordable now.
    Distance to CBD for jobs is important, roads and transport are important.
    Simple as that.
    Others can go and procrastinate over areas that are getting a new railway crossing thinking it will make the area boom, what ever.
     
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  19. WattleIdo

    WattleIdo renovating Premium Member

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    Go Franga!
     
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  20. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    We have a situation in both Melbourne and Sydney whereby you build affordable and decent housing and the masses will come running. The more the medium increases in both cities the more "valuable" affordable housing becomes.
     
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