Melbourne deals

We are relocating to Melbourne before Christmas (was meant to be Pre Covid) and have been keeping my eye on a few suburbs with the intention of purchasing mid/late next year

Kensington/ascot vale/moonee ponds seem to be the favourite so far and honestly I think you can get some great properties at reasonable prices, I love some of the character tree lined streets in ascot vale and Kensington, as well as proximity to my office in sunshine and the CBD

Have not explored the east, spent a lot of time driving around eastern suburbs but nothing really stood out.

Am I correct in saying these properties look cheap? I would have thought last year most of these would be fetching $100-$200k + higher on a few of these

https://www.realestate.com.au/property-house-vic-moonee+ponds-134751514
$1.15-$1.25 ($1.4m + last year?)

https://www.realestate.com.au/property-house-vic-kensington-134565302
$1.025m - $1.125m ($1.2m+ previously)

https://www.realestate.com.au/property-house-vic-ascot+vale-134052650
Just over $1m

https://www.realestate.com.au/property-house-vic-kensington-133881630
$895k - $1.08m

https://www.realestate.com.au/property-house-vic-brunswick-134753726
$900k - $950k

https://www.realestate.com.au/property-house-vic-kensington-134498250
$895k

https://www.realestate.com.au/property-house-vic-brunswick-134653958
$820 - $900k

 

I haven't really been keeping an eye on that part of town. But I'm finding that anything that sold in Melbourne between 2016 and 2019, and is back on the market, is asking about 10% to 20% more than last time.

For example, this place sold for $1.23 million in 2016, and is now under offer with a guide of $1.3 to $1.4.

https://www.realestate.com.au/property-house-vic-kensington-134622734

Asking prices in the inner Eastern suburbs and Bayside seem to be holding up. Around Eltham seems to be rising, and the Mornington Peninsula has gone mad.

Then there are reports from PEXA that prices in Melbourne are down 9% this year...

https://www.smh.com.au/business/the...took-hold-new-data-shows-20201022-p567j0.html

Honestly, I don't know what is happening, and delays in data coming out give us a very backward view.

 

Interesting, I agree there's still some strong sales around but it seems to be for the all ready well finished properties

it appears there's some opportunity to pick up un renovated stuff at a discount

 

Feedback from agents is that market is very strong and increasing due to low stock..similar to bris as it exited covid restrictions

 

Not sure about the area.

For Eastern suburbs, I will try to bid 2016 prices. But nothing sold that low yet lol. Some are close though

 

That MP one can’t be right! That’s a ripping house and size for that price. I’m only down the road in Niddrie but we want to finish up in MP. At that price I would move now.

 

Spoke too early it’s on scotia st. Very busy rd.

 

Seems to be the case. Also small 2 bedders with little private outdoor space nor car park are suffering due to covid especially at 1mill mark (most buyers would be couples in need of a study and everyone is driving these days). Could be good buying before people remember the pain of long commutes.

That spot in MP near the river is mint. Anglers tavern is a fine establishment!

You could try Seddon too. Its great due to the restrictive development overlays they have there.

In saying that I feel like the east starting from kew onwards is a bet that someone of Chinese or Indian descent with much bigger pockets than locals will one day buy you out. This compared to the suburbs you have listed which mostly appeal to locals/dinks/downsizers whose incomes / interest in these areas could be declining.

However, they do offer a more lively atmosphere to the east which appeal to more families focused on space and schooling.

 

Thats interesting. Which areas and what price ranges are you seeing weakness if you dont mind sharing?

 

Mont Albert, Surrey Hill, Box Hill, 1.5-3 m. Nope, not much weakness showed so far. Guess very little of the money invested here is going back to China lol.