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Melbourne house prices fell over November: RP Data

Discussion in 'General Property Chat' started by bernardblack, 2nd Dec, 2015.

  1. bernardblack

    bernardblack Active Member

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  2. Perthguy

    Perthguy Well-Known Member

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    It depends. What is a crash?
     
  3. Big Will

    Big Will Well-Known Member

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  4. sash

    sash Well-Known Member

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    Agree...but there are markets within markets...whilst the median will keep falling...but in some areas prices are taking off. In particular the outer suburbs......this is why I find the median price stats misleading...I don't pay attention to them.

    Get on the ground to see what is really going on...
     
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  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Month-on-month data is not worth paying too much attention too unless the preceding and proceeding months all indicate the same trend.

    And as @sash says, a city is not a suburb..or a street.
     
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  6. melbournian

    melbournian Well-Known Member

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    It's a macroeconomic view of Melbourne if u include every single suburb from dromana to Geelong and further beyond to Ballarat

    All the auctions I have been in east and west over last few weeks more than 20 have been like a shark frenzy with the exception of braybrook
     
  7. Big Will

    Big Will Well-Known Member

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    Completely agree and if you click the quarter it has gone back 0.5%, I would call this flat.
     
  8. bernardblack

    bernardblack Active Member

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    My mate bought a house in Maidstone, offered below market value before auction and got accepted. May be he was just lucky.
     
  9. bythebay

    bythebay Well-Known Member

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    been doing FIFO trips to Melb for inspections & auctions, utterly exhausting
    was at an auction 2wks ago, about 50ppl on site, 5 bidders [we were the underbidder], went for 1k more than our bid, lovely house in Maribyrnong municipality area, makes a good PPOR, but yield is about 3.5%, just couldn't justify paying a cent more as an IP
    the market looked pretty hot to us ... almost decided to give up on Melb as those experiences are starting to remind us of the crazy Sydney days ...
     
  10. melbournian

    melbournian Well-Known Member

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    tell me it wasn't 16 burns St maidstone - that went for a bargain.(i wanted it but was overseas)
     
  11. sash

    sash Well-Known Member

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    Here is a more realistic assessment of what is happening in the market from a stats view..even in these charts they have the performance of Darwin off kilter. And the correction in Sydney is yet to show...thus the need for confirming on the ground...

    Property News – onthehouse.com.au
     
  12. Pins

    Pins Well-Known Member

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    Interesting. From that analysis you could assume brisbane might cool off quicker than we think albeit her argument about attracting investment from Sydney investors priced out could give it a further run
     
  13. sash

    sash Well-Known Member

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    e
    Brisbane may cool sooner...as the number of people moving there is not as big as Melbourne. Population drives prices....interestingly enough this will be the same catalyst for the Sydney correction.....time will tell.
     
  14. Bayview

    Bayview Well-Known Member

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    No crash; just the ending of the boom; going flat; slow growth for a while.

    Please god; make the market crash - so I can pick up a bargain ;):p...thinking only of my self of course. :cool:
     
  15. albanga

    albanga Well-Known Member

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    1 months data! That's got to be gospel right?
     
  16. Barny

    Barny Well-Known Member

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    Lol, if the market crashes then that becomes the new norm, so not really a bargain, as everything else will correct itself too.
     
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  17. MTR

    MTR Well-Known Member Premium Member

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    Exactly, and then its about how low will it go, do you jump in and think that its a bargain when in fact you paid too much.

    I am a believer, I have had a good run in Melb, I'm still hanging around:)
     
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  18. big max

    big max Well-Known Member

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    I think Melb will remain flatish for a while. No great need to sell though. But if you are looking to make gains like we saw in Sydney last 3 years then Queensland is the place to be. Specifically Brisbane and Gold Coast.
     
  19. MTR

    MTR Well-Known Member Premium Member

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    love your avatar:)
     
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  20. big max

    big max Well-Known Member

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    Thanks man. I've actually lived in lots of places in Oz. Been in and out of Sydney market last 3 cycles. But now pretty much focussed on Brisbane and Gold Coast :)
     
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