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VIC Melbourne is on the move

Discussion in 'Where to Buy' started by Be Developer, 25th Jun, 2015.

  1. Be Developer

    Be Developer Property Developer Business Member

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    There was a thread on SS talking about Melbourne that , in context of we will see more threads starting on Melbourne.
    http://somersoft.com/forums/showthread.php?t=109684

    I am biased as i have invested lot in Melbourne (development sites)

    this is an article in newspaper today:
    http://www.smh.com.au/federal-polit...as-fastest-growing-state-20150625-ghxj27.html



    i personally like it for lot of reasons..

    good migration (local and international)
    Job growth
    Infrastructure spending
    lower housing cost (compared to Sydney)



    as discussed with @sash on other thread.. activity happens on ground first, data appears on computer later

    This is what i said on 14/06/2015 Post #2
    http://somersoft.com/forums/showthread.php?t=109629
     
    Last edited: 25th Jun, 2015
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  2. strongy1986

    strongy1986 Well-Known Member

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    Very much agree with this

    Prices are back up to 2010 levels in the outer burbs and ready to go much higher I think

    Only problem is the yields are pretty bad
    I have a couple of target areas but won't talk them up as I'm awaiting a refinance which has dragged on for about 6 weeks.
    Banks changed there policy a couple of weeks ago and I've been caught in the s$&@ storm.
    Meanwhile been watching opportunities slip by that I'm sure won't be around in a few months
     
  3. jaybean

    jaybean Well-Known Member

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    It's the worst feeling.
     
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  4. Be Developer

    Be Developer Property Developer Business Member

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    prices are already been moving up north since last AUG...

    i paid 920k for mine in feb ..yet to settle
    prop across mine sold for 1.2 few weeks ago
    prop few doors away sold for 1.4 million (much better house, but the whole street is getting bulldozed)

    WTF:):)

    once my settlment goes thru (Couple of months to go).. i have few options to look at!
     
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  5. strongy1986

    strongy1986 Well-Known Member

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    Well in the august thing it depends where your looking
    I'm sure there were places moving last June
    Areas I'm looking at have only started going last couple of months
    Much cheaper than what you have quoted!
    Well done
     
  6. Be Developer

    Be Developer Property Developer Business Member

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    agree!

    this summer auction results will be interesting!!
     
  7. Lollie

    Lollie Active Member

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    might be lower housing cost compared to Sydney but stamp duty is higher and yields are awful.
     
  8. MTR

    MTR Well-Known Member Premium Member

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    Amazing, love boom cycles.

    East has had phenomenal growth.

    Agents are still struggling to find stock, no signs of slowing down yet.

    Anyone jumping in at this stage of cycle needs to work hard to find something at the right price.

    Mtr:)
     
  9. Perthguy

    Perthguy Well-Known Member

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    What I want to know is when might be a good time to jump out. I am working on a development scenario for my Melbourne property but the alternative is to cash out in Spring/Summer. Or is that too soon?
     
  10. Be Developer

    Be Developer Property Developer Business Member

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    @Perthguy,

    Summer is good if you want to cash out...

    I personally like month of Feb to sell property.

    Missed out
    New year resolution

    Words comes to mind.:):):)
     
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  11. MTR

    MTR Well-Known Member Premium Member

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    I think this could be good timing.
    I have 2 projects and looking at selling 4 OTP, spoke to the agent and he is working with a couple of potential buyers, so even at the moment the market seems to be chugging along. Though I agree Spring/Summer probably better time.

    My other project will also be selling OTP, however it is totally dependent on what my architect can do. The idea is to lock in at today's prices, build them, reduce risk, just in case the market turns.

    MTR:)
     
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  12. MelbInvester

    MelbInvester Active Member

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    HI MTR,

    Can you share the Architect and Builders details. Currently talking to Metricon Duel Occupancy guys.

    Thanks,

    MI
     
  13. MTR

    MTR Well-Known Member Premium Member

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    Will pm you
     
  14. Natedog

    Natedog Well-Known Member

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    I think Frankston is about to boom......:):p;)o_O
     
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  15. JDP1

    JDP1 Well-Known Member

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    The issue I have with a lot the east in Melbourne is the same that a lot on this forum have with most of Sydney . .It's moved so much there may not be good deals remaining ( and those that are will have intense competition) .. And for the prices they are asking in East, why not buy in Sydney instead.
     
  16. WattleIdo

    WattleIdo renovating Premium Member

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    Or why not buy in the west?
     
  17. MTR

    MTR Well-Known Member Premium Member

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    Agree, this you need to buy at the right price, otherwise move on and try to buy where developers are jumping in, a good sign;)

    If you develop Just make sure you don't get stuck with a lame draftee that has no clue and you get charged through the nose, need the right people on board

    MTR
     
    Last edited: 9th Jul, 2015
  18. OC1

    OC1 Well-Known Member

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    You can buy in the east. I did last month. Just don't buy a lemon.
     
  19. JDP1

    JDP1 Well-Known Member

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    I'd say west has more upside % potential than the east. Generally, the east is a much more refined area than the west..and that's one reason why it's boomed more than the west.

    For ppor east definately.. But for IP, I'd go with West ..
     
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  20. Coota9

    Coota9 Well-Known Member Premium Member

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    What about North? @JDP1
     
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