Melbourne market is hot

Been watching online auctions today. I can’t believe despite all the talks of no immigration currently, recession etc., almost every property was sold and many way above the quoted price.

The way we’re going, I won’t be surprised if the auction clearance tonight will be in the mid-80s

 

It is crazy. Thought id get a chance to buy but nothing. Even apartment owners arent budging. Property has become too cheap to hold even if empty. And booming asset prices all around means there is little alternative.

Melbourne keeps getting positive news flow which doesnt help buyers. Dan opening international boarders on dec 7, renters/buyers will need to move quick before competition increases.

 

Hey guys,


Anyone has any idea regarding the redevelopment of the old brickworks in Box Hill, just north of the Surrey Park/Aqualink by Phileo? Whether it is going ahead? Good piece of land...

 

On the back of the success of access to early super, there is talk Scott Morrison is planning to axe superannuation. Super contributions would then go into putting a roof over you head, and retirees can then use equity in the family home to fund retirement.

Off course, if this goes ahead, house asset prices will boom. There will be so much pent up demand. There is now panic among Renters and first home buyers to get in now before the Morrison government passes the legislation.

 

Any link to this please Robert?

 

Can you give me more info on the opening international borders? I though the federal government controlled this? Does the opening of borders mean no quarantine period for international arrivals?

 

Melbourne to resume international flights from December 7

1120 per week initially. NSW is currently at 3000 per week. Mind you at its immigration peak I recall Melbourne adding 1k new persons per week.

 

14 days quarantine is not going away anytime soon

 

Been wondering this myself. Closest thing I've come across recently.

Melbourne’s Box Hill to receive a 10-year transformation – Shopping Centre News

 

You could use that to your advantage. I wonder if you could hold property auctions in the hotel dinning room each day. Invite the foreigners down for a lunch and they can bid on Australian property to pass the 14 days by? Even have a free intensive property seminar on day one and two of quarantine.

 

I can't speak for Robert, but have seen a few articles in the AFR the last few days that hint that is the direction the government is looking at:

Millennial super raiders buoy industry reformists

 

Government to assess superannuation, housing policy after Retirement Income Review

 

Melbourne Real Estate Auction Results - Domain
Auction clearance rates have just surged to a whopping 73%. Huge pent up demand.

 

I suspect we’ll see travel bubbles with certain countries beginning from early next year that exempt one from 14 day quarantine but mandate them to pay, take and submit tests prior to departure and on arrival.

 

85% as per reiv.com.au with 396 reported (highest reported vs domain and realestate.com.au) so most up to date.

https://reiv.com.au/market-insights

Melbourne has a lot of catching up to do - hence looking forward to the traction in coming weeks - I suspect we are early stage in a significant boom cycle...

 

I went to a middle-ring suburb in bayside Melbourne to check out the action at the auction of a unit (with value-add potential). The place was teaming with people, the agents had a hard time telling people to follow the 1.5m BS. Hotly contested auction, multiple bidders. It went to a young family in the end, going by their body language it looked like they had stretched themselves as much as possible to snag it. There was a mini traffic jam around the area just before and after the auction.

I hope this is a sign of things to come.

 

The group that owns it is associated with a church from what I heard. Permits were approved for townhouse development around 2010, The site could hold around 400 townhouses or even more now (apartments?)

Haven't heard anything recently though. It was used as land fill for a while and brickworks itseld may have heritage but that building is only a very small part of it.

Very Bullish with houses within 1.5 k.m of Box Hill Train station as melbourne metro upgrade, more commitment/info released with suburban rail loop (stage 1 and stage 2 to airport) and there will be flow on effects from North east link as well. It seem expensive already but as an investment it is still A+

 

So they passed the land toxicity test. I hope they stick to townhouses.

Land is owned by Phileo Ltd. Any idea when will they start selling them?

 

Massive spike in listings (supply) in Melbourne.

The international borders won't be open anytime soon either...and even when they are open...there's no guarantee migrants will necessarily flock back to Melbourne anyhow.

And COVID has resulted in a massive push out of Melbourne as well...which has a while to go...considering state borders have not been reopened yet.

So against the above backdrop...its a tad difficult to see prices in Melbourne heading upwards any time soon?

SQM Research - Property - Total Property Listings - Melbourne