Melbourne market is hot

Yeah, Docklands is a bit of a problem. Current vacancy rate is 18.8%



952 rentals sitting empty:

113 have been up for lease over 180 days (6 months)
245 have been up for lease between 90 and 180 days
104 have been up for lease between 60 and 90 days
206 have been up for lease between 30 and 60 days
231 have come on the market in the last 30 days




Rents are down 28.2 percent this year and falling by 2.7 percent a month.

 

Yikes wfh and airbnb conversions hitting it hard for now.

Some good news for 2+ bed 2 baths apartment owners though with unique views/features, not sure if its showing in the data but they seem to be renting out ok right now. My friend leased out theirs near Auburn station for 550pw in 4 days - has a huge terrace - positively geared by a mile. My inlaws just let theres for 600pw. Bit under the 780pw they used to achieve but still positively geared.

 

Still feel the market is reasonably patchy. A few that I’m tracking were passed in yesterday in Brunswick West, Kensington, etc

 

I drove to a new dev site out Melton way yesterday. Reasonable activity/interest with several people waiting in line to go talk with the estate manager. I'd say that's back to pre-March levels.

I'll be driving to some bayside Melbourne areas I'm tracking next Saturday too and check out the frenzy.

 

Probably ties in with the 25-35 exodus everyone is talking about. The party has moved up north for now

Quite a surreal experience when most bars I have visited are filled with oldies like me..

 

The market pretty much has finished around here for the year with these 3 sales

Sold 7 Neath Street, Surrey Hills VIC 3127 on 28 Nov 2020 - 2016585981 | Domain
Over 4 mil for an underwhelming floor plan and a a strong downward slope (a few split levels required)

Sold 7 Leura Street, Surrey Hills VIC 3127 on 28 Nov 2020 - 2016588421 | Domain
going to get demolished and developed with the neighnouring block, under 10% less than what next door sold for 12/17 (plenty of Chinese money around then and loans were a lot easier)

Sold 18 St Georges Avenue, Mont Albert VIC 3127 on 28 Nov 2020 - 2016597239 | Domain
has a shocking layout (ex daycare centre), sold in 2012 and was really tough to sell due to lay out but sold at auction this time around, 2012 was when the market was heating up after GFC correction and wasn;t popular then

Market definitely showing strength around here. COVID seems to had no negative effect with this type of housing and if anything prices are up 5-10% from precovid (end of 2019 pricing)

In the more affordable housing around here things are selling pretty quick as a few of you were following as well with
Sold 2/49 Wandsworth Road, Surrey Hills VIC 3127 on 05 Nov 2020 - 2016571763 | Domain
Sold 1/2 Weybridge Street, Surrey Hills VIC 3127 on 21 Nov 2020 - 2016579286 | Domain
Sold 2 Banool Road, Surrey Hills VIC 3127 on 02 Nov 2020 - 2016568774 | Domain
Sold 1/32 Weir Street, Balwyn VIC 3103 on 12 Oct 2020 - 2016402944 | Domain

all sold without having to declare price they were chasing (it's pretty standard that after a property passes in at auction then an actual price vendor will take is put on the ad) But I saw their agent indicative selling price on all 4 and they were solid.

It's hot around here mainly due to lack of supply (has been this way for last 6 years or so) and demand is definitely high (Good schools, amenities, no much overdevelopment and 10km East of CBD)

 

Hi Kaibo,

How much was it sold for, 18 St George’s Ave, Mont Albert? Do you know?


Cheers.

 

nope but that agent/agency doesn't sell much around here, I think SOI was 1.7-1.9M but since I looked 2012 I knew it was one I was not going to touch or even go for an inspection

 

Yeah 2 bed units in surrey hills, mont albert, mont albert north, balwyn north are selling fast, alot of interest. I can see why lovely low density area, top schools and local shops are really benefitting from wfh. Cafes and wine bars busier than ever.

 

sorry SOI was 2-2.2M, definitely overpriced B (generous)/ C grader

 

Ok guys, what do you think of this one. To keep for decades. It’s already under contract for 2 m. Zoned Green Wedge.

1 Tully Road, Clarinda, Vic 3169
https://www.realestate.com.au/property-residential+land-vic-clarinda-202699614

For future subdivision, cut off around 2,500 sqm for the current house lot. The rectangle block can be then subdivided into 16 lots of around 350-500 sqm lots. Sellling around 300 k each current market price.

 

Just plant a row of eucalyptus at the back hehehe.

main question, what are the chances it can be subdivided in the future.

 

Copied from another post as it's relevant here.

18 Phillips Crescent, Rosanna, Vic 3084 https://www.realestate.com.au/sold/property-house-vic-rosanna-134848478

20 Phillips Crescent, Rosanna Sold 20 Phillips Crescent, Rosanna VIC 3084 on 31 Mar 2020 - 2016144228 | Domain Sent via the Domain App

31 Crampton Crescent, Rosanna
Sold 31 Crampton Crescent, Rosanna VIC 3084 on 30 Mar 2019 - 2014984764 | Domain

Sent via the Domain App


Good examples of how the market has moved during bottom of downturn in 2019, peak of covid panic and now

 

Went to this property's auction today: https://www.realestate.com.au/property-house-vic-mordialloc-134873618

Just about unliveable, land value only. Sold for $1m which was top of the quoted range. The auctioneer dragged it up to the $1m mark. Lots of people watching. There was a buzz in the air. Good signs.

 

Good signs if you own property, would hate to be a young person looking to buy

 

Yeah, agreed.

 

10 Clota Avenue, Box Hill, Vic 3128
https://www.realestate.com.au/sold/property-house-vic-box+hill-134884834

Asbestos ceiling, sold above 1.5-1.6 asking range. When will the price ever stop growing??