VIC Melbourne Market - thoughts for 2022-2024

I wish I kept my double fronted Californian bungalow in Coburg. Damn

 

Inner city detached housing is HOT. Went to 12 opens yesterday (Brunswick, Northcote, Thornbury, Carlton, Collingwood). All teeming with people, could not move in some of them. A lot of young hipster couples in their 30s. This was low to mid $1m’s

 

This one in Greensborough is interesting. Price guide $985k-$1.08m, upped to $1-1.1m last week, sold for $1.475m.

Under quoted at the start, but that’s a very strong price.

https://www.domain.com.au/11-london-court-greensborough-vic-3088-2017733082

 

Wow, that's actually more watsonia/yallambie, which are cheaper suburbs

 

Is it just me whilst the craziness has dropped off the cheaper end the property market is still kicking along nicely.

Interesting....I was of the opinion it would cool dramatically. It has not to date. Also it seems good value compared to brissie now

 

Markets within markets down here. I see a lot of properties not selling and being listed at an advertised price still.

 

Which areas are not selling?

 

I’m looking at detached 3 bedrooms Inner South East (Toorak, Prahran, Armadale, Malvern). Most are passing in at auction and sitting on market

 

That seems to go against the view that blue chip areas are not affected during a downturn...

 

Awesome what dhey eventually selling in these areas?

Lower priced stuff...Reno"d or new under 750k still solid

 

What I am seeing in Carnegie and surrounding areas (I'm looking at 3 bedroom units and townhouses): any property that has lots of flaws (busy road, needs renovating, vendor with unrealistic expectations) is sitting on the market a long time and selling about 5 percent lower compared to Nov/Dec last year.

But well located properties which dont need renovating don't seem to be going down in value yet. If anything the prices have just flatlined since about December.

I think the lower tier properties are already dropping in price, but A grade properties don't seem to be going down in price yet.

Possibly people only want to buy "ready to live in" properties due to concerns about not being able to find anybody to do renovations right now.

 

Everything is affected in some capacity in down turns. Blue chip might just fall less than satellite suburbs. Admittedly I am looking in the the high 1’s to mid 2’s which is a funny bracket in those areas.

A friend inspected a house in Malvern with SOI of 6-6.3m recently. Agent now calling him to offer $5.8m.
Signs of the time

 

That range always has some resilience purely due to the number of participants right?

 

WOW

 

Ditto. Spot on

 

Nah just the Reno's or new stuff. Others can sit. This sort of product still getting got hits if prices right..

Never thought I would say this but Melbourne has better value in stuff 30 klms out than brissie

 

This was listed at $880k-940k. Sold for $1.152m
https://www.domain.com.au/26-damaine-circuit-caroline-springs-vic-3023-2017740133

 

Passed in at $1.5m

now listed at $1.6m

current taker at $1,510,000

https://www.realestate.com.au/property/118-power-st-williamstown-vic-3016

 

Sellers need to adjust to the new norm, otherwise they will just sit

Seller wants $2.2M

offers at $1.9m, $300k difference is significant

https://m.realestate.com.au/property-house-vic-williamstown-137375470

 

Near the rail junction. Might be noisy. Lovely home though and love Williamstown.