VIC Melbourne Market - thoughts for 2022-2024

Ain't seen nuttin yet....watch the Eastern suburbs and lower Northshore of Sydney....

 

Yes, location not ideal

However, regardless this market is softening and agents have said the same.

This is excellent location, sellers wanted $2M. Land value. Passed in at auction now $1.7-1.8m

Sellers must adjust when markets change

https://m.realestate.com.au/property-house-vic-williamstown-138831575

Agents telling me buyers have dropped off

In fact someone offered $1.1m for Power Street, lol

 

If that was in Sydney it would be north of 4-5m. Wow!

Good buying... compared to Sydney or even Brissie....

 

Even Brissie. Wow


Williamstown a great spot, good lifestyle, close to city and water

$ 2-2.2M will buy a decent period home on 350 sqm block. May be cheaper in late 2022/23

 

Hasn't softened everywhere yet, more at the high end. See the Caroline Springs example I posted earlier. Crazy price. Another example below. Advertised for 1m -1.1m. Sold for just under 1.3m.
https://www.domain.com.au/16-hanley-street-avondale-heights-vic-3034-2017734714

 

Yes, same as Mornington, Frankston this corridor still strong


problem is no one rings a bell when it peaks

Tread carefully imo, ongoing interest rate increases will change market sentiment. Never buy at or close to peak, its a wealth destroyer

 

Nice place but it’s in Williamstown.

 

Suburbs like Caroline Springs and Avondale heights will lag due to market participants and the fact that basically anyone can purchase a $1.3m based off current borrowing costs. You would only need household income if $150k to purchase that (assuming 20% deposit).

 

Whats wrong with Williamstown

 

Yeh...Brissie is crazy!!! The stuff I bought for 250-325 are now 2.5x to 3x what I bought it for.

Melbourne seems like a bargain!

 

Whens the timing for Melbourne? End 2022/Early 2023?
Or wait all the way till mid 2023

 

@MTR 193 Mitchell st northcote under offer pre auction, at a guess over the 3.5m quote range.
Little if any signs of slowing.

 

Could you help explain why Northcote so good. I understand it's gentrified, but you could afford Toorak/Hawthorn with that money so why wouldn't you?

 

One example of a house selling before auction, without even knowing the sale price nor how much interest there was. You’re obviously oblivious to clearance rates, vendor discounting and all other indicators and anecdotal evidence to show it’s already ground to a halt.

 

Cashed up champagne socialists would never buy south of the Yarra

 

I personally feel it has a better activity centre feel to it.
I live in Northcote and have ips and current development in suburb. It in my opinion was a better suburb 10 years ago for livability but this is not reflected in price. As for Hawthorn/Toorak, the price paid for a decent home in Northcote is entry level in the suburbs you mentioned. If I was to pay hawthorn/toorak prices I would tip in a little more and go straight to East Melbourne
My opinion only

 

I personally have stated many a time that property purchases for me/family are done and it’s now time to focus on growing equity portfolio.
With current sentiment and the way everyone is carrying on in regards to property I’ve decided to start hunting around again. From what I’ve noticed and the property types I’m after, prices remain relatively unchanged with vendors preferring to take off market and hold as opposed to discount to sell.
Markets within markets. As a whole I side with you heat may have come off. As a specific product in a certain locale….crickets.
That’s what I was referring to with quoted poster above

 

Renovated, ready to move in houses are selling well, the others are almost back to early 2021 prices

 

My take on current Melb market is that the people buying are the people who want a PPOR now, buying long term livable, and hence dont care if prices may or not dip another 10% short term. For that reason, the houses selling at good prices are the well presented, unique, and highly livable.

Houses requiring work are struggling in part because of renovation costs, but i think more-so because the types of people who buy fixer-uppers are typically looking to add quick value - hard to do when you risk losing 10% purely on market forces.

I'm also seeing lots being withdrawn from market completely in recent months. It seems many sellers are holding out for brighter days... possibly literally, so I'm very interested to see how Spring listings go over coming weeks/months. I've no doubt this season will have more listings than historical. Rates will be 0.5-1% higher and some forecasts beyond that, so I am uncertain if buyers are ready to jump in just yet. Suspect the balance will remain in favour of buyers into 2023.

 

17 Oxford Street, Northcote, Vic 3070 https://www.realestate.com.au/sold/property-house-vic-northcote-137981366
46 Brooke Street, Northcote, Vic 3070 https://www.realestate.com.au/sold/property-house-vic-northcote-139458231
Definitely slowing albeit much softer landing than KDRB houses