Melbourne median to reach 1 million by 2018?

Melbourne predicted to have $1 million median house price by end of 2018

 

Time to buy

 

Alerady a thread on this
Melbourne Median House Price to reach $1 Million by the end of 2018

 

Well heidelberg West blocks now in 1.265 mil heidelberg west is like the mt druitt of sydney or the low socio areas of logan

1 Calola Street Heidelberg West Vic 3081 - House for Sale #126376342 - realestate.com.au

 

Cracker results for the previous owner



3 years holding (with it being rented) and just got planning approval and pretty much double their money!

 

I looked at Heidelberg West 10 years ago. What a slum. If you had told me development sites would be selling for 1.265 mill 10 years later I would have laughed in your face. I am not sure anyone saw that coming back in 2007.

 

it still is go along ramu parade - I think it is even worst that some parts in the low socio economic parts of logan. in 2007 they announced the ACZs though a lot of mainly were paper plannings - so one wondered how long they would take. Now you got guys from Balwyn coming up to bid in auction.

 

I'd love to say this will be achieved.....but I don't think it will quite get there...everyone knows I have a soft spot for Melbourne.

But for that to happen...prices in the Outer areas would need to approach Sydney prices. Which means small houses in the outer areas like Werribee..Melton....Pakenham...need to hit a 600k median...I can see getting close .....say low 5s but 6s is a stretch.

The inner markets are slowing...

By guess is that that it (media) will end up in the very high 8s or low 9s for Melbourne. And then it will drop back down to mid 8s for a while.....before the next cycle....

 

That "forecast" is already failing. It relied on average quarterly growth of 3% from March until end of next year, which would mean 12.5% annualised growth until end of 2018. Looking at the CoreLogic index, Melbourne has already fallen below 12% annualised, and quarterly growth is 1.99% and slowing.

Classic case of data engineering to produce a desired outcome. The shock and horror that domain would do such a thing...

 

I believe it, Sydney's media house price is $1,151,565. Melbroune is considered great value at low $800's + the market is still booming. I own a buyers agency, most of my customers are investors from Sydney that can't believe how good Melbourne prices are.

Mark Ribarsky

 

that is true
I agree @RIBA

there is value in seeing medians and growth over periods - but solely relying on it will only give false negatives

When Melbourne was booming the likes of Balwyn, Glen Waverly was flying high double digit growth, pt cook was stagnant with next to nothing growth. But the overall growth annualised was up? Each and every suburb have similarities yet are in different cycles or its own

Just like the apartment market in melbourne - there are student apartments, million dollar apartments, service apartments, apartments that are OTP low build and super sized apartments - the product is different for all of them. if you drag and put them all in - what is the point when you basically looking at a different product altogether?

 

I can see the cheaper suburbs ($400-650k) surging ahead, until there is nothing left under 700k

 

Was thinking the same thing. As long as immigration stays strong and rates low.

 

just look at the maps - end of the day - you gotto know your suburbs - there will be quite a few more entering this map by next year. Question is do you want to own in the suburb that will move there or stand in the sidelines?

 

I wouldn't complain if any of moved over to the milli club. Don't expect them to this cycle though

 

not all but some are moving very close - but will create a separate thread on this one day.