VIC Melbourne price correction - post examples

i like the fact that it increases my options for the elusive ppor im looking for

 

if its full of slums, im your man!

 

As a local in the area these North sides of the "blue chip" suburbs had got to close to the real deal.. So something like this (house an land)

Balwyn North (School zoned) 1.35
non school zoned 1.25
Mont Albert North 1.05
Box Hill North 950K
Blackburn North 850K

What kills Mont Albert North and Box Hill North is school zoning with Koonung Secondary College being perceived as an inferior state school in the area compared to (Balwyn HS, Doncaster High, Box Hill HS). School zone important in all areas but especially this area at that million dollar mark


Also interesting to see no mention of subdivision in ad and if you look at the map there does not seem to be any subdivision on that street and around that area which does seem strange

 

A quick look shows 1.38 has been renovated & a larger house so a poor comparable,
1.08 to 871k does look a closer comparable though and likely market change, not following Box Hill Nth so don’t know the area/ school zones etc.

 

Omg...omg
Total despondency in Wantirna. After languishing on the market for 3 months, this one sold for $670k.
Property Report for 24 Birchfield Crescent, Wantirna VIC 3152

Comparable sales
19 Birchfield Crescent $955k May 2018
59 Birchfield Crescent $810k Jan 2016
52 Birchfield Crescent $683k May 2014

Gains in last 5 years totally wiped out.

 

19 birchfield is not a comparable by any means

 

There are some strange results around at the moment (isn't there always!).

Cheltenham last weekend, 8 properties sold, 5 undisclosed prices which tells its own story... a 1990s 3 bed 1 bath double garage home went for $656k 5 Tintern Mews, Cheltenham, Vic 3192 a two bed townhouse recently built (and third time sold since 2013) a few hundred metres away went at auction for $725k ( not yet changed to sold on the net but it's in the Domain auction results this week 2/12 Argus Street, Cheltenham, Vic 3192

Some buyers are obviously getting really quite good deals at the moment, compared to what they would have had 18 months ago - but some are still prepared to pay peak prices.

 

AV Jennings posted a 90% drop in profits. A sign of things to come?

https://www.theage.com.au/business/...lampdown-for-profit-dive-20190211-p50wxk.html

 

90%? Surely can't just be due to market downturn.

Were they mostly targeting Chinese money or something?

 

A sign of whats happened. Delayed revenue from delayed settlements from delayed financing, and changed accounting practice. Still making sales They said conditions are temporary and earnings skewed to the 2nd half. A sign of better results to come.

 

90% down, boom times ahead!

 

Inner West which is my area.

430sqm, unrenovated weatherboard house sold for 930k Feb last year: 25 Khartoum Street, West Footscray, Vic 3012

Same block size, same street, different style house. Sold for 715k at auction on Saturday: Sold 7 Khartoum Street, West Footscray VIC 3012 on 11 Feb 2019 - 2014881661 | Domain

456sqm, fully renovated brick house on adjacent street asking 870: 15 Madden Street, Maidstone, Vic 3012

 

7 Khartoum was on the money channel live auction AND had what i reckon is one of the better auctioneers too, have seen a few of his auctions and he's had great results. Was a bit unsure why on earth he allowed bidding to start at 400k though! Anyway I think this is a bargain for the buyer. Dual income potential as well. Only possible downside i can think of is this being a bit far from a train stop. Owners needed to sell as they were relocating to Bulgaria. The area in my opinion will only get better. Could they have gotten more 6-12mths ago? Absolutely with a realistic price guide. From memory i think when they first listed it was at the high 800s. (Not sure when they first listed)

 

On the weekend:

Sold for $880k in May 2017 - 60 Orana Drive, Watsonia, Vic 3087

Two doors down with the same dimensions.

Passed in for $720k without any bids in February 2019 - 56 Orana Drive, Watsonia, Vic 3087

Next door with the same dimensions - 62 Orana Drive, Watsonia, Vic 3087

 

Interesting 56 Orana Drive, Watsonia, Vic 3087 passed in at 720k and now asking 779k, sellers still think the can get 2017/18 prices. Those properties are also close to HV lines.

 

54 Quinn Street Heidelberg Vic 3084 54 Quinn Street, Heidelberg, Vic 3084
Looks like good value considering
57 Quinn Street Heidelberg Vic 3084 57 Quinn Street, Heidelberg, Vic 3084

 

I have noticed Heidelberg and Rosanna have taken a big hit

 

Developer Icon sells Prahran house at a more than $500,000 loss at auction

ouch 1.2m loss across 2 properties