Melbourne price correction - post example

Discussion in 'Property Market Economics' started by mues, 10th Nov, 2018.

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  1. The Y-man

    The Y-man Moderator Staff Member

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    I think both (@erorxxx and @Younginvestor2 ) have good points there (off course I say that as a moderator! :D)

    For what it's worth - I agree that 4/2 can make a significant difference over a 3/1 per @erorxxx . I also get the point *many* buyers in the area were after the "land value only" per @Younginvestor2 .

    As I see it, 12 and 22 Maude are probably the best comparisons going by the state of the interior.

    Granted No. 12 is a 4/2 and SBV compared to weatherboard, but given the same land size 5 houses away, $500k haircut on $1.38m does seems pretty sizeable.

    However 37 Garden St also shows people DO pay extra for a nice house too (not *just* land hunters)

    The Y-man
     
  2. TMNT

    TMNT Well-Known Member

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    i like the fact that it increases my options for the elusive ppor im looking for
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    I thought you were going to buy up entire suburbs.... :D

    The Y-man
     
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  4. TMNT

    TMNT Well-Known Member

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    if its full of slums, im your man!
     
  5. kaibo

    kaibo Well-Known Member

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    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
     
  6. craigc

    craigc Well-Known Member

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    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.
     
  7. Younginvestor2

    Younginvestor2 Active Member

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    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.
     
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  8. Optimus

    Optimus Active Member

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    19 birchfield is not a comparable by any means
     
  9. Jimmyay

    Jimmyay Active Member

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    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.
     
  10. fedex

    fedex Member

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  11. berten

    berten Well-Known Member

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  12. Fargo

    Fargo Well-Known Member

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    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.
     
  13. berten

    berten Well-Known Member

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    90% down, boom times ahead!
     
  14. DrunkSailor

    DrunkSailor Well-Known Member

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    Last edited: 11th Feb, 2019
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  15. Ronald86

    Ronald86 Active Member

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    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)
     
  16. TheRayTracer

    TheRayTracer Well-Known Member

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  17. Luca

    Luca Well-Known Member

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    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.
     
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  18. Triton

    Triton Well-Known Member

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  19. Triton

    Triton Well-Known Member

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  20. TMNT

    TMNT Well-Known Member

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