VIC Melbourne price correction - post examples

I’d say 10%
Bad places maybe 15.
Good places 5

 

10 Townhall Avenue Preston Vic 3072 10 Townhall Avenue, Preston, Vic 3072
Seems like a good buy
163 Raglan Street Preston Vic 3072 163 Raglan Street, Preston, Vic 3072
This one sold above asking range
Preston is going strong
36 Stewart Terrace Macleod Vic 3085 36 Stewart Terrace, Macleod, Vic 3085
Very good result for the vendor in this market

 

These areas have strong demand in comparison to the rest of Melbourne for sure. I looked at two places in Preston and one in Viewbank. All sold 40-60k higher than I expected

 

Viewbank seems to have a lot of decent houses for sale, all about the same price range, you should be able to negotiate a good deal.
Preston has a lot of demand due to Cafe culture and period homes, but schooling options are poor

 

Truth on Preston. I like it besides schools.

I think Viewbank is attracting older people looking for a quieter suburb align with families. I lie actually there was two in Viewbank that sold this year above what I thought they should.

I’m shocked how popular it is. Must be the college.

 

Could go Rosanna and still be in banyule and viewbank school zones, something like this for under 900k is great bang for buck I feel, not sure if they are underquoting to get interest
20 Leon Avenue Rosanna Vic 3084 20 Leon Avenue, Rosanna, Vic 3084
Bigger block sold. For 1. 25m at the peak
15 Leon Avenue Rosanna Vic 3084 15 Leon Avenue, Rosanna, Vic 3084

 

Th

That first one is s knock down job. That’s it’s issue.

Second could be saved, or depending on regulations looks a high quality dev site.

 

Yes, the old listing was a corner block.
Check out this one, looks like decent buy
26 Alfreda Avenue Rosanna Vic 3084 26 Alfreda Avenue, Rosanna, Vic 3084
Should be able to do 3 townhouses,

 

15 Guymer Court, Montmorency
15 Guymer Court, Montmorency VIC 3094 - House For Sale | Domain

Sent via the Domain App
1. 47m way above range
32 Erin Street, Preston
32 Erin Street, Preston VIC 3072 - House For Sale | Domain

Sent via the Domain App
Sold for 1. 295m again way above range , also clearance rate seems to be trending up.
Of the 6 reported for Glen iris all sold at auction but prices are all undisclosed lol

 

Melbs joined the double digit club over the weekend. Hit -10.1%.

 

According to that graph we have now fallen .1% more then we had in the recession we had to have. Interest rates were high then and are low as anything now.
Truth is though if you look back at the increase in price we have had since 2012 even a 20% fall is not the end of the world unless you bought in late 2017 with the intention of flipping or if you can’t afford to hold

 

Is the individual suburb price trend (both monthly & annually) on realestate.com.au accurate
enough to track individual burb or should consider paid service for more reliable data?

Thanks,
FXD

 

I'm not sure what paid data is available, but for individual suburbs, nothing beats tracking every sale yourself to get a feel for prices based on landsize, street etc within the burb.

The rea suburb data is okay for a macro look but it seems to lagging and can be prone to being thrown off by atypical sales.

 

20 Woodside Crescent in Toorak was listed with a guide price of $2.6 to $2.75 million. It sold in February for $1.95 million.

I've also seen a few houses go up at one price, and then have the statement of information get trimmed back. For example, 4 Theodore Court in Toorak was originally asking around $4 million, and is now $3.5 to $3.75 million.

I think that a lot of places in blue chip suburbs are still being priced optimistically. There's a tendency to use comparables on larger plots and in better condition to push the estimate up too.

 

130 Geelong Road, Footscray, Vic 3011

130 Geelong Road, Footscray - SOLD for $665k
Close to station, two-floors, not too run down.
Amazed and gutted I missed this one

 

On a very busy main road though. Would be very noisy so def discount on the price and would negatively affect resale value..

 

Yep. Footersgray seems to be holding up. <1m and close to the city

 

That is super cheap for 5x2 in Footscray main road or not. You could 900pw renting out the rooms individually.

 

How far have the termites gotten is the key here?

 

Guys these are mostly inner city homes...where prices have dropped.

How about places..in the Outer Suburbs...like NW, West, SE?