VIC Melbourne price correction - post examples

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

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  1. adrian_christian

    adrian_christian Well-Known Member

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    Val’s are great but mean nothing to Johnny Punter looking to buy at the moment. Buyers are circling..
     
  2. fpap

    fpap Active Member

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    Point is that if the market sentiment and media reporting is that values will fall by 40% and valuers being conservative, to have properties that are going against the trend tells me that it's all scare mongering. No vultures circling me at the moment :) Are we seeing a dip? Yes. Will we see 40%? probably not. Will this dip result in reduced rents? probably not. Is property for the long term? Should be. I've been around long enough to see a number of cycles like this. Lets talk again in 5 years and see where the market is.
     
  3. berten

    berten Well-Known Member

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    Not sure about that. Vals are spec, SOLD price is reality. Agents were telling me bayside (blackrock, sandringham, beauy, hampton) were down "about 10%" and buyers were getting thinner. And that was two months ago.

    This is already only a few pips off being the worst downturn in modern times, and the falls are still accelerating. Past cycles are not as relevant. Esp considering rates are already low. This is the big one IMO.
     
    Last edited: 4th Dec, 2018
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  4. fpap

    fpap Active Member

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    Well at this stage valuations work for me as no intention to sell. Valuations are being undertaken to release security. Happy to take the increased valuations that buck the trend.
     
  5. berten

    berten Well-Known Member

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    For sure, fair play to ya. And if you already own 3 properties in bayside, I'm sure won't be losing any sleep regardless :)
     
    Last edited: 4th Dec, 2018
  6. KinG3o0o

    KinG3o0o Well-Known Member

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  7. rjw180

    rjw180 Well-Known Member

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    WO
    Wow, for all of 204sqm of land!!!
     
  8. KinG3o0o

    KinG3o0o Well-Known Member

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    thats why i wanted a rpdata check just to confirm!
     
  9. johnmteliza

    johnmteliza Well-Known Member

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    Last edited: 5th Dec, 2018
  10. johnmteliza

    johnmteliza Well-Known Member

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  11. aushousingcrash

    aushousingcrash Well-Known Member

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    Adjacent properties all sold $2m-$2.3m range.
    Must have been Asian money before the clampdown.
    Buying the build by the $sqm.
     
  12. KinG3o0o

    KinG3o0o Well-Known Member

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    dont mind may i ask the source ?
     
  13. aushousingcrash

    aushousingcrash Well-Known Member

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    Onthehouse tells you if it's "government" (i.e undisputed valuer general registered sale price.
    47,49,51,53 all part of the same style build.
     
  14. KinG3o0o

    KinG3o0o Well-Known Member

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    this is mental.. house over 2m. land around 900k..@.@..
     
  15. TheSackedWiggle

    TheSackedWiggle Well-Known Member

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    never... never... question the rationality of a stupid ignoramuses high on irrational exuberance.
     
  16. 3rd Drop

    3rd Drop Well-Known Member

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    Another late update for Glen Waverley market. Property sold for $1,156k in October 2017 was in auction last Saturday and passed in for $935k. If you consider stamp duty (for 2017 purchase) and selling cost (2018 sales), that's a sharp $300k difference in 15 months. Scary!!
    Link if anyone interested:
    29 Chivalry Avenue, Glen Waverley, Vic 3150
     
  17. mues

    mues Well-Known Member

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    I grew up next to there and to be honest if you had have told me i would have thought it was in vermont south. I dont think it will get you anywhere near going to GW high. Thats going to hurt prices IMO.
     
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  18. MichaelGarland

    MichaelGarland Well-Known Member

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  19. willister

    willister Well-Known Member

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    How about this one?

    https://www.realestate.com.au/property/34-mount-st-glen-waverley-vic-3150

    769m2 in blue chip area of GW, GWSC zoned, approx 600m2 from station/shops.
    Sold in Dec 13 $1,286,000
    Sold in Jan 16 $2,250,000
    $2,925 per sqm on last sold price.

    $964K increase within 3 years or $321K per year.

    Struggled to get anything near $2mil bids. Predominantly Chinese market but I think the well has seriously dried up.

    Any guesses for what its worth? I would think around $1.9 to $2mil max in today's market.
     
    Last edited: 7th Dec, 2018
  20. Triton

    Triton Well-Known Member

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    Technically 1mill increase in 2 years if u look at the buy and sold months... Disgusting greed