Melbourne price correction - post examples

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

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  1. berten

    berten Well-Known Member

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    That’s rough. Congrats on getting it done!
     
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  2. Beanie Girl

    Beanie Girl Well-Known Member

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    Got some info from a buyer's agent that prices in some parts of Blackburn went back by 25%
    He attends auctions on behalf of buyers
     
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  3. Fargo

    Fargo Well-Known Member

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    Got info from Merrick Capital who actually analyse figures instead of quoting Chinese whispers who said the top quartile is down 9%, the bottom quartile is only down a few percent and only given up very recent gains. Also, I saw an identical apartment in Brighton sell for only 1% less than one sold about 9 months earlier.
     
  4. berten

    berten Well-Known Member

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    That's a good result, but according to the data Bayside is down about 12% on average, Brighton moreso.

    Home prices in Sydney and Melbourne are now lower everywhere
     
  5. Natedog

    Natedog Well-Known Member

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    frankston South example...

    House across the road very rundown ... basically sold for land value $720k July 2017

    House next door, same size land also rundown.... sold $680k last week.

    What’s that? Approx 6% down on a like for like sale.
     
  6. Joynz

    Joynz Well-Known Member

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    What size is the land?
     
  7. Natedog

    Natedog Well-Known Member

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    740sqm
     
  8. Younginvestor2

    Younginvestor2 Active Member

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    Oh my.........
    Another complete capitulation in a Melbourne blue chip suburb. Sold yesterday for $871k.

    22 Maude Street, Box Hill North, Vic 3129

    Most recent sales:
    17 Maude St - sold Oct 2018 $1.06m
    29 Maude St- sold Apr 2018 $1.32m
    12 Maude St - sold Sept 2017 $1.38m

    I think denial stage has turned into panic selling
     
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  9. berten

    berten Well-Known Member

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    Yeah but sellers are setting the price! o_O
     
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  10. TMNT

    TMNT Well-Known Member

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    This is music to my ears
     
  11. Younginvestor2

    Younginvestor2 Active Member

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    This decline appears not to be a minor price aberration as many thought initially.
    I’m worried for many of my friends and families who thought they were sitting on a big pile of capital gains (and spending big on cars, boats, holidays) are in for a rude shock.
    I’ve been advising them to sell while they can before next spring where new listings ( many I suspect will be distressed selling or mortgagee auctions)flood the market
     
  12. The Y-man

    The Y-man Moderator Staff Member

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    Sell then do what?

    The money might get spent to buy more expensive cars, boats, go on a holiday.

    I would never advise this to people I know, UNLESS they WILL put the capital to better use... but most people would not know what those options are.

    One of the things about property is that it forces people to lock in their capital through good time and bad.

    The Y-man
     
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  13. rjw180

    rjw180 Well-Known Member

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    oh wow that is getting cheap

     
  14. erorxxx

    erorxxx Well-Known Member

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    I agree market had gone down but The problem with this comparison is that you compared 3 bed 1 bath against mainly 4 bed 2 baths not comparing apple with apple .

    Remeber additioanl 1 bed and 1 bath will attract 100k-200k more depending on supply demand
     
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  15. Younginvestor2

    Younginvestor2 Active Member

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    No matter how you like to spin it,
    the fact is most of these houses were bought by wealthy overseas people or developers whose vested interest were in knockdowns and rebuilds. So the number of bedrooms and bathrooms were irrelevant.
    We went to many open for inspections in the area. There were only 2 things they’re interested in- whether the blocks were square enough for their new mansions and whether the house number starts with 4 or 8
     
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  16. erorxxx

    erorxxx Well-Known Member

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    Number of bedrooms and bath not relevant???? Yes Number of bedroom and bathroom is irrelevant in term of defying the market downturn but still relevant to the market price e.g you would expext 4 bed 2 baths more expensive than 3 beds 1 bath no??? My point is to get better gauge as to how the market going you have to compare like for like and I think this principle is pretty basic
     
  17. Ronald86

    Ronald86 Well-Known Member

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    Excuse my ignorance but what do you mean by number starting with 4 or 8? Also i am not overly familiar with the box hill nth area. Seems very far from any trains so not sure the reason for the high price tag? Is it simply extra overseas interest alone or other factors?
     
  18. berten

    berten Well-Known Member

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    It's a mostly Chinese area.

    4 & 8 are probably considered lucky numbers.
     
  19. Speede

    Speede Well-Known Member

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    You like the fact that people are losing money?
     
  20. The Y-man

    The Y-man Moderator Staff Member

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    4 = Death
    8 = fortune/luck

    The Y-man
     
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