VIC Melbourne price correction - post examples

That’s rough. Congrats on getting it done!

 

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

 

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.

 

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

 

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.

 

What size is the land?

 

740sqm

 

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

 

Yeah but sellers are setting the price!

 

This is music to my ears

 

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

 

oh wow that is getting cheap

 

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

 

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

 

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

 

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?

 

It's a mostly Chinese area.

4 & 8 are probably considered lucky numbers.

 

You like the fact that people are losing money?