VIC Melbourne price correction - post examples

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

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  1. mues

    mues Well-Known Member

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    I actually hate Brunswick long term in comparison to other options.
     
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  2. berten

    berten Well-Known Member

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    Okay...
     
  3. mues

    mues Well-Known Member

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    It will suffer badly from overdevelopment in comparison to other like suburbs
     
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  4. The Y-man

    The Y-man Moderator Staff Member

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    ....good for people who have an old (but not heritage) weatherboard on a 650+ sqm block of land there though ;)

    The Y-man
     
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  5. berten

    berten Well-Known Member

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    My point exactly. Large blocks of land in Brunswick will be worth a motza in 15-20 years. Already the crummy old warehouses are being turned into galleries etc. You can smell the Fitzroy spreading.

    Not saying it will be a great place to live :p
     
  6. TMNT

    TMNT Well-Known Member

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    I remembr you buying at what was near the peak in brunswick yman, has the value gone up?
     
  7. The Y-man

    The Y-man Moderator Staff Member

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    Good memory!

    I'd say back down close to purchase price after going up 10~20% at absolute peak

    The Y-man
     
  8. TMNT

    TMNT Well-Known Member

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    yes, i remember thinking, for someone who was quite pesimisitc about the market, that was a big purchase,
    long term I think you are a winner !
     
  9. mues

    mues Well-Known Member

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    The size of the apartment buildings in Brunswick is 3x those in Fitz.

    Brunswick was at its most appealing in 2014.
     
  10. berten

    berten Well-Known Member

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    All the more reason for land to gain value.

    All of Melbourne was more appealing in 2014.
     
    Last edited: 4th Apr, 2019
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  11. mues

    mues Well-Known Member

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    The increased build size decreases the value of each individual home, as available properties are less finite.

    Fitzroy unit 2010 - 590k
    Fitzroy unit 2018 - 765k

    Brunswick unit 2010 - 425k
    Brunswick unit 2018 - 500k

    from eyeball, gain in fitzroy twice as strong - as apartments and development more finite.

    Better option suburbs in the inner north imo.
     
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  12. berten

    berten Well-Known Member

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    Mate, we're talking about different things and you're jumping all over the place.

    This convo is pointless, I won't continue.
     
    Last edited: 4th Apr, 2019
  13. FXD

    FXD Well-Known Member

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    Like Box Hill ? LOL
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    *very* excited for Box Hill - hoping the dev goes nuts (successfully) for the high rise etc. (Yes I have a vested interest as many would know) :p

    The Y-man
     
  15. Omnidragon

    Omnidragon Well-Known Member

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    The $900k one is sort of on a main road and strata, and around 40 minute walk from Vic Market.

    An agent has just put one to me, 10% larger, much better street, 20m height limit, 3 minutes walk to Vic Market... he asked for price around 900k also lol. I think anyone buying 30km within Melb between 2015-2018 easily down 20-30%.

    It’s always the same though, all the new entrants to the market get all excited and tell me how Aust has highest immigration, sure tale sign of a crash. I always tell them to travel the world, Aust is so small and much more developed cities with way more people and GDP have way lower prices
     
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  16. sash

    sash Well-Known Member

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    Mate I agree...but lot more idiots in Sydney....buying on places like the Druie...Bondi.....Epping/Eastwood...Lane Cove/Chatswood...people thought some of these areas were bullet proof.

    What is laughable is some got really angry when I poo poo'd their devie projects...I have not issues with makin' money...but peole have to realize that there is a price ceiling. And no amount of immigration is going to keep prices rising forever!! Suckers!
     
    Last edited by a moderator: 9th Apr, 2019
  17. mehrar_84

    mehrar_84 Well-Known Member

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    Exactly what i was going to post on your other post of rents will jack up. People will just flock to cheaper areas.
     
  18. sash

    sash Well-Known Member

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    Yep....and that will mean leaving cities like Sydney....why would you want to live and rent in shoittehole like Mt Druitt...when you can move to other cities and even if you are paid less...the property prices will be like 60% of the Druie!

    The same goes for over crowded Bondi...seriously...you could move to Adelaide or Perth and but a house within cooee of the beach for under 300k...and still survive well on 80k incomes....

    Better still...if someone sold in Sydney assuming they bought a house say in a place like Blacktown for 400k in 2013...and it is worth say 650k now...and have a mortgage of say 250k.they would have paid off the place in either Adelaide or Perth....sure you may not get the same level of jobs...but cost of living is also lower. So even on 60k with no mortgage you would be better than being on Sydney on double that! Don't forget with a 60k income ...you get a lot of guvie benefits.
     
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  19. hieund85

    hieund85 Well-Known Member

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    If you bought in Werribee/Hoppers (within 30km of the CBD) in 2015 or early 2016, you would have at least 60% profit if sold at peak (mid 2018) or 50-55% now (has gone down 5-10%) for example this

    https://www.onthehouse.com.au/prope...7-medina-dr-hoppers-crossing-vic-3029-6047397.

    It will be a long way to be 20%-30% down below purchase price. Even bought in 2017, there is still sufficient margin left if you bought well in the first place.
     
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  20. Tony3008

    Tony3008 Well-Known Member

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