VIC Melbourne price correction - post examples

House at 38 Andrew St Oakleigh had a range of $1.3M-$1.4M on the SOI.

Now for sale at $1.08M

38 Andrew Street, Oakleigh, Vic 3166

 

Don’t know those areas well. Perhaps, but certainly not consistent with inner city, inner east or inner south which is where I play. What’s held up really well is CBD freehold which is also where I play. It’s probably up another 10-20% in 2019.

 

Making a move with a family to another state with no friends or family there is hard, plus looking for another job, school etc. People will generally move out further, hell everyone I went to school with that lived in the inner west are now 12kms out from CBD and one in Mt Druitt. An colleague of mine who is a SE manager lives in Mt Druitt and likes it and family live local. Like most ppl they will pay to be close to family or as close as possible.

 

Lots of immigrants doing this now..... have a read of the exodus out of Sydney it is worrying...as it is now showing up in terms of reduction of rents.

As for Mt Druitt....a lot of the more upwardly mobile won't go there...they might start there...but usually they get the hell out....

 

Agreed there is and alot staying put and more coming in. Melbourne has sucked in people from Perth & Adelaide with a huge interstate migration. Agents I know seen ppl moving out of Sydney in the last boom and some came back...

 

And it’s a dog box!

 

Sold for $1.26m in Aug 2017. Ouch!

 

I think the current and next generation this is less of an issue for a couple of reasons

- Firstly as families are getting smaller and the idea of "family" is evolving as people are counting their changing friend groups as "family".

- Secondly as many reports show inc. ABS and links like this; Global Moving Trends Report 2016 | MoveHub, more Australian natives are moving abroad to live and for new opportunities.

So agree in past this rationale was very true for Australia, but relying on it ahead, that people won't be more mobile in their living situations I think is misguided.

 

I totally agree with you and ive seen it first hand but more so next generation. Look how expensive NY is and ppl still there...

 

The population increase is mainly due to migrants who usually have no families or friends here. If you can get a job it makes sense to move from Melbourne to Brisbane as comparables are at least 50% less. What you pay $1M in Melbourne and $1.3M in Sydney costs $0.5M in Brisbane. If you are on a $70k net (which is a lot) that is 7 years of your work life saved. No bad I would say even if you need to make new friends.

 

Very few ppl think like you and @sash which is my point! It's a small percentage that move and some move back...

Lets take this to another thread or existing exodus of Sydney thread so this thread stays on point;

Sydney exodus is looming? [NSW]

 

Happens every cycle......all I know is that Sydney aint going anywhere for 6 years.

Holes like the Druie aint goung anywhere.

The data show a lot of Chinese and Indian immigrants are heading there. The other thing is baby boomers....watch that space...

 

35 Gloucester Drive, Heidelberg, Vic 3084

So I’m 90% sure I remember standing at this when it was marked at 950-1050. Maybe 3 months back. My feel was that it was overs as the time as it’s sub 600m, and tiny. Not the best part of Heidelberg location wise. Still - if it goes near 800 it will get my attention.

 

I am merely saying ppl dont think like you in regards to moving for cheaper housing, if everyone thought like you they also would have 30 properties but they dont. As for Druie yes it is a hole but it makes money...

 

Mt Druitt makes money when Sydney booms but stays flat for many years after that that is how it works.

 

194 Derby Street Pascoe Vale, Vic 3044

Just noticed this one on my way to work today as i live a few minutes away. Pretty good buy i think

 

Well as a native Australian who has now lived in NYC for the last 12 yrs, i would say that wide swaths of people that would migrate to London, has grown heavily since 2011 to the US for similar reasons. Add in the folks migrating to places like Singapore and Hong Kong over the last 15 years, that this trend has already happened and is already accelerating.

On a side note the other thing people don't realize with places like NYC is that while rent is more expensive (like for like) than anywhere in Australia, overall cost of living is way cheaper than Melbourne and Sydney for the same lifestyle. So interestingly other than the typical reasons of work, travel, culture, etc. that ppl typical emigrate from Australia overseas, cost of living decrease and financial opportunity benefits is also a reason many ppl cite for leaving.

 

A bit of a busy street, also that’s almost Fawkner, nice house though.

 

Busy street for sure but not close to Fawkner as it's on the other side.

 

Any active buyer advocates here may share some insights into real extent of what price discounts
have been successfully achieved vs seller's SOI for some recent deals? The problem is that there
have been more and more sales with prices withheld and just can't get any sense of where the
deal was made to gauge the correction.

Like to take that perspective as a different benchmark of how deep the correction has been.

Thanks,
FXD