VIC Melbourne price correction - post examples

Land and house worth 465k (now 450k as i found another cheaper deal) which is worth 540k on completion.

 

Spot on.

 

Western burbs. 350 to 400 sq mt land. Can see between 240k to 250k easy.
Look hard and thee shall find.

 

If you were in a position, to low ball these people an offer would you.

Land banking and holding in Geelong might not be a bad strategy.

Feel sorry for them

 

So this is interesting. I know this suburb very well.

132 Fulham Road, Alphington VIC 3078 - House For Sale | Domain

Price guide 1.21-1.260

Sold at 1.534

I know it’s a tightly held suburb but that’s a lot.

This is what happens when you get a seller strike on high quality stock in some patches. It’s not representative of the market. But that’s jaw dropping expensive for what it is.

 

Isn't the median $2m in Aplhington? Just sounds like underqouting...

 

A) it’s not
B) I know this suburb well.

1.5 is overs. For a townhouse

 

That may be, but it's listed as a house, (dual occupancy/duplex by the looks) which differ from townhouses in several ways including price. Per the listing the median for a 4bedder in Alphington is 1.97m. Down from 2.054 at peak.

 

It’s got a shared wall. And the alphington median is like 1.7.

It’s quite different from a period 4 bed freestandin, which most in alphington would have more living space too.

1.26 is too low. 1.53 too high.

It’s what happens when there is no stock for downsizers in the area.

 

Yes shared wall because it's a dual occ. Now doubt a true 4 bed free standing would bring a higher price. And a townhome, which are unlike dual occs are medium density developments usually on shared title, would bring lower.

Domain has the Alphington 4 bed median at 1.97m

 

What about this one:
168 Henry Street, Greensborough VIC 3088 - House For Sale | Domain

Priced $460-$500k
Sold $645k

This case however it was massively under priced by the REA.

 

Anyone here follow Rosana/Heidelberg/Viewbank areas?

 

It’s mainly those listings where someone paid 5% deposit hoping to sell their interest (register by nomination) at a profit before settlement. They would have no interest in low ball offers because it would be easier for them to just lose 5% deposit and cut their losses unless they find a fool who is willing to pay them deposit money to take over the contract - hence loads of wishful gumtree listings.

 

Yep

 

Would you be mind to share your experience on the ground recently?

 

Haven't been to inspections for a while, but just looking at recent sold prices, houses are definitely selling faster and prices have been more than what we saw between Nov and Feb

 

Thanks for sharing. I have the same observation. What do you think about those areas in the mid to long term? Will the NE link project have any significant impact on price?

 

I think as long as you can buy within walking distance to the station and within Heidelberg/Banyule primary school and Viewbank college zones, long term, you will do well. The area is slowly transitioning from older retirees to young professional couples with kids. NE link will definitely help, as will the new woolworths in Heidelberg and the proposed one in Rosanna. Rosanna Village is pretty ordinary, burgundy St on the other hand is booming

 

How about Viewbank area, between the primary and secondary schools. On one hand, it is quiet, peaceful and has a lot of parks/walking/cycling trails as well as two schools within walking distance that is perfect for families with kids. But on the other hand, there is no amenties (trains, shopping, restaurants) in the area. Will need to go to Rosana/Heidelberg.

 

If budgets an issue, you can consider montmorency, has better amenities than viewbank.