VIC Melbourne price correction - post examples

I think so @The Y-man .
Increasing crowds in the auctions and good/affordable stocks coming back to market and getting sold quickly. With the recent changes in financing, I think people's confidence is back at least for now. It would be interesting to see the market attitude during spring and then we would be more confident on the direction.

 

Another pre/post election comparison:

Sold on 26/2 for $850k (4+1+2)
70 Columbia Drive Wheelers Hill Vic 3150 70 Columbia Drive, Wheelers Hill, Vic 3150

Sold on 27/7 for $931k (3+1+1)
50 Haversham Avenue Wheelers Hill Vic 3150 50 Haversham Avenue, Wheelers Hill, Vic 3150

Are they comparable? I understand not like for like i.e., 4 bedder vs 3 bedder however the land size is a bit bigger on the 3 bedder house. Price difference- $80k.

 

Brunswick house passes in at auction for $100,000 less than two months ago

1.33 purchase
350 Reno
Now struggling to sell at 1.5

That's a 180k loss ignoring sd, agency fees etc

Ouch

350k for that Reno is a serious rip off

150k should have done it

 

Agreed. $150k is enough. $350k they can build a new one.

 

Textbook idiocy by these guys. What a recipe for failure. Buy at the top of the market, overcapitalise on the reno, sell before the recovery is in full swing.

 

That's why I love RE as a wealth creation vehicle. It's not like the casino where the house always has the edge. RE allows for serious investors to greatly swing the edge in their favour.

 

350k to build a new house in an established suburbs with approvals and what not? I highly doubt that

 

It is a small house.

 

Absolutely. Some people love to whinge and complain and say that you have been lucky or complain that things won't be as easy in the future. I suppose those pessimists accentuate the opportunities for serious investors.

 

350k stupid. But it keeping it under 150k woulda been hard me thinks. Still silly

 

My understanding is that adding extra rooms gets cheaper. Even if it's a small house, with demolition, approvals, time cost of money, I doubt you can knock down and rebuild in an established, busy suburb like Brunswick for that cheap. Unless you manage the whole thing yourself..

 

Pretty much peak 2017 price.. Maybe 50k less
29 Mountain View Parade Rosanna Vic 3084 29 Mountain View Parade, Rosanna, Vic 3084
Was advertised for 1.2 to 1.25

 

39 Argyll Street Malvern East sold in August 2015 for $1,300,000 39 Argyll Street, Malvern East, Vic 3145

Assumed stamp duty ~$72,000

Same property passed in on weekend after quoting $1,280,000-$1,408,000

Now for sale for $1,320,000 39 Argyll Street, Malvern East, Vic 3145

 

That's a knock down rebuild.. As mentioned many times earlier, it's only PPOR that are selling well

 

Knock down land prices are less than 10% off peak prices around me from 2 auctions over the weekend
5 Paisley Street, Balwyn, Vic 3103
Over $3000 per metre and not in school zone
3 James Street, Surrey Hills, Vic 3127
2.01M so over $2,800 per metre

Both knockdowns to build one massive place. Both land had around 18m width which can give a lot better street presence than the regular 50 feet (15.24m)

 

I am seeing good signs in the Greensborough area however I feel it is a dead cat bounce:
This property was advertised for $620k to $680k and planned to go to auction. Sold at $809k prior to auction, what?!?!?! Big party for the REA in the area at the moment.

9 Parkview Avenue, Greensborough, Vic 3088

If the trend keeps going this one will be sold for $1M+

3 Lyell Parade, Greensborough, Vic 3088

Crazy first home buyers.

 

If you wanna buy. Greensborough. Belfield. Heidelberg heights are my 3 interest areas.

 

The lyell Pde is underquoted. Will sell for around low 900s

 

Like all the properties in the area recently, and FHBs fighting at the auctions

 

Is it me, or is every part of that house sloping a different way?????