Melbourne...the steady market in Australia?

Glenroy boomed and is $1000 per sqm. Heidelberg West has just caught up and is now on par with Glenroy but if lucky you may still get a good deal, whereas in Glenroy no chance. As mentioned in my other post try Hadfield. Predominantly 580sqm for $600k. Drawback, it doesn't have a station but it's next door to Glenroy. Its also closer to MEL CBD at about 12km

 

I am just re reading the title of this thread "Melbourne the Steady Market"....

hardly.... Melbourne has been the BOOMING market since 2013 and still going

 

I think steady means that it is a constantly growing market.

 

Hadfield prices are just as bad as Glenroy. You can still buy in Glenroy under 600k as long as your not buying 600square blocks.

 

Onthehouse.com.au: Your Home for Property Research

I beg to differ. There are still opportunities in Hadfield to subdivide and develop. If you keep connected, and have your eyes on the target, ear to the ground there are opportunities.

129 east st Hadfield
$592k for 603m2 Sold a month ago, 29 Nov 2016

 

Subdivide and develop? When you can buy a large block with a renovated house on it for 600k or so, developing does make sense unless your a builder.
I still think property prices are very similar in both Hadfield and Glenroy, the median house price in Hadfield Is actually more than glenroy although not by much. As a preference in actually living in both areas, I would buy in glenroy any day over Hadfield.

 

Steadily booming?

 

So long as it is not going backwards...lots of affordability left in outer Melbourne.....

 

Agree with everything you have said.
This is a a top list (and are really the only suburbs that are closed to melb CBD which haven't jumped. Kingsbury would be a top pick due to Latrobe University. Heidelberg West I think has already taken off.

 

It will keep on steaming ahead. Melb is considered 'cheap' compared to SYD so there's a 'significant' amount of intra-state investment in MEL from Sydney siders who like to come south of the border and meet us Melbourne Mexicans wink wink...

I still think there are a few years of growth left. In the west it is 'natural increase' of being undervalued for so long, in the East, the likes of Doncaster, Glen Waverley have dropped back to correct levels. Provided the developers in the unit/apartment market don't fold like a pack of cards and impinge on the houses market MEL should continue on. Even with a small interest rate rise, the market will keep at it's' pace. This place is booming with so much competition it's nuts.... never in my life have i seen this intensity and level of purchasing. Every 2nd property listed in some suburbs is under contract or sold...not to mention the off market properties that don't even hit realestate.com and the likes....

 

article supports what you are saying....

Sydney, your time as Australia’s most sought-after address could soon be over.

 

Go you beautiful thing.

 

I started a thread some time ago with this title, try to find it and this to it. Amazing stuff, and great for investors who have jumped into Melb market.

 

I am bias as i am a Melbournite. I love Melb. But honestly i do look from the perspective of an 'outsider' looking in when i make the comments. Having traveled the world you honestly will find it hard to beat MEL city in terms of what is offered here. SYD is basically at capacity and other cap cities will start to grow like PER, BNE to take on the increased migration.

 

^ this has been my experience! I looked at Hadfield when I was buying and just could not see what the hype was about? Glenroy gave me much more at the door step interms of amenities. Probably why it has taken off the way it has!

 

I wish I bought in glenroy years ago, I still think Hadfield is ok, just that glenroy has the station near by and shopping centre/amenities as you say.

 

All these western suburbs have risen significantly

 

Yes. I like Melbourne as well.
However, my biggest issue with Melbourne is that it's not networked as well as Sydney and after 5-7 years, Brisbane.
This will be key to long term sustainable growth.
It's networked well to nz, and Sydney...its level of trade, connections etc.. But that's not going to be the main driver in the medium and long terms. It's going to be Asia predominantly for Australia, with secondary markets of US and Canada.. Eg China, Vietnam, India etc..whoever can maximise that opportunity will be the big winners.
Nothing new here..but easier said than done.

 

Not networked - what do you mean?

 

Yeah, the Melbourne market still has a couple of years of growth in it - at least! Massive migration coming in. Not all suburbs are growing the same. Always check the demand vs supply for the suburb you're looking at before buying. & try to understand the attraction factors for that suburb. I've been property investing for 10 years, Melbourne is the place to be at the moment