Melbourne...the steady market in Australia?

Soft weekend for auctions in Melbourne this weekend. Realestateview is reporting 66% clearance at this stage. I know these figures are a bit rubbery but even so, that is a bit of a slump. How did you go @sash?

 

+ council loves too as they will have large pool of homes for rates. Rates tend to be lower for strata titled blocks.

 

Signed contract on my block at officer for 144k comparable blocks are now 180k plus. Looking at geelong tomorrow

 

True

 

Is that another block at officer?

 

Says 67% on reiv site. Down on last weekend but up on same weekend from last year and huge number of auctions.

 

Huge number of auctions, yes. Many successful auctions and strong prices for many. Re.com.au is reporting 65% clearance. That is a bit more grim. I feel like some of the heat has come out of the market.

 

Not sure if "grim" is the right word, but each to their own....

Melbourne property to overtake Sydney in 2016

 

There are still 3 big selling weekends in Melbourne before the end of the year. It will be interesting to see how these play out. If last weekend was just a temporary glitch and the market comes back strong, I will be a bit disappointed.

 

How useful is it to refer to melbourne as one market?

I think some areas have property bubbles that could deflate quickly (parts of the east spring to mind) but i cant see every suburb and every type of property loosing significant value at the same time. Not while unemployment and interest rates remain relatively low.

 

I would have thought if 2 out of every 3 auctions are sold during the rest of the year, then the market is holding up pretty nicely. It will be more to do with how it presents itself in February after a breather in January for school holidays, REAs having a break and no RBA announcements in January to wait for.

 

No the same one......was out Point Cook/Werribee ...looks interesting...

 

Cool @sash I went to enquire more about lots for sale in pt cook prices up at least by 30k developer promised me a discount being I bought 4 lots last time ard. Turnkey packages for 3x2x1 are now 378k point cook on 288sqm They squeezing the lot size to 8.5 meters frontage hence many in the future will be 3x2x1. Those with 10.5 meters are more will be far better off

 

@sash what was your driving force to west of Melbourne? do you think there is potential? and why?

 

HM
I believe affordability and proximity to CBD and FHB are finding this attractive pushing prices up.

MTR

 

i am in melbourne and i listen to negative talk about west and how crime ridden or traffic chaotic life is around it.

do you think still there is growth leaving behind stigmas being associated with west especially outer west >20ks 4m cbd.

 

Melbourne has crime everywhere some less some more. Werribee I've seen a lot of drug addicts on certain streets. Pt cook is not that buzy off peak takes me 20 min from CBD. I'm still contemplating if I shd buy land again there.

I live in south Melbourne middle park area and there're quite a lot of beggars who get upset if u don't give them some spare change off Clarendon st. I once saw one well off dressed lady tell a beggar why don't u get a job and he ran and just spat on her. So really even good suburbs had some elements of crime

 

There is potential....this is based on what they are selling land at Williams Landing....

 

Would be as useful as doing so in other markets, so why not .....or do as the media does, it is simply Australian RE

 

It depends. If you are just looking for overall trends... is the market trending up or down... it's is marginally useful. In reality though, we well know there are markets within markets within markets. The inner city apartment market could be tanking due to oversupply at the same time that mid-ring development sites are going gang busters. It depends in what you are buying. If you are looking at outer suburb house and land packages, you are not going to care what is happening with inner city apartments. I just refer to "the market" out of laziness.

I think that is what might have happened to us. Prices overshot and have eased back. They really got an unrealistic level. Even as a seller wanting to maximise my profit, I know that. But I agree. It would take something drastic to crash the whole Melbourne market. In any correction there will be winners and losers. Generally not all losers.