VIC Melbourne - Update please

This is just general…… but is this a sign. I had a re agent phone me regarding a property he is selling


Is this an early sign things are changing. Told more supply coming to market

Read a thread this morning and it appears that more supply also coming to market in Syd


Thoughts ?????? Opinions please???

 

I track in 3 suburbs. Yes, you are right about more stocks because it sells faster for better rates. And as well attracts more buyers. I guess a few weeks before anything comes to the market sells. Now the good one will demand better rates I believe.

 

I’m seeing mixed results.

Villa units are passing in, but selling quite quickly afterwards. Some houses are having price reductions and passing in, others still getting stupid money.

Could go either way at this point, but I suspect a plateau.

 

It's all over the shop

 

Sure is

 

Yup, not very bullish for Melbourne to be honest due to geopolitics and slow down in China’s property market.

Foreign uni enrollments have held quite well this year but next few years I suspect, things will not be as rosy as the last two decades. Definitely much better opportunities elsewhere than buying in Melbourne at the moment.

 

Just sold a property. Had 100 interested buyers. Property sold prior to auction for a price well above my reserve.

Things are certainly still very hot in alot of areas. Will be interesting to see how things are in 3 months time

 

Thanks for sharing, and congrats! Which suburb? House?

 

This is a big red flag

Why the suburbs with the biggest fall in rents since the pandemic were in inner city Melbourne | Daily Mail Online

 

I don’t see that as alarming at all. Except the extinction rebellion protesters. F*** that.

 

imma guess malvern/glen iris?

 

That is a lagging indicator though, the rent fell significantly during COVID when the international borders were closed, and there were no international students renting those apartments. Those apartments could not be rented out after more than 4 months+.

 

Agree. Lagging.

My block in one of the suburbs listed, inner north, had 10% units up for a large part of the past 18 months, not the same 10% of course but the number for rent was constant with asking rents dropping.

Now: none for rent. Prices coming back up when they do come up. And they rent fast.

 

Melb still has lowest rents in Oz

I keep track of this and there is definitely oversupply. Why its lowest rent in the country, reverse happens if market is tight

 

Melbourne & Sydney CBD listing is falling and rent rising as cheaper rents bring more people to CBD. Long way to go though - Melbourne’s median inner-city unit rents were down by $115 per week since March 2020 to Sep 2021, while Sydney’s had fallen by $80 per week.


https://www.domain.com.au/news/rent...er-cities-continue-covid-19-recovery-1104537/

 

It’s temporary.

 

At level of 2010

We just dont know if supply will be soaked up. I would not want to be owning this product in Melb, lots of pain here

https://www.google.com.au/amp/s/amp...ents-fall-to-2010-prices-20210513-p57rol.html

 

I know a few people who did exactly what that guy did. Had to time it right. They’ll be in for a shock when their 12 months is up and rental prices have shot up. Might be a little while to reach pre-pandemic levels but the worst is behind us.

There are some anomalies and some bargains to be had still, in the rental market. Sucks for some owners for sure. But the worst is behind us.

 

I can't even rent my apartment out at 2010 levels. Market is a dog's breakfast.

 

This Reminds me of Perth in 2016, rents dropped 25% all, houses and units. Today back to tight market