VIC Melbourne - Update please

To me its not covid handling and immigration that are melbournes biggest danger. Its the move to lifestyle areas due to wfh and a general covid inspired reassessment of of whats important. I dont think this is a long term thing though. Big city jobs and hybrid work will force many back from the gc vand temper the flow going forward. I really dont think your average foreign student cares about the temporary covid border policy. And in afew years it will be forgotten.

 

Not sure about this
Time will tell

 

People don't live in Melbourne blue chip areas for CBD proximity.
It's lifestyle and elite education.

 

Whenever I ask people where future growth comes from they all say immigration. I see the levels people are coming here and it doesn’t support growth on home prices... remember that during covid we had between 500-600k ex pats return home (immigration on steroids) and all able to buy houses because they’re citizens.

Im yet to hear a sensible response on future growth of Sydney and Melbourne and what the drivers will be

 

Exactly.... people thinking immigration will save the market are dreamin' the impact will take a couple of years as most need to get established before they buy and that takes a couple of years.

In VIC have 3 in Melbourne......5 Geelong...1 Ballarat (selling) and 1 Phillip Island. My bet is Melbourne is going to be hugely attractive as I have take a double take on rents compared to the rest of the country...crazy stuff....

 

What an awesome post, Victoria has had a big shift, more and more people have moved to regional towns, or areas such as Geelong and Ballarat. Rental Yields are all over the shop and rentals in Melbourne are taking allot longer to rent out.

Speaking to a few agents, houses are still selling fast but prices have stalled unless properties are in high end areas.

 

For melbourne, immigration. Why is that not a sensible answer? Forecast to overrake sydney population in a few years and reach 8 mill in a few decades. Its a long term ponzi economy, but so is the property market in general which is built on money printing.

 

This is a major concern properties taking too long to rent only means one thing oversupply. I have seen this before

what investor can afford this?? What happens next is fear sets in and investors stop buying cos it makes no sense.

poor/low yield, oversupply equals high risk as rents can also continue to drop

I expect more supply to come to market. Investors

 

One couple look retired and from outer burbs, the others still commutable distance and moved from cramped inner city. Middle ring maybe going to hold up better?

 

with omicron now rife, renovated middle ring lifestyle properties will go to the moon.... bitcoin of the property world.

 

Similar to my complex in Brunswick. Sale listings are flying off the shelf for record prices, owner-occupiers. Rentals are recovering, in that they are renting quickly, but still at very low prices.

 

The south east middle ring home market of Melbourne is always warm to hot.

 

Hey Y-man....you are have picqued my interest....are yours inner city houses in Melbourne?

I am scratching me head...but I recently had a vacancy in Mickleham couple of months ago it did take about 3-4 weeks to let because of COVID...but it rented at the price I wanted. So I am scratching my head. ...but the property was only getting $385pw...small 3x2x2 single living home.

It is crazy how cheap rents in Melbourne are now compared to Brisbane, Perth, even Adelaide.

 

Yes, Melb cheapest rents in Oz

 

This is why we ended up going for QLD even though I originally really liked Ballarat, I was worried the lower yield would really hold back our ability to buy again.

 

Wow! A real eye opener.

Were they older? Also I would have though Clayton Sth would have flown out the door so would a house in Brunswick?

Mine are Hoppers...Mickleham...Officer...the Officer one in particular always easy to fill.