VIC Rise of the Melbourne Western suburbs?

Discussion in 'Where to Buy' started by willister, 22nd Feb, 2016.

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  1. Seby643

    Seby643 Well-Known Member

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    Where do you guys see the price of Tarneit moving to?
    Median price for a 3 bed room house is currently 420k
     
  2. willister

    willister Well-Known Member

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    I think they have also set sailed...same as Thomastown, pretty much Melbourne over the past 6 months has moved, some suburbs more than others but on a whole, a real massive hike.
     
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  3. melbournian

    melbournian Well-Known Member

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    I don't really follow greenborough and eltham but they are next to some really exp suburbs like templestowe etc. Keep going to the auctions to get an idea.
     
  4. couq

    couq Well-Known Member

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    It is amazing how much medians have moved
    Thomastown from 450000 to 600000
    St Albans from 450000 to 550000-600000
    Jacana from 350000 to 500000

    Crystal ball stuff hope everyone got in while they could :(
     
  5. willister

    willister Well-Known Member

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    A lot of the rise is within the past 6 months, which may suggest a market in panic. Fear of missing out stuff. I'd really hate to see the last ones moving in, which I really suspect is between the last 6 mths and maybe till the end of 2017.
     
  6. Cimbom

    Cimbom Well-Known Member

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    I am very familiar with these suburbs - I lived there for 25 years and all my family/relatives still do. I visit several times per year. A prestige car means nothing, just that you can access a car loan. I know so many people just in my workplace who earn six figures and drive cheap cars worth like 10k max. You would know next to nothing about their financial position by analysing their choice of car.

    Areas like Point Cook, Caroline Springs, etc have some of the highest levels of mortgage stress in the state. Just because property prices have gone up, it doesn't mean that the income and professions of people in the area has magically gone up as well.
     
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  7. ATANG

    ATANG Well-Known Member

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    Yeah it's crazy.... these few years. But then there's news saying there's going be lots of changes to migration rules in coming years, not sure if it's going to last...? But then, if melb slows down, a lot other cities are going to slow even further too...

    By the way, apartment prices in mid ring seems to have fallen...

    http://www.theaustralian.com.au/bus...s/news-story/46f482f0223d143bd382a3f1163254c5
     
  8. melbournian

    melbournian Well-Known Member

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    not sure about caroline springs - but i don't think it's the case in pt cook. i bought my lots outright in cash and build in cash too as they were really cheap back then and i sold my eastern side property back then which i regreted. interesting diagram too showing broady as 50% range of defaults.

    THe person who bought my pt cook place earns around 150K per year - as it was a subject to finance clause (and i asked for salary slips, job etc to ensure not to waste my time) . A lot of the people who purchased in pt cook are families (dual income individuals) who are priced out of the eastern suburbs. in the past, i know that doveton was the no.1 in Victoria for foreclosures.

    Also lots are marketed overseas to investors (next door to me) a Chinese mainlader build a double storey super big house. The demographics in the area is diff to areas like preston, Heidelberg west and heights which do consists of lower income individuals.

    The list by canstar below in Jan 2017


    upload_2017-4-26_11-16-20.png


    upload_2017-4-26_11-21-34.png
     
  9. melbournian

    melbournian Well-Known Member

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    can't believe all the news but yes they are sliding but some had gone up..

    I know the apartment really well (CBD and fringes) having own quite a few maybe 5-6 years back. Every market has it's own niche market and the apartment mkt is the same. if you go the siddeley st, docklands and darling harbor, sydney (the main difference is the prices btw both cities). I wouldn't be surprised one day when there is limited land, these will be sought after. I mean it has a very good acces to the CBD, shopping etc.

    Then there is the super side loft apartments in southbank (which are so rare - 160-180sqm) selling 700-800K. that's bigger than my pt cook place. A lot of people take a general approach to a sub market without understanding that within every market there are opportunities.

    My bet is the new train stations, domain, arden near the west Melbourne area (when it is developed ) is like super convenient to get to CBD easily.
     
  10. Connor

    Connor Well-Known Member

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    Obviously.. It's just an observation that I've made that seems to be a common trend. It forms part of an opinion, not the basis of it.

    No but seeing that demand drives up the prices, it does mean that the people coming to the area have higher incomes/better paying professions that enable pay the higher prices.
    Just go for a drive around Point Cook and its shopping plaza's and you'll see a very different demographic to what was there 5-7 years ago.
     
  11. ATANG

    ATANG Well-Known Member

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    i don't really mind Dockland tbh, it's nice and quiet and convenient. The only thing missing is it needs more greenery added to the precinct. It would make a huge difference if the council adds in a football size green field somewhere, but too bad it's not going to happen with every tiny piece of land eventually going to turn into another high rise.
     
  12. melbournian

    melbournian Well-Known Member

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    u can go the ron barassi snr park

    Ron Barassi Snr Park - Places Victoria

    There are actually many quality parks in the Melbourne CBD fringe

    Flagstaff Gardens, Carlton park, Royal botanical gardens (off st Kilda rd) - will beat any park in melbourne hands down and fawkner park
     

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