Supply issue—Out-price from Glen Waverley/Box Hill

I’m looking to buy a house to live in an area that have good public transport ( close to train station) and close to the Asian community for the food and restaurants and markets in the Eastern or or south eastern suburbs. i.e. Box Hill or Glen Waverley. I require no particular school zone...
But with a budget c. $1.3m, I find it is very hard to buy a house with ok condition (prefer only small or no Reno) in these two suburbs or immediately surrounding suburbs + near train station.

When do you think the supply will increase?
I’m fine with Mitcham or Ashwood but it seems little supply overall. Each property I have viewed has multiple buyers competing with each other, and I have seen auctions with more than 100 people attended in BH lately.

Looking at data from Domain , the supply in Dec 2020 is 16% less than that of PCP.

Just hoping the supply with increase to ease the madness.

 

Unfortunately this community buying in these areas likes to buy but not sell

Even pre covid listings for houses on full blocks have been very low. With interest rates at this levels agents tell me that everyone can afford to keep. Repayment holidays then when that is over then interest only for a while and kick the Can down the road some more

Good luck, look around Laburnam station onwards but don't buy into anything on the Alamein line though

 

I was waiting for the repayment holiday over in September 2020, now then people say wait until March 2021...
Any issue with the Alamein line? I thought the Eastern line and Alamein was similar besides one has express train?

 

Alamein line doesn't go direct to city, you need to change at Camberwell and trains are less frequent adding to travel times.

The amount of demand that I am seeing for properties that fit your description is pretty alarming considering the lack of supply. So its either, (A) you need to have the deepest pockets and be willing to pay up if you want an A grade property (B) you sacrifice location (C) you sacrifice the quality of the home/size.

On the flipside, I can envisage a world where if life somewhat normalises (i.e. travel resumes, mobility increases, people need to work in the city again rather than in spare room) then demand for expensive properties may decrease as people will again have other competing interests to budget for and may have less desire to upkeep a large block.

 

I never thought about using bus, somehow I have the impression that they are packed in certain line and slow

 

Parliament station... truly packed as well, but the CBD days seems so remote..
Vic govt predicts post covid the peak hour public transport usage is only 70% of pre covid level, which is a great relief for many commuters.

 

Blackburn, Nunawading, even Ringwood?

 

Agreed with Hamlet5. Ashwood, Ringwood, Mitcham, Nunawading are more affordable with decent access to cafes & restaurants.






Alternatively, you may have to buy cheap and reno in order to break into these hot suburbs. Waiting for supply increase seems futile IMO.

 

The proppy app you used seems interesting, which confirms my impression about supply.

It says nunawarding and Ashwood are great lifestyle fit and high affordability. But the property recommended: one property for each and both are below 70% match... just nothing to buy from even if I have well budget above their median pricing...

I think the app is also good for the renters to find out which suburbs to move to when they relocate to another cities, except they don’t need to be concerned about the housing prices...

 

another week another of low supply...

 

Keen to know, where'd you get your education information from to sort them according to 'good, above average, average, etc.'? What raw statistics that you use to convert to these ratings?

 

Thank you for signing up and sharing your thoughts. It has given me the feature idea to track supply volume.

Did you try "Scan The Market" to look at all surrounding suburbs?

 

When will supply increase...
I have given up in those hot suburbs...
but the supply is still horrible. Eg in Mitcham, the median pricing is $1m, but now any house worth looking is more than $1.4...

 

Yes. But you know, nothing changed

 

May i know what website do use to get these info? Thanks