VIC The Market has certainly changed direction - Melbourne

Discussion in 'Where to Buy' started by NWHT, 19th Mar, 2018.

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Which way do you think the market is headed in Melbourne?

Poll closed 23rd Jan, 2020.
  1. Strong Upwards

    0.9%
  2. Upwards

    9.3%
  3. Flatning

    23.0%
  4. Flat

    22.1%
  5. Downward

    30.8%
  6. Strong Downward

    14.0%
  1. Primary341

    Primary341 Well-Known Member

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  2. hieund85

    hieund85 Well-Known Member

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    This is a massive drop but I think the agent is underquoting to attract bidders for the coming auction. And what they did in 2017 is simply way overpaid.
     
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  3. Primary341

    Primary341 Well-Known Member

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    It does look a bit low doesn't it?
     
  4. The Y-man

    The Y-man Moderator Staff Member

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    Yep - they obviously bought to do a splitter but then changed their minds (either permit, profitability or funding issues)

    The Y-man
     
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  5. The Y-man

    The Y-man Moderator Staff Member

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    paulF and Primary341 like this.
  6. Omnidragon

    Omnidragon Well-Known Member

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    Lots of vendors/agents still in defiance. I don’t even bother to make offers when it’s overpriced since it’ll probably crash more later the way I read it. Some agents are furious and going back to their old “Melbourne has immigration” mantra. You think London, NY, Shanghai, Hong Kong or Tokyo doesnt have immigration? Lol. Even Austin and Dallas probably have immigration.
     
  7. hieund85

    hieund85 Well-Known Member

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    It is under contract now. Price is in the top range.
     
  8. MTR

    MTR Well-Known Member

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    It does have immigration but they forgot to mention:p the credit squeeze. That old chestnut, if you cant source finance you cant buy... more volume/supply comes to market
     
  9. Omnidragon

    Omnidragon Well-Known Member

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    As the most indebted country in the world, there was only ever one way for credit to go. Down. My last buy here was Nov 2014. Haven’t touched a thing since. All my moves were offshore 15/16/17, only things I did here were sell.
     
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  10. The Y-man

    The Y-man Moderator Staff Member

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    ... and now you're back in a big way getting ready to go shopping? :D

    The Y-man
     
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  11. Omnidragon

    Omnidragon Well-Known Member

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    Haha just keeping my finger on the pulse. Think there’s no more pain coming
     
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  12. Westie

    Westie Well-Known Member

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    Buxton are NOTORIOUS for underquoting. You're right on the money.
     
  13. MTR

    MTR Well-Known Member

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    Who are the 3 that voted strong upwards....slap on wrist with a feather duster:p
     
  14. mues

    mues Well-Known Member

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    Also. When I voted downwards most people voted flat or upwards. It would be interesting to track votes over time.
     
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  15. Triton

    Triton Well-Known Member

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    Didn't everyone overpay in 2017 p:
     
  16. hieund85

    hieund85 Well-Known Member

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    Not really, depending on the surbub and the investor. I bought one in 2017 so far at least 30% increase.
     
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  17. Westie

    Westie Well-Known Member

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    Yeah same for me too. Very much suburb and type of property-dependent.
     
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  18. MTR

    MTR Well-Known Member

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    Have not read every thread here.... so excuse if its already answered.

    I would like to know how the land and house packages are going, have they been hit hard?

    Generally speaking when a bust cycle occurs the outer burbs and cookie cutter product gets hammered, just curious
     
  19. berten

    berten Well-Known Member

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    That is definitely the way it went down in the U.S, but since the downturn here seemed to be kicked off by a tightening of borrowing capacity, it seems to have hit the upper end of the market (1m plus) first and hardest, and pushed a lot of money into the lower end, and into cheaper markets like TAS. Not sure about house and land specifically, but the lower end in Melb/Syd is falling now too but I think with FHB grants and immigration there's likely to remain more buyers in that bracket. Just my 2c.
     
  20. MTR

    MTR Well-Known Member

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    No idea about new builds in US, but certainly happened in the Perth market
     

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