VIC The Market has certainly changed direction - Melbourne

Actually ur wrong, some of them are zoned to viewbank, the st James property certainly is

 

Cafes/ restaurants? Burgundy St is improving every year

 

Viewbank college is good but not standout mate.

 

It's improving but still way behind the suburbs mentioned.

 

i'm surprised no one has mentioned the vic gov decision to rezone public schools and its impact on pricing... mckinnon secondary, camberwell primary, box hill - all those schools that partially drove up prices may be in for a very rude awakening. vic edu made comment that blue chip suburbs with top notch schools may no longer be in your zone and decisioning on if your kid can attend will be with the principal, not the area director.

interesting times if youre holding/living in those middle ring areas.

 

Depends, walking through Springvale market doesn't exactly whet my appetite.. I guess Heidelberg is more wealthy older, mostly Anglo crowd.

 

Springvale is not my taste so not going to disagree with you.

 

That's a different market. People with that money thesedays would be looking somewhere else. Look at the comparisons I posted, but more specifically look at all the sales over the past 3 years in Berwick.

550k for a 200sqm shack on Clyde rd or 750k for a 1/4 acre block on Kramer drive? You do the math. Seen many houses recently for only 650k in the Berwick views and Telford areas also.

 

Springvale is absolutely horrible, disgusting.

Ignoring prices,

I would never live there.

You have sandown, princes highway, spingvale central is good for a cheap meal, but hell hanging arpund there

 

Springvale and neighboring Clayton boomed out of all proportion to their attractiveness over the last 5 years though. Miles out of town, large areas of the suburbs are far from public transport, not much to do, not much neighbourly spirit , a transient population and boring characterless cheap new builds.

 

Hey mate, can you elaborate on this. Are they just tightening the zoning radius? I've seen some news on rezoning in Adelaide.. but that is all

Hard to imagine if you live in box hill you can't go to a box hill school etc. I thought it was just a crackdown on out of zone attending? Which I would imagine would add value to in zone houses? I have no clue...

 

as always do your own research however there was an article in the age on saturday about all Victorian state school zones being under review, in many cases they will be redrawn in a move that may concern a lot of parents who forked out a small fortune to get their child into catchments.

the issue stems from some suburb catchments providing for two schools or none at all. you'll basically be able to visit the vic edu website, put your address in and you'll know exactly which state school you can be guaranteed.

it made note that your local neighbourhood school will remain available however if youre an outsider looking to gain entry, you likely won't be able to due to some funding lock out where if >50% of outsiders attend you can't have portable classrooms etc.

may be a mountain out of a molehill, the age would never provide such sensationalist journalism.

 

Looks like this guy is gonna lose money in Elwood unless there's an uptrend in one bedders. asking 365: 12/40 Ormond Road, Elwood, Vic 3184

purchased for 340 in 2016:Property Report for 12/40 Ormond Road, Elwood VIC 3184

10% transaction costs equals total price 375k. buys a one bedder in Elwood and holds it for 3 years and now looking to sell at a loss.

 

Nobody should ever buy one bedders.

 

Maybe, but I think it was @MTR that posted this, there's some guy (I believe has an account here on PC too) has like 100+ 1 bedders in Sydney and Barcelona (I think). He's probably sipping on margaritas somewhere in Spain while I type this out from a desk on Level 53 in a Melbourne CBD highrise.

 

I think I said under 50 sqm as very difficult to source finance???

 

I been researching historical prices and there was a massive jump from ~2005 to ~2010 in prices of apartments 1 and 2 bedroom. 150k for 2 bedder in 2007 then in 2010 they suddenly jumped to 275k. I think this was because of the cut in interest rates from 7.5% down to 4.5% in 2008 right at the end of the boom. Then from 2008-2012 interest rates cut again to 3%. So from 2008-2012 interest rates went from 7.5% to 3% and the economy was running very strongly with 5% inflation up until 2012 when everything just flatlined (except assets). Since then it looks like apartment prices have gone up and down but ended up today at ~2010 prices.

 

Edit: cash rate went from 7.25% in 2008 to 3% in 2009: https://www.rba.gov.au/statistics/cash-rate/

This caused the huge jump in apartment prices after 2007.

 

What’s the general consensus for buying a poor in Melbourne? Give it another 6-12 months? Looking at older style 2 bed apartment in a small block or a stand-alone villa type unit. Around the 600k mark.