VIC The Market has certainly changed direction - Melbourne

you dont need to be an expert or an agent to know

a few indicators:
- private sales turning to auctions
- you have to start chasing agents
- properties selling far quicker
- properties selling above quoted price
- more people turning up to inspections
- media start talking about why property is about to boom
- easier finance
- vacancies

 

Thoughts on this: average condition 68sqm in Yarraville sold at auction today for 410k 9/86 Pentland Parade, Yarraville VIC 3013 - Apartment For Sale | Domain

Renovated apartment next door sold for 512k mid last year https://www.domain.com.au/property-profile/7-86-pentland-parade-yarraville-vic-3013

Sold for 370k in feb 2016 though: Property Report for 3/86 Pentland Parade, Yarraville VIC 3013

 

This one sold at auction today for 373k 1/6 Newstead Street, Maribyrnong, Vic 3032

Makes no sense, better one has been sitting on the market for 5 months asking 375k, has only had verbal offers of 350k 6/8-10 Clyde Street, Maribyrnong, Vic 3032

This extra large one has also been sitting on the market 5 months asking 379k. You could argue it’s on the main road but it is bigger.4/97 Raleigh Road, Maribyrnong, Vic 3032


The auction today was weird. Had a dummy bidder, auctioneer was acting strange like he knew before hand it would sell, bidder looked shifty, potentialy money laundering. Auction was staged and sold prior. Winning bidder probably could have better one linked above for 365k.

 

This one got withdrawn from auction, no one showed up to bid. Agent said could likely get it for 290k 11/657 Barkly Street, West Footscray, Vic 3012

The domain building profile says a renovated one sold for 370k in oct 2018 but when you click it says it last sold in 2008. I remember the auction back in oct had an EPR of 360-390 but got withdrawn from auction Building profile - 657 Barkly St, West Footscray VIC 3012

 

Clearance rates seem to be trending up, despite large number of unreported results..

 

884 scheduled auctions, Only 334 sold

Via shane oliver:
Prelim Domain auction clearances. Mel 53% (=final ~47%, last wks final 46%). Vols v low

adding to that the 8-10% seasonal bounce that happens every year at this time


47% Seems woeful to me, even ignoring unreported rate.

 

47% is bad especially during the “seasonal bounce” however two auctions which I witness sell today haven’t shown up in the results on re.com

 

Louis Christopher on Twitter

 

Trending up though, it was lower late last year

 

This is a good example of how biding your time can really pay off.

8 months ago someone paid this price of 410 for similar apartment in West Footscray: 11/104 Cross Street, West Footscray, Vic 3012

imagine if that person had just waited 8 months they could be living on the best street in yarraville instead of the best street of west Footscray. This person probably didn’t want to “time the market” or was too busy working to research where real estate values are going.

 

@DrunkSailor which of maribyrnong, flemington, footscray/west footscray would you consider the best area to buy an older apartment? Footscray/west footscray id be a bit concerned buying an apartment as there are new blocks going up with room for more, new and shiny is the biggest enemy for these older blocks. Not sure about how much new stock is coming onto the market in maribyrnong or flemington but i assume land supply is tighter there for possible development sites now and in the future?