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[VIC] Prices to drop or continue the rise?

Discussion in 'General Property Chat' started by Booki, 31st Jul, 2016.

  1. Booki

    Booki New Member

    Joined:
    31st Jul, 2016
    Posts:
    2
    Location:
    Melbourne
    Hey all,

    THINKING about purchasing my first place, but have heard so many opinion's I have just confused myself.

    Some people think that the prices will drop (great for me as a first home buyer)
    Australia headed for recession next year, Professor Steve Keen says - ABC News (Australian Broadcasting Corporation)

    Others say it will stay the same or continue to grow but at a much slower pace.

    I am in no rush to move out of home, but want to invest my hard earned savings.

    What are every bodies thoughts, because I have no clue and I am not afraid to say it.
     
  2. Iamnumber5

    Iamnumber5 Well-Known Member

    Joined:
    31st Dec, 2015
    Posts:
    152
    Location:
    australia
    I guess no one knows exactly what is going to happen. Prediction is just another opinion which can go either way. More importantly is if you are financially prepared if things are not as per your expectation.

    Australia is heading down to an economic slowdown just like most other countries, hence affecting property price, however Sydney, Melbourne and Brisbane have become global cities which attract a lot interest from global investors and migrants. Having them as part of the equation makes it hard to predict where Australian property price is at now.

    Having said that, I think some parts of Melbourne are still good value.
     
  3. larrylarry

    larrylarry Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    3,501
    Location:
    Sydney
    Just heard on news that there are few big hotels in the pipeline in Sydney to cater tourists. It depends on who you listened to.
     
  4. Booki

    Booki New Member

    Joined:
    31st Jul, 2016
    Posts:
    2
    Location:
    Melbourne
    This might be irrelevant, but I am finding the property market extremely hard to grab a bargain.

    Its not like buying a motor vehicle where you can really haggle down on price.

    I am still living with my folks (age 26), and we are on 2 acres, I have grown accustomed to having quite a large backyard, most importantly a shed for all my toys.

    Finding a place that will allow me to have a barn style shed is a real struggle around a 400k budget in melbourne's north. I went looking out at Wallan today, and I believe it has some potential, but I still feel it lacks "value" and future growth compared to other suburbs. Sadly I feel other suburbs are out of my price range that allow barn style sheds.

    I know a few people who are buying house and land packages in wollert and surrounding suburbs and renting them out. Personally I don't believe there has been alot of thought about why they purchased them other then "property is a great investment and always goes up".

    I am trying to do as much research and educate myself as much as I can about property (even though I find it a boring subject), because quite frankly it is going to the biggest purchase I have ever done and probably ever will!

    Sorry if the post is a bit long winded, but its nice to post up my thoughts and hoping some people will help guide me on the right track :)