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Western Melbourne Over Supply?

Discussion in 'Where to Buy' started by cfinch11, 17th Dec, 2015.

  1. cfinch11

    cfinch11 New Member

    Joined:
    17th Dec, 2015
    Posts:
    1
    Location:
    Maidstone, VIC
    Hi All, First time poster, first time buyer!
    We've bought a townhouse in Maidstone, VIC in July 2015 - given the rapid growth in the area over the last 2 years, we were hoping to see some early growth to help get into our next place quicker...however it looks as if it's evened out all year at 0.85%, despite that fact the 4 surrounding suburbs of Footscray, West Footscray, Maribygong & Braybook growing just on 10% in the last 12 months - is it possible Maidstone has an oversupply of new builds? Are we likely to see it rise again over the next 2 - 3 years with developments in the area? The other confusing point is that stats show a 13% growth in 'Units' in the area...what defines a unit? Thoughts welcome!
     
  2. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    1,319
    Location:
    melbourne
    i have been to maidstone, braybrook and sunshine auctions over the last few months. of all the three maidstone is the most hottest contested auctions but all the auctions i have been are only for houses on like 400-700sqm blocks of land. one 484sqm block was sold 632K 2 months ago and similar block went for 725K last 2 weeks. There are villas, units and townhouses. All three are considered units but a villa does not necessarily have walls joining the houses together compared to a townhouses For some reason, ppl like to avoid having co-joined walls if the options are open to have a one without. I don't think maidsone has an oversupply of new builds it is just then houses sell better in maidstone (there are vietnamese, chinese and caucasians fighting over various auctions).

    There is a possibilty of less foreigners buying due to the increased paperwork redtape paying 5k to apply to buy a property. Hence my lawyer friend was saying he had not received a single application in the last 4 weeks to apply for the FIRB approval when last year he had calls everyday.
     
  3. jpcashflow

    jpcashflow Well-Known Member Business Member

    Joined:
    21st Jun, 2015
    Posts:
    371
    Location:
    Melbourne
    Areas are still hot!!! There are not much listings on the market and talking to a few agents in the area they have all have said that there is limited stock out there.

    You will see the market get red hot again in late JAN / Early FEB :)