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Western Melbourne Over Supply?

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

  1. cfinch11

    cfinch11 New Member

    17th Dec, 2015
    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

    2nd Sep, 2015
    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

    21st Jun, 2015
    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 :)