What Markets/suburbs are Softening in Melbourne

sold in april/may 2017 - thought was a good price record for the size and street. upper point cook is actually off pt cook further down - though it is also selling for good prices. Saw a few prices in Werribee - don't think it is cooling off

I think I have mentioned - some suburbs in Melbourne boom at different time. and this is not a mining boom. in hindsight I sold Pt cook too quick similar to your Thomastown dev - market conditions change all the time only can work with what variable you have atm

 

Anyone read this?? Someone posted today, this is excellent

The Market has certainly changed direction

 

Wow 5.8 mil - you should have held on to Thomastown they're closing in

 

Fair call but I used this profits to mske more money
We will see markets go sideways now, i like taking profits

Sold Croydon too reinvested profits

 

actually I was being sarcastic

of course everyone is going to use the money to make money- even keeping money in the bank is going to make money.

the question is how much and how much effort.

 

I’m seeing price reductions on SOME apartments in Footscray and St Kilda. (However I’m also seeing 10-15% price increases on good units in Footscray but I think the new government equity scheme which covers 25% of the mortgage in Footscray is having an impact).

A 1 bedroom unit in St Kilda, last year the agent said the vendor wouldn’t except less than 290k. This month the unit next door sold at auction for 275k. I got back to the other unit and the agent said the vendor would now consider 282k because his one is renovated. I put him on hold. Last week he calls me back and says the vendor will now accept 275k.

There’s also 2 other 1 bedroom units in St Kilda struggling to sell despit price reductions because they aren’t perfect. The one above is company share, another nice big one has no parking space and the 3rd one has a bad layout which isn’t functional.

 

Have been paying close attention to the inner west, particular Newport, as we are in the process of upgrading our PPOR since new year and definitely softening. Good houses still selling, but anything needing work getting passed in. Most selling shortly after but still you can see the competition isnt there for a lot of places.

Have already bought and our current place goes to auction in 2 weeks, so fingers crossed it holds long enough

 

Greater Hobart is all over the show. Some areas contracting (4-36 per cent, most at 4 percent mark) and slowing. Others saw a price increase of 49 per cent last year (Dynnrne), very close to CBD and private hospital. I do not think that is sustainable. Six months from now, will be interesting to see what the suburb does.

 

Lol. Oops. Half the buyers are probably from Melbourne though? Under caffeinated.

 

Reservoir/Preston seems to have slowed right down with a few exceptions which seem to be PPOR purchasers.

The current finance/market conditions seem to have driven many investors and developers out of the market.

I’ve been keeping my eye on resales.

One upcoming property to watch is 53 King WIlliam Street, Reservoir VIC 3073 - House For Sale | Domain

Sold sept 16 for $1.12 now listed with range of $1.190-$1.309 and marketed as a dev site (without permits).

 

Still think Preston/Reservoir has great potential going forward, as it is still close to CBD. But yes it is slowing down. But that also applies for whole of Melbourne anyway.

Preston will most likely stay hotter than Reservoir because it is closer to city, and more gentrified in general ..... Especially the area south of Bell Street.

 

Yes it is always good to have a buffer. My Reservoir IP has a lot less buffer than Preston IP, but I think long term it will still be OK, as long as people are moving into Melbourne.

 

personally i think the PPOR ones are the hardest to sell in preston going closer to coburg side due to lack of . Went to george st auction which was dead. there are a lot of heritage and vegetation overlays on that side which is why it is less density good for PPOR though Maplas st seems lots more attention. I did got to 45 kathleen st - as well (very rainy day and passed in at 860K when 43 Kathleen sold 985 last year)

some notable sales 3.3 mil in reservoir (a new record for dev sites)


and 415sqm sold 1.15m which the agent told me





There are a lot of auctions in preston coming up - so would be interesting.

THe 53 King William st - is oakhill - it has always been expensive a good estate - but for that money i rather purchase something in chadstone - which the townhouses are more expensive when build.

 

I know clearance rates and the significance of this figure can be hotly debated by some members here, but I've noticed a lot more properties are being unreported or reported as "price withheld". I did a calculation on last week's auction results, and approx ~20% were sold at auction with "price withheld".

Is it just me or is that really high? Does anyone think maybe Melbourne is actually underperforming worse right now than the current mass-reported figures (which also aren't great) show?

 

In a rapidly raising market or when the result is really above expectations agents will generally encourage result to be released so they can advertise things e.g. highest price on street etc. to line up more business..

If the result is more of a regular expected market price or below that then just having a sold with price undisclosed show they at least got a sale

 

Hi @melbournian
I am looking to buy a PPOR in Point Cook area and not sure whether it is the right time?
Most of the upper Point cook land plots are sold and only available ones are next to freeway. 220sqm goes at 290k.

 

back when I bought in featherbrook was 315-350sqm for 160-180K. How things have changed. I think it really is a a high - as to whether it keeps moving (is still a bit unknown). though 500-600K is still affordable for lots of people to own a decently new home compared to the eastern suburbs. I suppose if you can get 200sqm for 290 and build a home for less than 200K you are still below what some would pay - though would it be a townhouse or house? 220sqm is starting to get small, with the house likely to be around 140sqm and there are apartments larger than that

 

@Tony66
- looking at an article stats on Pt Cook - no wonder upper pt cook is selling out quick and prices are rising.