What Markets/suburbs are Softening in Melbourne

@melbournian,
There are no available small land plots in upper point cook except few 500 sqm ones which are over 500k for the land.
The 220 one belongs to the developer and to put a two story house cited 578/ but wont be ready till end of 2019,which is too long for me.

 

I do not understand why people can pay over $500k for a block of land in Upper Point Cook while with the same amount of money you can buy an ok house in Hoppers or Werribee with established community and amenties. They then can spend $30k-$50k for a good reno and the house will be pretty nice. If they really like new house and estate, Williams Landing is a better option with easy access to train station. Price is similar.

 

I agree and when you drive past through the some of the established newly developed areas , the old houses of the other side of the town and surroundings appear much nicer. The new developed area has narrow streets and are not maintained since they built so many houses/ units on both sides of the street to get max profits. After the dark once everyone home no space to park the cars. Most new owners let extra rooms to make the mortgage and tenants vehicles are parked over the grass.

 

Narrow streets, double density or more, no train station, overloaded schools, not many trees, bad ramp roads to freeway. So many cons just to get 1 pro which is new house.

 

that is a crazy price - though could be a double storey so should be right. i did a few single storey for 139-165K in the past

i think the sanctuary lakes part of point cook, alamanda, featherbrook is all now coming up very nice - treeline scapes, lakes etc.

 

The sanctuary lake is very nice but hence very expensive. Alamanda and Featherbrook not so nice. House front yard landscape is ok but quite small and very minimal established trees.

 

I think it's not bad - better than most of the newer suburbs, there are a lot of ovals and parklands in the area which I think benefits the area more for families, pets.

there are a lot more opportunities coming up in these areas maybe 5 years from now as once the covenant runs out some could be technically sub divided

 

What is the normal period for a covenant that prevents subdivision in a new estate?

 

gotto check the estate and title areas - but pt cook is selling fast and quick for some reason. when i sold mine last year 10 offers after 2 weeks.

 

it' funny what people will sacrifice for a roller door garage and a theatre room
each to their own

 

Passed in at $1,220

Most stock sold this week appears to be in the fhb market. Interesting times...

 

Tell my about it. This one raised my eyebrows. $951k for a 3/2/2 on 414m2 in .....Braybrook?!

29 Air Force Avenue, Braybrook VIC 3019 - House For Sale | Domain

 

A side issue....
Also much harder for deve/builders to source finance when developing 5+ units
If looking at putting together a DA and flicking just keep in mind your target market will be slim pickings

 

11 auctions in Hoppers Crossing yesterday, 5 passed in, 2 sold within the lower range of indicative price. A clear sign of market softening. Some of them could easily been sold for more than 5% of the max quoted price late last year.

 

I guess Now we are seeing impact on FHB market

 

Yes, they are FHB stock $500k-650k. Was crazy hot from late 2016 to late 2017.

 

Meadow heights and jacana definitely softening. More getting passed in, not many going to auction.

 

How about Melbourne eastern suburbs?

 

I think that we will see some correction for that area, maybe 50-70k reduction.
That part of Melbourne is not very nice.

 

But is is reasonably close to the city with train line and freeway access. Broadmeadows is also zoned as ACZ. But yeah it is a rough area, gentrification may be slow.