When will the Melbourne property market bottom out?

So you don’t think now is a good time to get in?

 

Some of markets are ok other not. I depends.

Lower priced areas are moving very well...

 

What about this?
Sold 5 Ferndell Crescent, Templestowe VIC 3106 on 07 Sep 2019 - 2015523455 | Domain
Compared to a nicer house across the street in march
6 Ferndell Crescent Templestowe Vic 3106 6 Ferndell Crescent, Templestowe, Vic 3106
Insane price movement in an Asian suburb. The 1.4m is more than 2017 peak pricing

 

No. 5 is bigger than no. 6 with the rumpus and an extra bedroom, and also has a larger kitchen. But I agree with you, it cannot justify more than $300k different in price.

 

6 is nicer looking as it's elevated and on the high side of the road.. People pay a premium for that. Depends how you look at it.. Maybe 1.09 was a great buy??

 

Yep, no.6 is elevated and looks nicer (due to the timber floor, downlight, newer paint, etc) but the layout is not as good as no. 5. I think 1.09 mil is a good buy and $1.4mil is over the top. It is amazing to see the price movement in the last 6 months. The best time to buy in a number of popular middle ring suburbs in Melbourne that I monitor is Dec 18 - June 19. Competition is back again after the election and rate cuts.

 

73 Alfrieda Street, St Albans, Vic 3021

Check out what a good auction can get you. Was auctioned last year for 2.5mil setting a record for the suburb. Looks like its back on the market for 1.6mil.

Casual drop of 1mil...

 

Still cannot see any reason someone can pay $2.5mil for this one.

 

Crazy market out there, compare these sets of sales
Late last year
37 McAuley Drive, Rosanna
Sold 37 McAuley Drive, Rosanna VIC 3084 on 27 Oct 2018 - 2014615355 | Domain

Today
7 McCrae Road Rosanna Vic 3084 7 McCrae Road, Rosanna, Vic 3084
Sold for 960k

 

47 Stanton Crescent Rosanna Vic 3084 47 Stanton Crescent, Rosanna, Vic 3084

This is higher than 2017 peak pricing (see below eg)
51 Stanton Crescent, Rosanna
Sold 51 Stanton Crescent, Rosanna VIC 3084 on 01 Nov 2017 - 2013862126 | Domain

I wonder if the RBA, banks and APRA have overdone it.

 

12 Hyslop Parade, Malvern East, Vic 3145

12 Hyslop Pde Malvern East - 806sqm - sold March 2019 $1,550,000

7 Hyslop Parade, Malvern East, Vic 3145

7 Hyslop Pde Malvern East - 600sqm - sold yesterday $1,530,000

 

Indeed

At least one rate cut to come as well, although how much will the banks pass on now?

RBA being asked to do the bulk of the heavy lifting yet the private sector is not really responding.

I wonder why?

 

I almost bought that first house. Old lady moving into a home. I was prepared to pay 780. Next door neighbor bought it outbidding me.

Good buy. But I’m glad I passed on it in hindsight.

 

Wow

 

Not the best part of Rosanna but close to the school.

 

I heard they just want to get their $$ out of their country so worth it or not is not a consideration. $1.4m is only the price of an apartment so there goes the comparison.

 

Where I'm looking in SE Melbourne there are properties getting decent prices, but the supply is rubbish so anything that is half decent gets snapped up quickly.

I think the real test of the market will be the next couple of months and whether:
a) supply increases
b) the clearance rates and premium prices hold with an increase in supply

I'm still half expecting a dead cat bounce but the clearance rates at the moment are very good.

 

Still some interest rate cuts and possible Government stimulus to come.

 

Been hearing this for a while

 

Stimulus?