When will the Melbourne property market bottom out?

Supply is rubbish. This is true

 

Not a lot of people are aware, but there is a correlation between number of houses for sale and price growth.. Guess what, people prefer to sell in a sellers market.
Housing turnover and house prices: A fractured relationship?

 

I am monitoring Bundoora area and I see movement in the market.
Both of these properties on in the same pocket,
4 Bedroom - 3 bathrooms (1 bathroom and 1 bedroom are in backyard) sold 680K 24 April 2019
17 Fifer Rise, Bundoora, Vic 3083

3 bedroom - 1 bathroom sold 736K last weekend
39 Ashbrook Circuit, Bundoora, Vic 3083

the 4 bedroom property has much nicer bathrooms and kitchen, the recently sold one is very old and in need of renovation for the kitchen and bathroom. similar size blocks. but 56k more

 

I believe the market has bottomed out and pretty fast in certain suburbs. It feels like prices have also rebounded for certain properties to not far from where they were 12 months ago.

There have been some stand out sales too, for example that Port Melbourne ( relatively unmodernised but large 3 bed apartment with decent sized terrace and bay views which went for $4m+ last weekend). Maybe it was a one off but results like that and some others nearby ( 1 bed cottages going for nearly a million again) show some strength returning to desirable inner suburbs.