VIC Melbourne Property Market 2024

Flight noise not that big a deal. Hasnt been an issue for the inner west in Sydney and the planes go very low there. Its not a positive feature but in this position of Dallas its not that bad. its not right next to the airport.
That was not really a bargain. Needs a full bathroom, walls sheeted etc. Its not a bad deal for someone who wants to get their hands dirty as bones ok, but its still a lot of work.
Dallas though is priced well generally considering distance to CBD and facilities at Broadmeadows.

 

It’s not within GWSC catchment…highvale doesn’t seem to have great ATAR results

 

Yes this is exactly what I was looking at to determine 60 and 70 noise paths. What I was referring to is where are you looking to know that most of Dallas has development restrictions due to these flight paths?

 

Does inner west Sydney have development restrictions though? Sounds like in Dallas you cannot even subdivide due to the flight path

 

Obviously *something* coming for stamp duty reform in Vic - either broad tweaks with greater FHB benefits (better policy, which it seems from the leaks and messaging) or solely FHB changes (votes, and good policy). Happening as part of the upcoming budget, and to take effect this July 1 or next July 1?

Very interested to see what exactly they're cooking up and what impacts it might have.

 

Do you think this is credible? I have read that mainstream media are sensationalist.
If the focus is to make inner city denser. Land shouldn’t be released for development in outer Melbourne?
Old buildings with units may get demolished to make space to build high rise towers.
units within a block of units a good buy?

PS: PK’s adv showing up in my property chat.

 

Many here ask where to buy. For those starting out…. Follow the money, gentrification, then dig deeper

These stats are a tad dated, but most on this list making sense and shows how income has increased significantly. Means demographic is changing….. follow the money

Melbourne gentrification: How wealth is shifting outwards from the city centre

 

Get rid of poor management, woeful Government policies….

 

Exactly.

This below property rented out in a week, it has no driveway, mostly unrenovated on a main road and fetched $530 p/week. December 2023, you'd be lucky to get $450 p/week on it. Rents have shot up in Jacana in 2024. Mine will be much the same, except it's not on the main road, full renovation and a much nicer home overall Not bad for a $550k purchase price with the option of putting a granny flat on the rear in the near future!

https://www.realestate.com.au/prope...Element=avm-currently-advertised-view-listing

 

good job, when did you purchase your jacana property?

 

Mid last year

 

nice, can it be subdivided?
It seems theres lots of big blocks in Jacana and Broadmeadows

 

It can.

But due to the Melbourne Airport Environmental overlay, you can only subdivide the block in to two because it's 604sqm. I think each lot must be a minimum of 300sqm. It reduces the density in the area. It's good because it reduces supply of rentals in the area
From a development perspective, it reduces profit as you want to squeeze in as many townhomes as possible.

 

thanks.
But even a 1 into 2 (especially if retaining current house) will at some point be profitable?
Maybe not now, but maybe in 3-5 years when melb has its next cycle.
Or am i missing something?
thanks

 

if you were to subdivide, not sure, I haven't done the numbers. It's hard at the moment due to building costs.

For me, I'm trying to pump up my cash flow with a granny flat. Best bang for buck in comparison to a subdivision.

 

ok, how much will granny flat cost do you think? And what would it lease for?

 

Conservatively I've run the numbers at main dwelling at $430 p/week, granny flat at $380 p/week and construction costs at $200k with an interest rate of 7% and inflation at 2% for rental increases). Obviously, rent will be far higher than that. It'll be cash flow positive by 2034 as opposed to 2041 given renting out just a single dwelling.

 

I thought Jacana has all the basics to get gentrified in the future. Close proximity to city. Next to glenroy. Sandwiched between two train stations. The rental affordability will likely increase the chances. Overall I am happy with my investment.

 

Melbourne suburbs where property searches increased the most
Source: PropTrack. Suburbs ranked by % increase in property searches from February 2023 to February 2024. Median values only included for suburbs with a minimum of 200 properties with medium / high confidence AVM values.

Suburb State YoY increase in searches Median house value Median unit value
Coburg North VIC 19.2% $971,000 $652,000
Pascoe Vale VIC 19% $1,012,000 $635,000
Glenroy VIC 18.5% $635,000 $562,000
Wollert VIC 17.6% $694,000 $487,000
Watsonia VIC 17.4% $907,000 $707,000
Rosanna VIC 14.7% $1,262,000 $804,000
Reservoir VIC 13.9% $883,000 $610,000
Macleod VIC 13.6% $1,064,000 $742,000
Brunswick West VIC 13.5% $1,271,000 $491,000
Moonee Ponds VIC 12.7% $1,380,000

'Poised for growth': Why property prices are set to rise in these popular suburbs - realestate.com.au

 

Lots of NE suburbs represent good value especially factoring in NE link