VIC Melbourne Property Market 2024

Want to take a stab at when the next cycle will commence?

 

The coolaroo one originally linked in the post I was replying to is under a flight path.

 

It's been 4 months I've been working tirelessly trying to find something that's well built and in my budget in northcote/thornbury/preston. I've probably been to 150-200 inspections and read about 30 contracts and entered into one that I had to withdraw from as the building inspector found massive defects in. Another property I tried to offer on refused a building inspection, presumably they knew there was something wrong with it too. It seems that every single apartment block or townhouse either has water damage/roof issues, balcony issues or cladding issues. Is it too much to ask for to expect a property that's built well and doesn't have these issues? Is it just a case of working out which of these is the least of a problem? Would you buy into any of these, with only $700k budget? Am I just the most unlucky buyer ever?!!

 

You're probably not unlucky just extra cautious I suspect. The state of construction in Melbourne is poor, new builds shockingly bad, bit more time you'll probably pick up alot of these issues yourself.

 

Wish I had a crystal ball

here are some interesting stats on melb

Melbourne Property Market Outlook 2024


My money is on inner north. I believe Its undervalued.
Next boom cycle will change this

 

hmmm…I’m not sure but I bought a unit that I live in, in reservoir six years ago. Had a building and pest and even a building biologist go through it to check for water and mould issues etc. all came back really good.it hasn’t caused me any problems since I’ve lived in it. Maybe it’s just luck?

 

Any guess on how much this will sell for? Massive underquoting IMO
6 Lexton Street, Balwyn North, Vic 3104
https://www.realestate.com.au/property-house-vic-balwyn+north-144535924

 

2.85-2.9

 

Agree. It is just outside Balwyn high zone otherwise add another 10%

 

I talk with people who have recently migrated to Melbourne and they can't believe you have to drop 600k+ to buy a poorly built apartment with endless defects and waterproofing issues.

 

Dont do it

 

https://www.realestate.com.au/property-apartment-vic-elwood-143989992

 

Any particular suburb within inner north ? Why do you think it makes better investment than outer east suburbs like Ringwood, Croydon, Bayswater, wantirna?

 

just my opinion on this, having lived in melb for the last 20 years…inner north has a lot of pizzaz to it…it has culture, vibe, lots going on. Ringwood,Bayswater etc is boring AF with very little vibe or much to offer IMO. Plus it’s much further out than inner north

 

Which inner northj suburbs we are talking here?

 

thornbury,northcote, Fitzroy. They are the best ones

 

Got it. I was actually comparing Reservior, Preston Bundoora to ringwood , croydon bayswater, wantirna from future CG prospective $800k-$1.1 mil budget

 

I live in reservoir. It’s a good suburb but has some gentrifying to do. It’s coming slowly. Bundoora is not as good imo. But all these surburbs are a stones throw away from the others I mentioned before and will grow in value in time I believe. Takes me 12 minutes to drive from the back part of reservoir to the heart of Thornbury. Pretty good!