$1,000,000 in 4 years

True, but Victoria are not very LL friendly. The reason it's kind of dead could be because many LLs are leaving, so there's no real scarcity of property.

 

The median price in Saint Clair is one million so you must have an above average property?

I think those that were looking at the small picture and upset about taxes have gone or are in the process of going. I dont think it will get worse. Its not dropping in price. Its not a mass exodus.
Rents have risen a lot so that is helping to sway people to stay in.
Investors are starting to see it as opportunity rather than the narrative about how bad it is.
Its at bottom I feel.

 

Agree I thought this would be bottom of cycle and it's just stabilising up and down small % this year, that's what I'm hoping. But I have seen some BAs suggest there is more correction to go and to only look at other states citing state government changes etc For PPOR I think it's a really good time, lots more to choose from and the current uncertainty with rate cuts this year seem to have made it more a buyers market past few weeks.

 

Melbourne property: house prices fall 1.5 per cent in March quarter in pandemic hangover

 

The other lesson is that in general, buying next to or close to the water is a guaranteed LT bet.

 

Yeah in 2011-13, the GC was easy pickings. It was screaming VALUE.

 

I do find that IN GENERAL, prices wax and wane at diff times eg the Eastern Suburbs could be raging hot and the West tepid, then the East cools down and the West heats up. In the LT, they tend to even out in the wash from a CG rate perspective.

Of course, some suburbs outperform but I've yet to see suburbs in cap cities perennially stay cheap while the rest of the city goes up in leaps and bounds. Buying when a target suburb is fairly dormant is a great strategy.

 

Not very LL friendly for sure. It all very well to levy Landlords for everything but having the money to pay all these taxes and fees is another matter. In the case of property where commerce is done the extra costs will have to be passed on to businesses and quite possibly drive business out of Victoria. Probably a foregone conclusion.

 

yeap houses are good against inflation , better than gold / silver mebe? controversial

 

We bought in GC in 2020. I really wish it was earlier.

 

I agree, however Western Sydney did stay cheap for a long time. It's still cheaper than closer to the city, but it's now gone from 'boom to bust' to more of a 'boom to smaller decrease' in a similar vein as closer to the city.

 

Edit quoted the wrong post

@MTR small fall.
No problem. I think we are still at bottom. Won't fall much more (hopefully lol).

Percentage of stock on Market has been dropping steadily in most suburbs for a year (I looked at data for Brunswick reservoir Broadmeadows Dandenong Frankston just to pick some random ones) This should translate to stabilisation. Historically it's always correlated quite well to upwards price movements afterwards with a lag. Meanwhile rents are increasing significantly.

But yeah could be a few years before we see any decent growth.
Everyday that Brisbane and Perth keep growing at these big rates makes Melbourne look like the best long-term proposition and I still think it is going to do the best from now over the next 10 years.

But I have to admit I'm feeling a bit of opportunity cost here lol

 

It has got worse it is not just about land tax, it is about all the other compliance costs and regulations. The latest one is the last straw. BIG Fines for landlords who dont have a heater in the main living room, absolutely ridiculous. I have a wood heater in the kitchen/ dinning area that even on low heats, the whole house which is only needed somtimes in part of June and July some tennats dont even bother to use it. Yet I am expected to install another heater . Well stuff that I will leave the house empty and the goverment will have to do something about the homeless.

 

Interestingly despite these laws which are unfavorable to landlords the percentage of landlords in Victoria increased last year so whilst there are some that are throwing in the towel overall, investors are moving into the market, not out of it. The link with that data quote is in the Melbourne thread.

So the flat market is related to macroeconomic factors in that state I think. Not great economy?
To be honest I'm a bit uncertain as to why Melbourne's not doing so well like I understand why Perth is doing well but I don't quite get it why Melbourne is languishing at the moment but I still think it's a great time to buy in Melbourne if you are looking to buy low.

 

Well done to OP. When you see posts like this, you know the market is close to peak in Sydney!

 

Did you know the property she is talking about is in the Gold Coast?

 

I keep on hearing property investors talking about running a business, well this is a compliance cost. It might not be needed, and it might be a box-ticking exercise, but you suck it up, and you pay it.

 

As @Gockie said, it's the Gold Coast. Previous PPOR, which we still have, has also increased but is tiny by comparison.

 

Well add GC and Brissy to that list

 

Sydney peaked in 2017 too.