VIC Melbourne Property Market 2024

This speaks for itself imho.

 

Which area are you referring to? Warnambool?

 

Portland. Ran out of time to look at Warrnambool.
Not seriously looking.

What are your thoughts?

 

checked 40 storey, looks to be a large single block, long back yard - with a poor existing house
Queen street was a double block with a better house, expect developers would pay more for a double block of 1000m2 compared to a long single block of similar area?

 

just curious what interest rate is your melbourne IP on at the moment ?

 

do you mean best performer starting now for the next six or seven years?

 

Yes I do.
Interestingly Heron Todd White just have now put Melbourne is as a rising market rather than started recovery and it wasn't that long ago that they moved it from bottom of market. I would still call it start of recovery I don't know how they can say it's a rising market but anyway that's what they are saying.

 

I just saw that. They put Perth and Melbourne on the same stage of the clock as rising markets. Doesn’t make sense to me! How can they both be in the same category?

 

These self/interested opinions from agencies are not worth a damn.
Stick to the data to be ahead of the pack.

 

Queen couldn’t be developed, heritage overlay. Storey is a developer’s paradise, actually a shame to be honest was a nice quiet street once upon a time.

 

aren’t they basing it off data though?

 

How is HTW's self interest, Are you suggesting corruption by a company whose only interest is being trusted and having integrity and their existence depends on it. These guys are a head of the data The reports in the markets I follow are actual and real. Including the part about new bench mark for 330 mm cropland where land is being sold in small alloments as smaller parcels are bringing more money not the vice versa that is parroted here. The value of my cropping land has more than doubled in the last year, an easy $3m tax free gain.

 

Pretty sure they shouldn’t have a self interest in putting properties on particular areas of the clock, unless they are trying to sell properties in those areas which I’m pretty sure they are not!

 

Ahh apologies! Was thinking of a completely different agency.
I thought they were property developers, not independent appraisers.

 

Re agents at it again….. underquoting by 100000s

Love the way agent has pamphlets on display…… stating …. Illegal to underquote…. Right

House in question sold for over $300k asking range. Underquoted from start

Melb agents are woeful

 

The greatest under quote has to be Harcourts with 140a Bastings St, quoting 1.1-1.2, sold for 1.95
Opening bid 1.65

 

wow, this is insane

 

On 7.89. will drop to 7.59 in a couple of months. Pepper. Unfortunately bank lenders are not an option for me. Stretched too much.
But there will be a way out in time... Always things happening with finance.

 

Melbourne underquoting for auctions is worse than Sydney from what I've seen. I mean they under quote badly in Sydney too but not to the extent that I've seen in Melbourne I don't think the regulator there has fined enough agents whereas I think a few got fined in Sydney

 

I'm wondering whether this is the explanation for rising market. They believe there was such a large increase in rents it has to drive prices.
I do not think Heron Todd White are corrupt. I think because of reputation they have to try and get it right and I wonder whether or not they are bullish on Melbourne because of the extreme rent situation happening at the moment.
They do adjust and sometimes they will go backwards on the clock or they will skip a step because they are trying to accurately portray the market and if a market does something unusual they will jump around the clock I've seen.

I agree with what they're saying about the rent situation but it seems a bit too soon to be calling it a rising market.

I have emailed them and asked that the person responsible for the April report get in touch with me.

The first screenshot with the table is from the htw report and the one with the graph is from domain