The heat in Melbourne's Inner City Property Market continues.

This all seems like L.A in 2005 - Prices were going mad, then there were a few rate rises, then there was a sub-prime lending collapse which a lot of the exhorbitent prices were funded by. A lot of the exotic loans were the tools used to force the boom along, and in the end many couldn't afford to maintain them and it's ending in very big tears now.

I just wonder if this is the case in Aus right now. I hope not.

I wonder how many of these fantastic recent sales are funded by exotic loans which people would not normally be able to get due to the last run of rate rises?

If they are, then watch out in about 12-18 months I'm thinking. We may just have the shortest time in history between the last boom and correction and the next boom and correction.
 
Can any locals provide an update on auctions attended for this w/end, I am particularly interested in inner north.

Thanks guys.
 
MTR said:
Can any locals provide an update on auctions attended for this w/end, I am particularly interested in inner north.

Thanks guys.
Click to expand...

Hi MTR,

North Melbourne is still powering ahead. This 2 bedroom flat sold for $425,000 today. The flat has been renovated, and is well laid out. It is spacious with many windows allowing for natural light to come in. The balcony is north facing. It is also in a small complex of 9. The only draw back is that the car space is actually right up against a garage door. It would not be possible to park a car and for the owner of the flat with the garage to gain access with their car. :eek:

Anyway, 10 young first home buyers were battling it out at the auction. The agent thought the property would sell for around $350-$380. The property is in a good location on Hotham Hill, and is around the corner from the 42 Erskine street (the small 2 bedroom Terrace home) that sold for $740,000 last weekend.

Earlier this year it was possible to pick up a 2 bedroom flat with a car space for $270,000. Now they have hit the $400,000 mark!!

There is not much stock on the market in North Melbourne at the moment. Many of the properties listed on realestate.com have already been sold. Even the ones still advertised as being open for inspection!!:D

http://www.realestate.com.au/cgi-bi...3468&cc=AUSTRALIA&s=vic&snf=ras&tm=1189236498

Regards Jason.
 
good guess - but more.

Ok - I cant handle the suspence - From memory it was either 860 or 870k.

Not baaad....Westgarth is the hot spot in Northcote though. Nice Village atmosphere. But i would still say that this time last year this house would have expected to get 550-600k.

cheers
Aussie
 
Doh... I was going to go with a standard %40 above asking which would've made it $840k... Still trying to convince myself that this "isn't" happening everywhere (as I'd like to buy again).... $860k!!! arrrgghhh.... On one hand I love it... Brighton should be doing just nicely... On the other it's !doh! how can I buy into this market again!!!... :rolleyes:

I did have some interesting feedback about the weekends auction clearance rates in the East Bentleigh area. Appears to have slowed a little. Lots passed in from what I'm told by an OO looking to buy. Seems like the wrong time of year for any slowing though, as spring is when it normally picks up. Wonder what the agents are thinking after a winter like we've just seen....

Cheers,

Arkay.
 
Strange about this apartment that I went to view.
It was in St Kilda East, opposite a foodworks supermarket.

2 bedrooms, renovated.. granted the reno was a little tacky and :rolleyes: it was quoted at $300+. At the auction, it went for $334K or something like that. The viewing I attended had so many people come through I'm surprised that it didn't sell. As a renter, I would expect to pay $300-310 a week for that property. It was close to Dandenong road, secure entrance and laundry the works!
 
Lamingtons said:
Strange about this apartment that I went to view.
It was in St Kilda East, opposite a foodworks supermarket.

2 bedrooms, renovated.. granted the reno was a little tacky and :rolleyes: it was quoted at $300+. At the auction, it went for $334K or something like that. The viewing I attended had so many people come through I'm surprised that it didn't sell. As a renter, I would expect to pay $300-310 a week for that property. It was close to Dandenong road, secure entrance and laundry the works!
Click to expand...

Why did you not buy it???
 
Dear Lamington

did you provide a link to the site?,

I did say it before on here, i think there is perhaps a small advantage in that the crowds will be smaller on a Sunday.

You will be dealing with the Jewish on Sundays, so they may have a few quid, but they don't do business on a saturday, thats the reasoning i think

and before anyone has a go again

I'M NOT PUTTING DOWN THE JEWS, I'M NOT ANTI-HERMETIC :) OR SLAGGING OFF ANY OTHER MINORITY GROUP.

merely saying with auctions on Sundaes, one may pick up somethin slightly cheaper
 
Last edited:
Goyco said:
Hi Guys

If we were to follow the bouncing ball then shouldn't the outer suburbs be the place to buy right NOW?

cheers
Click to expand...

In which direction do you think the ball is bouncing. If you can tell me, I will head straight that way!

Regards Jason.
 
Whoa... Maybe it's the whole complex? :p

That's rediculous. Let us know if it sells and what for if you watch it ;)

Cheers,

Arkay.
 
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