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Yes you are half correct. Apartment prices in CBD, Carlton, South Yarra etc should also be adversely impacted. Rental returns from houses with land component would also be impacted. But would it really impact value? Hard to say. When 50,000 people are living in an apartment and you have your...

People have picked Footscray for a long time. Unfortunately it has failed to gentrify and moved from one investor-adverse demographic to another. And despite being 5km from the CBD, is separated by 2km of oil refineries and sheds etc.

Depends where. South Bank along St Kilda Rd, opposite the Tan, for example, is a very good location and very expensive. South Bank behind Crown Casino is derelict and disgusting. But they hold their prices Docklands is in general windy, barren and falling in prices. It feels like a desert...

Some people make money there, but generally only very bad investors or overseas people (probably also very bad investors) buy Docklands or Southbank apartments.

I think people are just confused about their suburbs.

To save the pain of explaining geography and bearings, here's some results from Google Map Melbourne Central --> 65 Cardigan St (by walking). 700m. 10 minutes Melbourne Central --> 7 Leveson St (by walking). 1.6km. 23 minutes Melbourne Central --> Waterfront City (by walking). 2.6km. 34 minutes...

Inner city. No shortage 44 Grattan Carlton Quoted $950-1.1m from memory. On the market at $1.1m. Sold $1.5m 65 Cardigan St Carlton Quoted $1m-1.1m. On the market before $1.15m from memory. Sold $1.46m 6 Leveson St North Melbourne Quoted $1.15-1.25m. Think it got revised up $50k on...

I went to an auction that was quoted $900k-1.1m. At $1.08m, the agent declared the property was on the market. The risk was on the vendor. It could very well have sold at $1.08m and nothing more. In the end, people bidded it up to around $1.5m. If you were a vendor, you don't go around...

Exactly. Why bother if you can make millions just by buying or doing a small thing like getting a permit.

That's rubbish. By setting a reserve in the range, the vendor is taking a risk it may actually sell in that range and he will be compelled to sell. If you were the vendor, would you set your reserve lower despite the fact you think it may sell higher?

If the reserve was in the range, the agent's done nothing wrong. He can't help it if people bid above the reserve significantly.

Definitely - auctions can go either way. As I said earlier, the key in the current market is location. Some more crazy auction prices but in vey good locations. 7 Station St, Kew East. Sold for $1.5m, shy of 400sqm (built to look like an old weatherboard house). Could've bought this for...

Yes I wouldn't touch apartments in Melbourne. I hear they're up a little, but it's all play money which would hardly cover your agent fees when you sell.

Oh yes absolutely it was a good time but that's with 20 20 vision. In 12 we bought just around 10m of properties within 1km of Melbourne Central. Most shot up exponentially since, but some are more steady though and haven't seen big jumps in bank values. What I really regret is not looking at...

Yes at $2m+ the market is generally in favour of buyers now, even in the inner eastern blue chip suburbs like Hawthorn/Kew where clearance rates should be highest. In certain inner city parts, there's also good value at that price range (because most people with $2m to spend don't buy houses...

Yes the west is weak. I'll tell you what's really hot. Parkville. 110sqm one storey 2 bedroom terrace sold for $1.42m. Now that's hot.

I don't think Melbourne is moving anywhere near as hot as Sydney. In Melbourne, the properties that are in good locations, with good bones, good positions, minimal work/headaches are quite in demand and competition is somewhat intense. But that's because good houses in a inner city area is...