is it a good time to buy in Melbourne now?

[skk]

Hi Guys,
I am working overseas for 5 years, and recently I am going back to Melbourne. Just want to buy a property for families. Now I am thinking about Brighton, Malvern East, Caulfield, because there are some good schools for my kids.
can someone tell me whether it is a good time to buy now?
many thanks.

 

[Aaron_C]

All are good areas...what is the price range?

 

[Jake Milne]

If you buy in the areas mentioned and if you select a quality property I can't see you going wrong.

There have been a few threads on this lately - have a quick search for 'melbourne'

 

[tvadera]

Areas you have mentioned are good spots, I would assume its PPOR. Read as much as possible , this forum def has lots of info. Good luck with your search

 

[jackbak]

Hi skk, I think it's definitely a good time to buy. I'm looking in the same area at the moment for a PPOR, I have a couple of auctions over the next fortnight that I'm hoping to bid at... Great area and as you say, there are some great schools closeby for the kids.

If you have any questions about the area let me know.

 

[skk]

Hi skk, I think it's definitely a good time to buy. I'm looking in the same area at the moment for a PPOR, I have a couple of auctions over the next fortnight that I'm hoping to bid at... Great area and as you say, there are some great schools closeby for the kids.

If you have any questions about the area let me know.

Thanks for above replies, my friend tells me the market would be going down in next couple of months. but I really don't know the market, as I have left for about 5 years. So which area is the best choice now(price, comfortable, transport, schools etc..)? my budget is around 1.2-1.8 , my wife likes tree-lined street, can give me any advice? thanks.

 

[Aaron_C]

For those prices you can certainly find something to tick all your boxes. Nothing beats going down to inspections and looking though...

 

[Rolf Latham]

Thanks for above replies, my friend tells me the market would be going down in next couple of months.

Based on ?

Certainly there has been slow down in the last 12 to 18 mths, which on the surface at least suggests better buying than 2 years ago

ta
rolf

 

[dubsey]

Based on ?

Certainly there has been slow down in the last 12 to 18 mths, which on the surface at least suggests better buying than 2 years ago

ta
rolf

I went to an open a couple of weeks ago, the agent was telling this investor couple that if they had more stock than currently available they would be in trouble.
I think there are not many good quality houses on the market in melboure recently, when they get listed they get snapped up pretty quickly given that vendor has realistic expectations.

Melbourne property market hangs in balance with neither buyers or sellers dictating terms. It will be tested in the next couple of months when supply levels rise.
The above applies to with 10-15 ks of cbd.

To the original posters question : I think if you are going to buy a house to live in a quality area you can't go wrong in the long term. I think it's kind of meaningless for the average person to predict the market, even experts get it wrong most of the times.
Remember its time 'in' market that matters

 

[pieman]

I live in Brighton and prices are off 10%+. Land in middle Brighton still sells for $200sqft, so the average 600sqm block with a dump is 1.5m.
Last sale I went to was a run down house opposite the train line on a busy rd. sold for 1.7 which I thought was allot. The thing it may go to auction next week and not get a bidder.
Up and down market that required you to do allot of leg work and you may get a bargain

 

[Jake Milne]

my friend tells me the market would be going down in next couple of months.

Is your friend a senior economist of a reputable bank or hedge fund?

<rant>
It's funny how in property everyone thinks they're a market expert when all they do is get spoon fed the mindless babble that mass media produces to sell papers and/or get tv ratings.
</end rant>

Seriously though, here are some steps:

1. Search the major real estate websites with your preferences.
2. Attend as many auctions / open inspections as possible.
3. Call every agent in each suburb and tell them what you're looking for.
4. Ask every agent in each suburb if they have anything in their "bottom draw" (which means off-market property in the industry).
5. If you don't want to do all of this yourself, get a buyer's advocate to do the work for you.

 

[starter]

This is good advice Jake, kudos for that. I always like to hear about the tricks of the trade.

 

[jackbak]

Thanks for above replies, my friend tells me the market would be going down in next couple of months. but I really don't know the market, as I have left for about 5 years. So which area is the best choice now(price, comfortable, transport, schools etc..)? my budget is around 1.2-1.8 , my wife likes tree-lined street, can give me any advice? thanks.

Around $1.2 will just get you in the door for an average home on a full sized block in the areas you previously mentioned, $1.8 will comfortably get you a quality family home on a full sized block. The 'best choice' really just depends on what sort of suburb you want to live in, your budget will get you into pretty much any suburb.

If you are looking for 'leafy suburbs' then there are plenty of those in the eastern suburbs, Malvern & Armadale are some of the better ones. Elwood is also well known for it's tree lined streets.

As for the market going down, I agree with what most of the others have said - nobody knows. All I know is it is a good time to be buying, whether there will be better times ahead is anyone's guess. If you buy a quality home looking to hold for the long term you shouldn't have any concerns.

 

[pieman]

Around $1.2 will just get you in the door for an average home on a full sized block in the areas you previously mentioned

find me one of these in Brighton and I'll pay you a 10k finders fee

 

[Jake Milne]

This is good advice Jake, kudos for that. I always like to hear about the tricks of the trade.

Appreciate that starter, thank you.

Pieman - I'll find you a $1.2mil house in Brighton for $10,800. Deal?

 

[pieman]

Appreciate that starter, thank you.

Pieman - I'll find you a $1.2mil house in Brighton for $10,800. Deal?

Ok Middle Brighton 750sqm as mentioned above

 

[Rolf Latham]

Is your friend a senior economist of a reputable bank or hedge fund?

<rant>
It's funny how in property everyone thinks they're a market expert when all they do is get spoon fed the mindless babble that mass media produces to sell papers and/or get tv ratings.
</end rant>

Seriously though, here are some steps:

1. Search the major real estate websites with your preferences.
2. Attend as many auctions / open inspections as possible.
3. Call every agent in each suburb and tell them what you're looking for.
4. Ask every agent in each suburb if they have anything in their "bottom draw" (which means off-market property in the industry).
5. If you don't want to do all of this yourself, get a buyer's advocate to do the work for you.

Agreed that a BA could be a good asset for an offhore buyer.

Most of our os clients would and do use one

Ta

Rolf

 

[Jake Milne]

Ok Middle Brighton 750sqm as mentioned above

Now you're pushing it mate haha.

 

[skk]

Thanks for all comments, I am starting to search now.

 

[pieman]

Went to an auction in Brighton 3br 2bath, 250sqm block next to the train line
5 bidders and sold for 860K. No 40% fall in price there