Is this the right time to buy in Melbourne?
- Thread starter Mwij
- Start date
Ah ... I had a laugh ... million ... but waiting to save 21k. Not to offend it was only my 1st response, perfectly good idea which I'd probably do myself. I feel the market may soften more though heard that range and upwards is already feeling stress. You're in the market at the right time ... just don't rush.
Yeah, but im not eligible for the first home owner grant as im neither a PR or a citizen., so should i wait till the $21k home grant drops so that price goes down?
Seeing as though most first home buyers aren't going to be spending a million dollars the 21k home grant drop shouldn't affect prices in that range because that's not what these people were buying in the first place.
Correct me if I'm wrong but houses at the higher end of the scale, Toorak in particular usually take a harder hit during economic downturns so it might pay to sit it out a while.
Correct me if I'm wrong but with a million dollars, wouldnt a (really) nice 2 bedroom apartment be more realistic than a house in Toorak? I doubt a mill will get you a 3 bed townhouse in Brighton let alone HOUSE in Toorak.
With a mill and the requirement of a house in south inner Melb I would be thinking more along the lines of
Port Melb as you mentioned
Sth Melb
Sth Yarra
Albert Park
Middle Park
Elwood
etc
And yeah I had a chuckle at grant concerns at that end of the market. What's $21k, 2 months mortgage payments or less than half your stamp duty? But agree completely that it is highly unlikely that the grant will have any sort of impact on the most expensive suburb in Melbourne when talking about houses not studio/1bed apartments
With a mill and the requirement of a house in south inner Melb I would be thinking more along the lines of
Port Melb as you mentioned
Sth Melb
Sth Yarra
Albert Park
Middle Park
Elwood
etc
And yeah I had a chuckle at grant concerns at that end of the market. What's $21k, 2 months mortgage payments or less than half your stamp duty? But agree completely that it is highly unlikely that the grant will have any sort of impact on the most expensive suburb in Melbourne when talking about houses not studio/1bed apartments
My apologies turns out I should have searched re.com before posting, there's actually a couple of 2 bed houses for sale under a mill in Toorak. We were toying with the idea of spending somewhere around that recently and were looking at new townhouses in Beaumaris/East Brighton/Sandringham area. Only thing really stopping us is we are in a McMansion-y type place now in a lesser suburb and would really have to downsize to do it, on top of the fact I'm self employed in the finance industry which as we all know is a little more than volatile atm
Really going to have to rethink that now
Really going to have to rethink that now
Well hang on, you might have been correct the first time round - mwij is a foreigner, so needs to go through FIRB - i.e. property will most likely need to be brand new or OTP (and having had approval by the FIRB to be able to sell to foreigners).
Cheers,
The Y-man
My present employer is residing in Melbourne and my brother has also a condo there. He acquired it through our father’s colleague. Once I visited it, there are a number of very nice condos available in the area of Melbourne. The greatest selection is closer to the ocean and naturally with a higher price. The budget will be the major aspect but as you go away from beach-side you will see an obvious decrease in price. The price depends on where you prefer the location.
Agentyumi
We are talking Melbourne, Australia http://www.visitvictoria.com/
Not Melbourne, Florida, USA http://www.melbourneflorida.org/
Chris
We are talking Melbourne, Australia http://www.visitvictoria.com/
Not Melbourne, Florida, USA http://www.melbourneflorida.org/
Chris
I was thinking of buying a house in Melbourne, especially in Port Melbourne or the Toorak area. The budget would be around a million but since there's a rumor of recession happening, im still unsure..
As previous posters have pointed out - I assume you know about FIRB and have it sorted.
Frankly for that kind of money I would wait. I think theres more pain to come at the higher end of the market. Unless of course you find an exceptional deal now.
I was thinking of buying a house in Melbourne, especially in Port Melbourne or the Toorak area. The budget would be around a million but since there's a rumor of recession happening, im still unsure..
Just wait until the share market bottoms and starts recovering. The share market predicted in advance the economic crisis, and it will predict in advance the recovery. A lot of people in this expensive part of the market have been effected by poor business conditions. I can't see the top end property market recover until the share market starts going up.
I think the share market bottom could be in.
Or maybe it's not
See ya's.
Everyone has made good points. My view is that even if you said, yes I want to buy now in suburbs x, y or z, realistcially how long do you think its going to take for you to get a good handle what is value, and matching a property that suits your & your family's needs?
In my opinion, if you have little or no knowledge of the market, then to be in a position to have your knowledge base on par with the agents you are talking to & ultimately negotiating with, will be at least 3-6 months. So start looking now, go to OFI's auction, talk to agents, ask questions (and validate the responses you get on this site!).
Given that we are at the end of November, you only have a few weeks for 2008, and the auction season doesn't really start in earnest until later into Feb and goes until Easter, before quieting down. January is a write-off. So you have time.
As for the recession issue, the slowdown has already affected high end properties, with a lot more on the market, question is, how desparate are these sellers really. (I don't know the answer). If our economy keeps slowing/going backwards, well then you may find these bargains, people keep spruiking about.
Had to love at our friend from Melb, Florida! Gees not everything is American
In my opinion, if you have little or no knowledge of the market, then to be in a position to have your knowledge base on par with the agents you are talking to & ultimately negotiating with, will be at least 3-6 months. So start looking now, go to OFI's auction, talk to agents, ask questions (and validate the responses you get on this site!).
Given that we are at the end of November, you only have a few weeks for 2008, and the auction season doesn't really start in earnest until later into Feb and goes until Easter, before quieting down. January is a write-off. So you have time.
As for the recession issue, the slowdown has already affected high end properties, with a lot more on the market, question is, how desparate are these sellers really. (I don't know the answer). If our economy keeps slowing/going backwards, well then you may find these bargains, people keep spruiking about.
Had to love at our friend from Melb, Florida! Gees not everything is American
you have a million dollar budget but are concerned about recession?
is this a ppor or rental?
long term residential or quick turnover for profit?
in answer to your original question is now a good time to buy.....- in my opinion - yep - it is always a good time to buy.
and there are always questions - what's your long term goal, strategy, philosophy, technique, etc etc etc.
fact is, if you aim to make a quick buck - forget it.
if you're looking for a home in an area that you like and you find that home - and plan to stay there for a while - and you're happy with what you're paying, then buy it.
Tim
is this a ppor or rental?
long term residential or quick turnover for profit?
in answer to your original question is now a good time to buy.....- in my opinion - yep - it is always a good time to buy.
and there are always questions - what's your long term goal, strategy, philosophy, technique, etc etc etc.
fact is, if you aim to make a quick buck - forget it.
if you're looking for a home in an area that you like and you find that home - and plan to stay there for a while - and you're happy with what you're paying, then buy it.
Tim
