Melb Inner City- price cooling in this segment?

[ldriver]

Hi,

We are planning on selling our terrace in Feb/March. Stock is tightly held.

Just wondering if other SS have observed a change in this segment of the market- has price cooled, as I attended 2 auctions (Carlton/Fitzroy Nth), but they were in the higher700-800K segment, as no-one bid yesterday.

Thank you.

 

[jingo]

Hi,

We are planning on selling our terrace in Feb/March. Stock is tightly held.

Just wondering if other SS have observed a change in this segment of the market- has price cooled, as I attended 2 auctions (Carlton/Fitzroy Nth), but they were in the higher700-800K segment, as no-one bid yesterday.

Thank you.

Although Carlton/Fitzroy Nth are not areas that I watch specifically, I have been looking at North Melbourne in an attempt to find an IP for my brother in law.

I think prices have come off slightly. I had my eye on this terrace. Interestingly it ended up selling before auction with a board room auction. The vendor happily accepted $655,000 for this property. I estimated it would sell for close to $700,000 but was wrong on this account.

http://www.realestate.com.au/property-house-vic-north+melbourne-106910052

Then again, this terrace around the corner (admittedly it was elevated with potential city views, had off street parking and was slightly larger than the property in Erskine Street) sold for $805,000.


http://www.realestate.com.au/property-house-vic-north+melbourne-106941151

I also had my eye on this flat. It sold for $435,000. I would have expected mid $400's. But according to the Body Corporate minutes the entire roof of the block of apartments needs replacing! (Hence the lowish price - I would have thought!)

http://www.realestate.com.au/property-apartment-vic-north+melbourne-106944129

Others are sitting around for a while - especially if they are listed with substandard agents who can't sell at the best of times. (like the property below)...

http://www.realestate.com.au/property-townhouse-vic-north+melbourne-106960769

Regards Jason.

 

[The Y-man]

Having the same feeling about houses (not so much apartments) in Prahran - even allowing for massive underquoting, the advertised price range seems to be those from a few years back....

The Y-man

 

[ldriver]

Thankyou both for your response

 

[JIT]

I am starting to see an early cooling of prices in the inner north-east atm.

Lots of passing ins at auctions.

I feel that this will increase over the next few weeks' time, and could represent the best buying window in Melbourne over the last 12 months for well-located property.

I think it may be similar for a few other pockets of Melbourne too.

Interest rate rises and some negative sentiment are making typical buyers sit on their hands a bit more, but these are the best times for a contrarian purchase.

Also, potential stamp duty changes may also be on people's minds depending on the election outcome.

 

[sash]

Aaahhhh....music to my ears!!! I am looking at buyingf more in Melbourne as my 3 houses there have gone up significantly over the last 3 years.

What stamp duty change...are they saying they will drop the stamp duty. Any ideas what they plan to drop it to?

I am starting to see an early cooling of prices in the inner north-east atm.

Lots of passing ins at auctions.

I feel that this will increase over the next few weeks' time, and could represent the best buying window in Melbourne over the last 12 months for well-located property.

I think it may be similar for a few other pockets of Melbourne too.

Interest rate rises and some negative sentiment are making typical buyers sit on their hands a bit more, but these are the best times for a contrarian purchase.

Also, potential stamp duty changes may also be on people's minds depending on the election outcome.

 

[tom32]

What stamp duty change...are they saying they will drop the stamp duty. Any ideas what they plan to drop it to?

Libs; 50% off for FHByrs but this comes off over a period of 3 years not 50% all at once. I think it is 20% off next year and drops in increments each year till they get the full 50% off sometime in 2014!

Lab 100% off for FHBrs buying new properties only and only in the regions.

 

[sash]

OK, thanks...so investors get bugger all discounts.

Libs; 50% off for FHByrs but this comes off over a period of 3 years not 50% all at once. I think it is 20% off next year and drops in increments each year till they get the full 50% off sometime in 2014!

Lab 100% off for FHBrs buying new properties only and only in the regions.

 

[Ms Jade]

^ They are obviously not going to slaughter the cash cow by dropping SD rates across the board to account for the massive creep we've experienced. Neither, it seems, are land tax rates coming down.
I honestly think that this new FHB incentive policy is madness on the back of the fed one ending (for good reason) and the RBA trying to cool the housing market. Now the idiot State gov't & bigger idiot opposition has decided to give Melb property market another kick along, just to make the central bank's job a bit harder.