Melbourne Again

Without going into arguments here, i think we should leave out comparisons with Manhattan or even London for that matter.

Melbourne is a more liveable city i agree but property prices get affected by other factors as well in which Melbourne doesn't even close the above mentioned two cities.

Above is just my opinion, 2c's :)
 
Melbourne Increasing

go to say - after 3 interest rate rises this weekend results remained extremely strong.

I went to two auctions and each one went 120 k (around 15 percent) above the 'reserve'.

It really is the case that 1 million bucks will get you a moderately comfortable home (unless you are more that 30km from the cbd).

Our inner urban areas look like they are becoming like London or Manhatten - WIthin a few years at this growth rate many more people may start living in surrounding country towns and making the commute rather than having such large mortgages.

We have noticed same in our Melbourne Buyers Agency office also.
 
why are we comparing prices with US and UK? If you want to go down that path you might as well compare with the Congo, I'm sure A$100 can get you a few hectares down there. So we should buy there too now cause Melbourne is toooo expensive
 
Can anyone point to where in this thread prices were compared to manhatten and london?

The original post was with regards to how people may have to transit to the cbd from country areas like they do at Manhatten and London!
 
I'm sure the recent rises have a lot to do with migrants and foreigners - I call it the "Indian & Asian phenominum"

For example, it seems many cashed up, hard working Indians are flocking to Melbourne compared to other aussie cities. Why? Can anybody please explain what is making Melbourne so much more attractive than other aussie city's.

Also rich Asian foreigners (many with kids studying in Melbourne schools) from China, Singapore, Hong Kong are snapping up Melbourne property as part of their investment portfolios.

God bless 'em!
 
Blame the Government

There was an article in Melbourne's Age a number of weeks ago that suggested that Melbourne's market was buoyed through the GFC by Chinese investors as a result of the Government raising the non-permanent investment amount from $300K to $1M. I personally I think that this change, introduced with little fanfare, was a very bad move.

You (both OOs and PIs alike) are competing against the millions of millionaires out of China and India where the respective 1.3 billion and 850 million people will literally churn out the millionaires.

I thought Rudd wanted Australia to be "more than China's quarry" but this move serves to cement foreign investment directly in competition with Australians. Young Australians can't afford to compete to buy their first homes.

In the end, you will have Australian residential property owned by foreign investors who have everything except the vote.

And why Melbourne? Opportunity. Asians will try Melbourne first for education, cosmopolitan lifestyle, population and climate. While Queensland is "the dunce of Australia" (according to student performance), they won't scramble to go there. (Too bad for me because I have a few PIs there)

IMHO
 
I'm sure the recent rises have a lot to do with migrants and foreigners - I call it the "Indian & Asian phenominum"

For example, it seems many cashed up, hard working Indians are flocking to Melbourne compared to other aussie cities. Why? Can anybody please explain what is making Melbourne so much more attractive than other aussie city's.

Also rich Asian foreigners (many with kids studying in Melbourne schools) from China, Singapore, Hong Kong are snapping up Melbourne property as part of their investment portfolios.

God bless 'em!

i don't think indians have that much buying power. They mostly stay in lower income areas and do all kind of jobs. Although they may be some, but it is unlikely.

The chinese are pushing property prices in certain suburbs like inner city places like carlton, southbank, CBD, south yarra and also brighton, kew, balwyn, box hill and doncaster. You won't see them buying in frankston (no offence) as they're more specific to schools. See Wesley college. it has a very high number of chinese students - and lots of them that come there buy near to schools. Some are the super rich while others are middle to high income earners.

http://www.theage.com.au/business/chinese-buyers-fuel-topend-property-boom-20090918-fvga.html
 
Took V-Line to Geelong yesterday (Christmas Day). The train was packed with people, 95% were Chinese and Indians and they looked like recent immigrants. This was unlike 2 years ago when there was hardly any people on the trains. Shops were mostly opened in Footscray; also unlike the Christmas Day 2 years ago in which you were lucky to find 1 or 2 shops opened.

Also noticed Safeway, Coles and Aldi stock more and more Asian food and vegetables. Can sense the increase of population and more Asian presence locally at my place in Altona where the local Coles supermarket extended its operation hours to 12 midnight daily and there are more and more Chinese.
 
aussie aussie aussie oi oi oi! :)

well most australians work 50+ hrs a week and most of the hours >40 are often unpaid. so i think you generalization is hitting where it shouldnt.
(http://www.theage.com.au/small-business/managing/all-work-and-no-extra-pay-20091117-ikcf.html)

sure there are aussie slobs drinking VB's.. but there are alot of nationalities that does that. it seems asian (again a huuge generalization) wants to live where other asians live , a friend of mines mother had the choice of living inner city or in glen waverly and she wanted to live in glen waverly because there was already chineesee people living in the area.

i'm not from australia myself but i do enjoy living in the rich multicultural blanket Australia has become.

GG jr.
 
they won't buy in Frankston, and for that matter, Werribee/Hoppers etc...
I have seen quite a large number of Chinese and Indians in Werribee/Hoppers Crossing. Table 4, p.26 of the first attached paper shows Wyndham to be the highest growth area for Chinese from 1996 to 2006. Not all Chinese/Indian migrants are wealthy and can afford to buy in Toorak.

Will be interesting to know what percentages of the recent migrants are wealthy and what percentages have average incomes. Is there anywhere on the web to obtain such statistics?

Have learnt recently from news that Chinese jobseekers in Australia face substantial racial discrimination: http://www.theage.com.au/national/a...cist-when-its-time-to-hire-20090617-chvu.html

Quoting from the second attached paper, typical problems faced by recent Chinese immigrants: "A common feature of migration is that people may not be able to continue to work in their original profession. The Chinese immigrants and their partners generally have a higher level of education compared to the rest of the Hurstville population. This is likely to be the result of the immigration criteria, with the majority of Chinese arriving under the ‘special skills’ immigration rule. Overseas qualifications may not be recognized in Australia, however, and highly educated respondents may not have been able to find jobs in Sydney equivalent to their occupation at home."

Of course, there are Chinese and Indian immigrants who arrive in Australia with deep pockets but I don't think they constitute the majority. For the majority, it will take some time for them to settle and to build their careers and wealth.
 

Attachments

  • Temporal Variations in the Spatial Distribution of Australia Chinese Communities.pdf
    177.2 KB · Views: 149
  • 200907tang.pdf
    170.2 KB · Views: 131
I have seen quite a large number of Chinese and Indians in Werribee/Hoppers Crossing. Table 4, p.26 of the first attached paper shows Wyndham to be the highest growth area for Chinese from 1996 to 2006. Not all Chinese/Indian migrants are wealthy and can afford to buy in Toorak.

Will be interesting to know what percentages of the recent migrants are wealthy and what percentages have average incomes. Is there anywhere on the web to obtain such statistics?

Have learnt recently from news that Chinese jobseekers in Australia face substantial racial discrimination: http://www.theage.com.au/national/a...cist-when-its-time-to-hire-20090617-chvu.html

Quoting from the second attached paper, typical problems faced by recent Chinese immigrants: "A common feature of migration is that people may not be able to continue to work in their original profession. The Chinese immigrants and their partners generally have a higher level of education compared to the rest of the Hurstville population. This is likely to be the result of the immigration criteria, with the majority of Chinese arriving under the ‘special skills’ immigration rule. Overseas qualifications may not be recognized in Australia, however, and highly educated respondents may not have been able to find jobs in Sydney equivalent to their occupation at home."

Of course, there are Chinese and Indian immigrants who arrive in Australia with deep pockets but I don't think they constitute the majority. For the majority, it will take some time for them to settle and to build their careers and wealth.

Of course there will be poorer or not as wealthy chinese immigrants. I think what some of the others were indicating were the ones who are purchasing properties because of their financial status and their impact of other sellers and buyers.

2 of my properties sold to chinese buyers (one 18 year old student) and another one family buying for their daughter. I did not intend to sell the 2nd one so soon as i only just moved 3 months prior but my agent had a the buyer with him when they gave to give me some paperwork. They asked me if i was interested to sell. I gave a crazy figure only to get accepted which means have to move in 2 months.

Figures are hard to estimate sometimes -I go to auctions weekly to see who are the ones buying the properties in the area i buy/sell in (sth melb, southbank, south yarra, cbd). and there is quite a strong influence of buyers. there are some which just up the bid from 20-50K and just laugh off the other bidders. I myself last 3 auctions to chinese as they just pushed forward their bids.

i personally do not know weribbe/hoppers crossing as i only go there to buy renovation suppliers being they're really one the cheapest areas to buy in.
 
I work for a bank in sales. All the best workers there are mostly Indian or Asian. They are unbelievable how smart and hard they work. Usually about mid 20's to early 30's in age, already married and with a home mortgage and desire to be rich. They are not interested in work:life balance or drinking or smoking or partying like Aussies, but just to work and earn. Their attitude is to rule the world.

Banks sure are smart. They hire the smartest and most skilled migrant workers and graduates (mostly from ethnic families) and work them as hard as possible. They know these people want to work and prosper within a prestigious big bank, to get a head. Pay us workers peanuts and the shareholders are laughing - just look at the profits banks make.

As a result of the migrants hard work and high levels of intelligence, my work standards have been forced to significantly rise. I have never worked so hard as in the last 2 years since I joined the banking industry. Probably doing triple the work of a decade ago with similar real pay - that's what you call productivity! My job is on the line as if I'm not successful, there are plenty of back ups ready for hire. What a way to live your life and that's what it seems Australia has become...work work work.

Where I live, Asians mainly are buying all the houses, as it has become quite an Asian centric area. Every month I get an offer to sell.

Believe me, at the moment the only jobs Aussies seem guaranteed to do are tradie jobs. And these will be the next to go within the next 10 years. Watch for the migrant tradie who will undercut just to get the job.

Times in Australia are a changing and if you can't adapt you will be a dinosaur.
 
Believe me, at the moment the only jobs Aussies seem guaranteed to do are tradie jobs. And these will be the next to go within the next 10 years. Watch for the migrant tradie who will undercut just to get the job.

Times in Australia are a changing and if you can't adapt you will be a dinosaur.

That will be good. :) I always have problems finding good tradies. It will be good if migrants can help to raise the productivity and efficiency here. With the way and speed things are being done currently, it is difficult for Australia to compete with other economies. Australia is very lucky to be endowed with so much natural resources but these are finite and will run out one day.
 
Been looking at suburbs in Melb to buy into - I must say, the market looks EXTREMELY hot. Props with a semi-realistic price gone within a few days, auction prices going crazy. Sydney market is/was booming but Melb makes Sydney look slugggish.

Personally, I'd prefer to stick to Sydney as I know the market inside out and know 'value' when I see it, can't say the same about Melb. In a dilemma on whether the additional 4-5K in land tax pa is better spend of money rather than a potentially overpriced prop interstate, in this case, Melb. No idea about QLD at present.

I'm an experienced buyer but might just have to hire a BA.
 
i think the topic of china + melbourne chinese buyers has bombarded the posts of melbourne buying properties.

So back to melbourne, i'm looking to buy in West Melbourne - saw one of those warehouse shells - where it comes as an empty shell.

would be interested in know more about what people thought about this being i don't really know the area that well and it seems quite industrial. From what i have been reading there is a height limit restriction on that area?
 
Can someone pass please me the popcorn.

Btw Melbourne is going great guns, yay!

Btw jcwc888, why are you selling so many properties now, the boom is just beginning??
 
cause if people offer you a ridiculous price for your property then of course you sell and put your money somewhere else!
 
Back
Top