Melbourne bayside resale

I posted on the old forum about a new magazine in Melbourne called 'AUCTION'. Over the weekend I picked up the Hocking Stuart book and noticed a property on Beach Rd, Beaumaris for sale. It was a unit in a new development last year that I had a look at. I thought I would see what the magazine could tell me about past sales in the area and noticed the same unit listed as having been passed in on 3 September 2002 for $465,000. This unit is now listed a year later as near new for private sale at $445,000. According to the magazine the median price for the area in June 2001 was $487,000 and for June 2002 is $634,00. From this I would just like to reinforce do your due diligence and know your area well as statistics alone do not tell the whole story and buying new does not always pay even if you do get increased depreciation. By the way this property has sea views and even this hasn't helped. As has been said you make your profit when you buy.
I would not be buying any units anywhere in Australia now.
The whole place is so over loaded at the minute these developers
must be brain dead to just keep knocking up block after block.
When is the penny going to drop?
People I know live on Pittwater road Collaroy(Sydney, northern beaches).
A developer knocked on the door of their house offering to buy
their place. Price $1,500,000 plus a top floor unit. They refused to
So that's what it's like in Sydney.
Bruce G.(Sydney)