Melbourne bayside

[pieman]

A mate of mine's an RE in Melbourne and they had some solid results for auctions yesterday when there were up to 7 different bidders with reserves easily surpassed. Has been very quiet the last couple of years in bayside but maybe on the move a little now.
7 bidders means 6 missed out and are cashed up ready to go.

 

[one world]

I am delighted the area is doing well. This is just the beginning and there is much more room for upward movement if people get in cheaply.

I have almost a dozen properties in Australia, including several in much-maligned Frankston. Despite what the naysayers say, the area has huge prospects.

I am from the USA and have been investing in property for almost 40 years. I'm pretty happy with what I own in Bayside Melbourne....mainly because I got in at bargain basement prices. Most of what I own are on subdivisible blocks where you can keep the house and build another house up the back. There are few places in major-city Australia where you can get a subdivisible block with a rentable house on it in a beachside suburb for less than $300,000.

 

[Dave_R]

I am delighted the area is doing well. This is just the beginning and there is much more room for upward movement if people get in cheaply.

I have almost a dozen properties in Australia, including several in much-maligned Frankston. Despite what the naysayers say, the area has huge prospects.

I am from the USA and have been investing in property for almost 40 years. I'm pretty happy with what I own in Bayside Melbourne....mainly because I got in at bargain basement prices. Most of what I own are on subdivisible blocks where you can keep the house and build another house up the back. There are few places in major-city Australia where you can get a subdivisible block with a rentable house on it in a beachside suburb for less than $300,000.

Frankston is hardly what most Melbournites would consider the Bayside area... More like the strip from St Kilda/Elwood to around Mentone/Mordialloc (maybe not even that far...) - when most locals think Bayside, we're thinking the more expensive areas much closer to the city.

I believe the results from a lot of auctions have been going well over reserve for months now. And as you imply, those who miss out are likely to see the competition and feel desperate enough to offer yet more than market value for another property.
That said, it is as I see it, more a lifestyle area (I think there are some fantastic suburbs there) and buyers are likely to be cashed up anyway and less concerned with what they pay.

 

[pieman]

Yes, I was referring to the bayside council area around Brighton, hampton and Sandringham

 

[MTR]

That is good news.
I have also heard that perhaps the market has now bottomed and Melb is on the way to recovery. I would like to jump back into this market early next year.

Would be interested in views from those on the ground, I am from Perth

Thanks

MTR