Melbourne, has the bubble burst?
- Thread starter ramzd
- Start date
Ok, not inner city or cbd. Lets talk about fringe and outer suburns. For example,
Bayside - Frankston, Seaford, Edithvale, Chelsea
South East - Narre Warren, Berwick, Hallam, Cranbourne, Endeavour Hills, Dandenong, Rowville
East - Doncaster, Ringwood, Croydon, also Glen Waverley, Mt Waverley
Bayside - Frankston, Seaford, Edithvale, Chelsea
South East - Narre Warren, Berwick, Hallam, Cranbourne, Endeavour Hills, Dandenong, Rowville
East - Doncaster, Ringwood, Croydon, also Glen Waverley, Mt Waverley
Any particular reason why they are on your nominated list? What's your observation so far and what's your thought or reasoning?
I see, that makes sense.
My suggestion would be you may be able to find good bargains pretty much anywhere now. Even though the general market hasn't tanked, there are definitely some very motivated vendors out there, and as the result, you can see 1 or 2 properties selling extremely cheap relative to market price. I've seen 3 such properties already in Glen Waverley/Mt Waverley area. Keep yourself in real estate agent's list, and browse re.com frequently.
I don't think this is a broad question at all. I think the market has slowed and will probably slow further, so it hasn't tanked completely as yet, but still a good time to buy. Petrol will hit $2 by Xmas, ensuring we pay much more for everything. I believe water is going up by 15% next month, electricity and gas are going up, plus most likely a few extra interest rate rises too.
You need to factor those people that are still paying 6-7% for their home loans. They won't know what him them when they start paying 9%. So add a few defaulters to the list.
Not looking good that's for sure, so keep your eyes peeled, because there will be opportunities everywhere.
You need to factor those people that are still paying 6-7% for their home loans. They won't know what him them when they start paying 9%. So add a few defaulters to the list.
Not looking good that's for sure, so keep your eyes peeled, because there will be opportunities everywhere.
When interest rates start to fall.
25/12/2009
If you cant sign a contract on that exact day you have missed the boat so dont even bother !
25/12/2009
If you cant sign a contract on that exact day you have missed the boat so dont even bother !
but I have something lined up to settle on the 27th, do you think I should not buy it if I miss the boat?
Honestly, property prices take a while to move one way or the other unless you have a run on the banks like in the 20's. Think of it like a big heavy train, it takes time to either build up or slow down the momentum. At the moment I think we are nearing the end of the slow down period, then it will sit for a little bit and then start picking up again. Don't know time frames so don't ask.
Saying that, if you can buy something for $200k that is worth $225k then it is still a bargain. And there are still bargain's out there.
If you buy something for $200k, then isn't that what's it worth.....
It surely would be used by a valuer as the market price, if I bought a comparable property in the same area.An analogy is with bank share prices, which 6 weeks ago looked cheap, they are even cheaper now. Each time there has been buying support after losses, you always here buying opportunities. But then they drop another 5%, and so the cycle starts again, but because they are cheap, but then drop another 5%....Surely the same principle applies to property.
You could go broke with all these buying opportunities....
picture of me polishing crystal ball.
In all seriousness though, my guestimate is that in most areas the prices will mainly slow down - not crash as all those GHPC f-knuckles keep rabbiting.
Based on that, the time to buy is when YOU can afford it, and buy the best property you can in the area that, given YOUR due diligence, has shown signs of medium to long term growth, and has a decent rent return and some decent depreciation and tax breaks for cashflow.
If you ask on here where to buy, you'll get 2,000 opinions. Go find your own areas and have the faith of your convictions.
If you like, after you've selected say, 3 or 4 suburbs of interest, put your selections on here for critical review, we'll give our opinions and you can make a decision.
That's more info than I've ever had about where to buy.
25/12/2009
If you cant sign a contract on that exact day you have missed the boat so dont even bother !
Hiya,
For whatever it's worth, I used to work for an REA who received and offer and got contracts signed on Christmas day a few years back. Some agents, as we all know, will do just about anything for that commission!
Cheers
James.
Methinks that requires a leap of faith, feihong!
Cheers
LynnH
WOW - as a mother with a 4 YO who had her 1st birthday this year, I guess my daughter gets her 2nd birthday 2 years early...
Cheers
Buddybee
That would be a double celebration for you and your daughter, given that the property price should shoot up from that day forward (but it does take a leap of faith, lol)
That would be a double celebration for you and your daughter, given that the property price is bound to shoot up from that day forward
Maybe I could buy her a block of land and a spade
Actual birthday years are more "special" but less work than the "off 3 years". During the "off years" we have to celebrate on Feb 28th and Mar 1st, on a leap year it's just Feb 29th.Cheers
Buddybee
