Melbourne June quarter: Inner East Melbourne hot
- Thread starter Twitch
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I have the latest REIV figuers in front of me...
Hawthorn - quarterly change -8.3% (that's a minus) and annual change -4.4% (again a minus) So I don't know where the AGe got its figures
But the same REIV figures show a 56% annual growth in Hampton but we all know that this doesn't mean that every property in that suburb went up by 50% - you have to look deeper and see what thypes of properties have been selling and as I have said before the upper end of the Melbourne market is strong - lots of wealthy owner occupiers buying pushing up the prices in some suburbs
Hawthorn - quarterly change -8.3% (that's a minus) and annual change -4.4% (again a minus) So I don't know where the AGe got its figures
But the same REIV figures show a 56% annual growth in Hampton but we all know that this doesn't mean that every property in that suburb went up by 50% - you have to look deeper and see what thypes of properties have been selling and as I have said before the upper end of the Melbourne market is strong - lots of wealthy owner occupiers buying pushing up the prices in some suburbs
Michael Yardney said:
Michael, how do you see Ashburton performing over the next few years?
It is located between Glen Iris, Camberwell, Malvern and Ashwood. The forst 3 suburbs are quite expensive, and Ashburton and Ashwood seem to be a fair bit cheaper. Would you say this is a good area for long term investment?
If not, where else would you see that could be a potential hot spot in Melbourne?
Cheers mate
Lozza
lozza said:
I agree that Ashburton and Ashwood have great upside potential. They should experience a ripple effect - as prices in surrounding suburbs rise and become expenisve, potential purchasers will consider buying in Ashburton because prices are lower.
lozza said:
Hi Lozza,
If you can manage it, Ashburton is better than Ashwood IMHO & has some nice streets free of ex-commission houses. May I also suggest Burwood, which is right next to Camberwell & Surrey Hills and very good value. It has the ever-expanding Deakin campus & the tram line has been extended right down Burwood Hwy so Burwood is no longer "the end of the line." I think it's 15km from the CBD.
Michael, I noticed that the REIV charts have been updated now with the June quarter results. When I click on hawthorn I see a massive increase this quarter. The results seem consistant with the ones I referred to in the openning thread, so the answer seems to be that The Age is reporting REIV results.Michael Yardney said:
What gives? Why are yours so different to the ones on the REIV web site??
Ms Jade said:Hi Lozza,
If you can manage it, Ashburton is better than Ashwood IMHO & has some nice streets free of ex-commission houses. May I also suggest Burwood, which is right next to Camberwell & Surrey Hills and very good value. It has the ever-expanding Deakin campus & the tram line has been extended right down Burwood Hwy so Burwood is no longer "the end of the line." I think it's 15km from the CBD.
Gday Miss Jade,
Yes, i am very intereested in this area, and i am also interested in the scoresby corrodoor in the next 6 months too,
On the whole, i would like peoples opinions on what suburbs could be sleepers in the next 5 years. Such suburbs to take into consideration are:
Ashburton, Ashwood, Burwood, Chadstone
And for the New Freeway Areas: Mitcham, Vermont, Heathmont, Ringwood
Any thoughts would be appreciated...
cheers
Lozza
Surrey Hills has been very very strong this year (check out the trend chart I mention above), so this can't help but spill into Burwood very soon as the next suburb out. Deakin uni has also been expanding quite a bit (check out the large development on Elgar Rd bewteen Riversdale Rd and Burwood Hwy) so this should also solidify demand.lozza said:
Ashburton has a zone 1 train station and easy access to the M1. That will give it a great chance of good growth. Lack of trams is a slight downside, but then trams are a poor second to trains IMHO.
Hi mdk92
Looks like Michael was quoting the March 2006 quarter stats for Hawthorn. He may have been a few days behind
For what it's I also believe the inner east is doing very well. All the blue ribbon areas are strong, with hopefully a ripple effect coming into play for those like me who can't afford Toorak, Brighton and Hawthorn etc.
I also wouldn't pay too much attention to stats from the REIV. General trends are ok but the jump in Hawthorns median could be due to a number of short term factors, such as owners of the more expensive properties in the area upgrading? or lower end of the market holding, waiting? or a glitch in the REIV data.
Check out Frankston around 2002. is that a glitch? The overall trend holds true but I remember thinking about buying in the area around that time, then the median prices came out and it looked like prices had almost doubled in a quarter. Missed the boat big time. Only to find out months later that the median data wasn't much use in that instance.
Looks like Michael was quoting the March 2006 quarter stats for Hawthorn. He may have been a few days behind
For what it's I also believe the inner east is doing very well. All the blue ribbon areas are strong, with hopefully a ripple effect coming into play for those like me who can't afford Toorak, Brighton and Hawthorn etc.
I also wouldn't pay too much attention to stats from the REIV. General trends are ok but the jump in Hawthorns median could be due to a number of short term factors, such as owners of the more expensive properties in the area upgrading? or lower end of the market holding, waiting? or a glitch in the REIV data.
Check out Frankston around 2002. is that a glitch? The overall trend holds true but I remember thinking about buying in the area around that time, then the median prices came out and it looked like prices had almost doubled in a quarter. Missed the boat big time. Only to find out months later that the median data wasn't much use in that instance.
ILoveProperty said:
I don't know about "glitch" but certainly it's a statistical anomaly. I agree with you about not putting much faith in the quarter-by-quarter data. Especially with the dearth of stock in many areas over the last year or two, sales data can really be skewed. Frankston is an area with about 45,000 dwellings, I believe - that's big! It also has houses from $200k to well over $2m. You couldn't say this about many places. I think they should split 3199 into 2 postcodes because unless you live there or spend a lot of time researching, it's very hard to determine whether the "general" Frankston market (i.e. Same house within a time period) is moving up, down or sideways. I'm guessing that the 2002 result you highlighted was due to a greater-than-average percentage of higher priced properties being put on the market.
But ILoveProperty, there's no "missing the boat" here. There's plenty of time for Frankton's ship to sail. There's a massive amount of money going into infrastructure & beautification projects, including Jamie Durie's Acqua development and the completion of the freeway. I think Frankston fundamentals are very sound regardless of what the wider market does in the next year or so.
gday guys and gals
i appreciate peoples comments on the ashburton area, but what do people think about the upside potential of the mitcham, vermont, ringwood area?
If you had the choice to spend $350 - $400k or so, would you invest in the burwood, ashburton area, or the ringwood mitcham area?
just wondering what others think?
cheers
Lozza
i appreciate peoples comments on the ashburton area, but what do people think about the upside potential of the mitcham, vermont, ringwood area?
If you had the choice to spend $350 - $400k or so, would you invest in the burwood, ashburton area, or the ringwood mitcham area?
just wondering what others think?
cheers
Lozza
lozza said:
Hey lozza, I would go with Burwood/Ashburton if you can get in for that price - much closer to the city and "blue chip" inner eastern suburbs. Even though much of the freeway premium is already priced into Mitcham & Ringwood, they are transit centres and I believe they are good medium to long term prospects (7 yrs +). However, the recovery will start in the centre & radiate out, so I reckon you'll do better faster with the former suburbs.
gday
I agree that burwood, ashburton, surrey hills etc are "blue chip" when compared to say vermont or mitcham or ringwood due to many factors including the Zone 1 , Zone 2 thing, but i want peoples thoughts on the eastern freeway link, and whether that will really effect the prices of the houses in that area dramatically, or is burwood , ashburton still a better "mid term growth" prospect?? I agree long term that the zone 1 areas will do better long term ::
cheers guys
lozza
I agree that burwood, ashburton, surrey hills etc are "blue chip" when compared to say vermont or mitcham or ringwood due to many factors including the Zone 1 , Zone 2 thing, but i want peoples thoughts on the eastern freeway link, and whether that will really effect the prices of the houses in that area dramatically, or is burwood , ashburton still a better "mid term growth" prospect?? I agree long term that the zone 1 areas will do better long term ::
cheers guys
lozza
Hi Lozza
I was in the bath casually reading July 06 API...as one does...and an article 'Making a Comeback' refers to Melb's hot spots. Steve McKnight's view under the heading 'Looking Ahead' was represented as follows -
'McKnight's money is on areas that are looking forward to improved transportation links to the CBD, such as in the city's east with the ConnectEast project. "I would look for the next suburb out from where these projects centre, and seek to profit from the growth in prices once the projects are close to completion."
That's the Mitcham-Frankston from my understanding.
Just as an aside, ConnectEast's managing director John Gardiner stated in Dec 2005 - 'MELBOURNE'S road network needs billions of dollars of further investment to link freeways and boost public transport'.
I wonder what and where their future plans lie?
One strategy used by some is to buy up where LandCorp does it's developments out west as a sure bet. Perhaps following the plans of our main freeway builders is just as relevant?
Cheers
Fish
I was in the bath casually reading July 06 API...as one does...and an article 'Making a Comeback' refers to Melb's hot spots. Steve McKnight's view under the heading 'Looking Ahead' was represented as follows -
'McKnight's money is on areas that are looking forward to improved transportation links to the CBD, such as in the city's east with the ConnectEast project. "I would look for the next suburb out from where these projects centre, and seek to profit from the growth in prices once the projects are close to completion."
That's the Mitcham-Frankston from my understanding.
Just as an aside, ConnectEast's managing director John Gardiner stated in Dec 2005 - 'MELBOURNE'S road network needs billions of dollars of further investment to link freeways and boost public transport'.
I wonder what and where their future plans lie?
One strategy used by some is to buy up where LandCorp does it's developments out west as a sure bet. Perhaps following the plans of our main freeway builders is just as relevant?
Cheers
Fish
mdk92 said:
You are correct
I was looking at at a hard copy report I had received in the mail that day from the REIV. It said they were the latest statistics - but in the meantime they had uploaded a more recent set to their website.
That's the powe rof technology
