Melbourne Market Heating up UPDATE!!

Hi All,

Hope every one has had a good week so far.
Has any one noticed that some suburbs in Melbourne are heating up?

In the last month or two I have been going to quiet a few opens in Melbourne West: East Keilor, Sunshine, Deer Park, St Albans and Ascot Vale.

Opens have been active and more importantly houses have been selling fast. It kind of reminds me of the boom that occurred in Sydney Western Suburbs.

Cheers
 
I totally agree....I went to a few auctions in Maidstone last weekend for properties with excellent development potential. There was quite a bit of competition for them and the first one went for about $250k over reserve and the second one went for $150k over reserve. That's quite a bit for a suburb like Maidstone!
 
I've been keeping an eye around the Altona area and everything pretty much sells within a month, especially older houses on big blocks. Not much stock under $650k apart from town houses.
 
Its true... it also looks like there is a shift in what people want.

More and more people prefer new homes to live in and we are even seeing town houses sell fairly quickly.
 
Ugh, not me. I am doing a refinance and my melbourne property in Heidelberg Heights came in with a low valuation. I only needed $550,000 and it came in at a lousy $520,000. Spewin. :mad:
That's probably because Heidelberg Heights isn't a blue chip suburb despite it being well located to the CBD. Give it time and the stock will be redeveloped, but that's going to take a while.
 
Ugh, not me. I am doing a refinance and my melbourne property in Heidelberg Heights came in with a low valuation. I only needed $550,000 and it came in at a lousy $520,000. Spewin. :mad:
Hi Perth Guy,

Valuation from Banks vs what people are prepared to pay for the property are two different things.

Which bank did you approach to get the valuation done?
 
Hi Perth Guy,

Valuation from Banks vs what people are prepared to pay for the property are two different things.

Which bank did you approach to get the valuation done?
It was ING Direct. I shouldn't complain though because my mortgage broker has done an amazing job to get us a fantastic deal on a refinance. The funds can be secured against another property without x-coll, so funds are not an issue. It is just a pain at tax time but I can live with that.
 
I know, Melbourne is crazy! There was one housing commission house in Glen Iris (advertised as Glen Iris, but really in Ashburton...) 20.5m x 38.78m land, and still in an area where there are other commission blocks. It went for a wooping 1.55 million!

I dont know what they are going to do to it. But I just cant figure out how are they going to turn a profit on it.
 
That's probably because Heidelberg Heights isn't a blue chip suburb despite it being well located to the CBD. Give it time and the stock will be redeveloped, but that's going to take a while.
Interesting update on this. There is a big development going on now, selling OTP. The asking prices are a lot higher than I was expecting.

http://www.realestate.com.au/project-the+haig-vic-heidelberg+heights-600007179

Since I got my lousy $525,000 bank valuation on mine, this has sold just around the corner from me. It is in much worse condition that mine. Same block size, same zoning. Sold for $625,000 in Feb this year. Actually, that was just after the low bank valuation.

http://www.realestate.com.au/property-house-vic-heidelberg+heights-118935647
 
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