Melbourne Market Heating up UPDATE!!

Discussion in 'Where to Buy' started by jpcashflow, 18th Nov, 2014.

  1. jpcashflow

    jpcashflow Member

    Joined:
    23rd Jun, 2014
    Messages:
    307
    Location:
    Melbourne
    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
     
  2. rizzle

    rizzle Member

    Joined:
    20th Sep, 2013
    Messages:
    205
    Location:
    Melbourne, Victoria
  3. Neptune

    Neptune Member

    Joined:
    2nd Jan, 2014
    Messages:
    116
    Location:
    Melbourne, Victoria
    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!
     
  4. Hodge

    Hodge Member

    Joined:
    27th May, 2013
    Messages:
    617
    Location:
    Melbourne, Victoria
    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.
     
  5. Jaggannath

    Jaggannath Member

    Joined:
    25th Oct, 2009
    Messages:
    744
    Location:
    Newcastle, ex. Melb, Adl, Canberra
    Nooooooooooooo! Stop buying in Melbourne!
     
  6. jpcashflow

    jpcashflow Member

    Joined:
    23rd Jun, 2014
    Messages:
    307
    Location:
    Melbourne
    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.
     
  7. rizzle

    rizzle Member

    Joined:
    20th Sep, 2013
    Messages:
    205
    Location:
    Melbourne, Victoria
    Why?

    *Random extra text to made 10 chars*
     
  8. Jaggannath

    Jaggannath Member

    Joined:
    25th Oct, 2009
    Messages:
    744
    Location:
    Newcastle, ex. Melb, Adl, Canberra
    Because I want to buy a future PPOR, and people buying is driving up the prices!
     
  9. perthguy

    perthguy Member

    Joined:
    7th Jan, 2014
    Messages:
    1,869
    Location:
    Perth
    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:
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

    Joined:
    29th May, 2001
    Messages:
    8,506
    Media:
    1
    Location:
    Melbourne
    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.
     
  11. jpcashflow

    jpcashflow Member

    Joined:
    23rd Jun, 2014
    Messages:
    307
    Location:
    Melbourne
    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?
     
  12. perthguy

    perthguy Member

    Joined:
    7th Jan, 2014
    Messages:
    1,869
    Location:
    Perth
    Hi Peter, that's the plan. Two town houses in 2016 :D
     
  13. perthguy

    perthguy Member

    Joined:
    7th Jan, 2014
    Messages:
    1,869
    Location:
    Perth
    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.
     
  14. Warren018

    Warren018 Member

    Joined:
    13th Nov, 2014
    Messages:
    12
    Location:
    Melbourne, VIC
    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.
     
  15. Neptune

    Neptune Member

    Joined:
    2nd Jan, 2014
    Messages:
    116
    Location:
    Melbourne, Victoria
  16. perthguy

    perthguy Member

    Joined:
    7th Jan, 2014
    Messages:
    1,869
    Location:
    Perth
    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
     
  17. scientist

    scientist Member

    Joined:
    19th Aug, 2011
    Messages:
    199
    Location:
    sydney nsw
    Sorry... bought one in March. I live in Sydney though, Melbourne just seemed cheap at the time (still does).
     
  18. DavidMc

    DavidMc Member

    Joined:
    22nd Feb, 2005
    Messages:
    2,853
    Location:
    Melbourne
    Great - now if only we can get finance! :)
     
  19. Hodge

    Hodge Member

    Joined:
    27th May, 2013
    Messages:
    617
    Location:
    Melbourne, Victoria
    Very true, the importance of a gun mortgage broker on your team is critical!
     
  20. jpcashflow

    jpcashflow Member

    Joined:
    23rd Jun, 2014
    Messages:
    307
    Location:
    Melbourne
    I think its always important to have a gun team in both good or bad times :)