Melbourne middle/outer eastern suburbs madness?

[impala67]

Two new million-dollar suburbs

http://www.3aw.com.au/blogs/3aw-news-blog/two-new-milliondollar-suburbs/20140410-36fqx.html
- 3AW News - 10.04.14

For the first time more than 50 Melbourne suburbs have hit the million-dollar mark.

Templestowe and Bentleigh now join the list of suburbs with a median house price in excess of one million dollars.

1. TOORAK
2. EAST MELBOURNE*
3. KEW

 

[LoneWolf]

For the international demographics who are in this type of markets, they would consider this to be cheap, compared to what they would be paying back home

 

[impala67]

For the international demographics who are in this type of markets, they would consider this to be cheap, compared to what they would be paying back home

Agree - they would, compared to NY, HK, Singapore, London, Beijing.

 

[Timpoo]

I agree that Toorak and surrounds are still very "Australian" (not sure what that means though) for the sub $3-4m homes, but above that it's pretty much all foreign buyers, most of them Chinese. That's the impression I get from research and agents anyways.

 

[LoneWolf]

I agree that Toorak and surrounds are still very "Australian" (not sure what that means though) for the sub $3-4m homes, but above that it's pretty much all foreign buyers, most of them Chinese. That's the impression I get from research and agents anyways.

Not necessarily most foreign Chinese buyers, could be Australian Chinese buyers (local buyer)

 

[LoneWolf]

Agree - they would, compared to NY, HK, Singapore, London, Beijing.

In this price bracket, you can only buy a mid - high end apartment in some of these cities. Compared to what you can get from Forest Hill

 

[Deltaberry]

Not necessarily most foreign Chinese buyers, could be Australian Chinese buyers (local buyer)

In a hot/toppy market, you'll find more foreign Chinese buyers.

In a soft/weak market, there's not much foreign Chinese buyers and lots of Australians.

 

[oc1]

In a hot/toppy market, you'll find more foreign Chinese buyers.

Certainly saw that in the east today. Bloody crazy prices!

 

[impala67]

Certainly saw that in the east today. Bloody crazy prices!

Any stand outs?

 

[Spades]

Here's a mcmansion on a small block in noble park,sold for $718k

http://www.realestate.com.au/property-house-vic-noble+park-116292935

Cheers Spades.

 

[impala67]

Here's a mcmansion on a small block in noble park,sold for $718k

http://www.realestate.com.au/property-house-vic-noble+park-116292935

Cheers Spades.

F@@rk ! Strong result for the suburb. Seems...like a quality build though.

Any idea what the build cost would be?

 

[strongy1986]

F@@rk ! Strong result for the suburb. Seems...like a quality build though.

Any idea what the build cost would be?

Not an expert on this but I would guess somewhere between 450 - 500?

 

[Hodge]

Isn't noble park a dodgy suburb or have i been under a rock for a few years?

 

[Redwood]

Isn't noble park a dodgy suburb or have i been under a rock for a few years?

Whats your definition of dodgy? I love Noble Park, however it has changed. High immigration has changed the demographic significantly, you will see the occasional drug deal, however, no different to Frankston.

Its a quality suburb in my view, have invested there for years and am continuing to invest there particularly with the $2.5m upgrade on the Dandenong train line.

Cheers, Ivan

 

[Redwood]

I agree that Toorak and surrounds are still very "Australian" (not sure what that means though) for the sub $3-4m homes, but above that it's pretty much all foreign buyers, most of them Chinese. That's the impression I get from research and agents anyways.

Asian buyers have been in Toorak for years. Aussie residents will tell you how annoyed they are with the mega mansions with long grass and not maintained. Many of these were/ are traditionally owned by the Malay/ Singapore types. Now my Chinese clients are saying 'find me a house with a swimming pool, tennis court and big house near school' and they will happily pay up to $5m. Some will prefer Toorak and others love GW and Balwyn.

Cheers, Ivan

 

[Aaron_C]

Isn't noble park a dodgy suburb or have i been under a rock for a few years?

It's a decent pad though.

 

[rabidz]

It's a decent pad, but I won't go for Noble Park.
Probably go for Mulgrave & Rowville..

 

[TMNT]

Yes looks to be a bog standard Waldorf with el cheapo windows

for the unposh people here (like me) whats wrong with the windows??? everything looks pretty nice to me,

 

[Deltaberry]

The foreign Chinese are a good gauge of when to get into the market (ie get in when they're not buying, and stay away when they are).

 

[jazzlobber]

for the unposh people here (like me) whats wrong with the windows??? everything looks pretty nice to me,

vol builders like PD always offer basic windows in base package, ie 3mm glass in cheap alum frames, they are neither thermally efficient nor attractive, getting decent glazinng ie doubles with high/low U value & SHGF in thermally broken or wooden frames appropriate for Melbourne probably cost another 20K for a house like this but worth it in long term.