Melbourne to run more

Discussion in 'Where to Buy' started by Deltaberry, 16th Jun, 2015.

  1. Deltaberry

    Deltaberry Member

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    Been a while I opened this part of the forum and 8 of the first 10 threads are about Melbourne. Looks like it's doing a catch-up to Sydney. High vs Higher
     
  2. jerrybee

    jerrybee Member

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    Surprising. I always thought it ran roughly in parallel to Sydney. So it must be Sydney, Melbourne then Brisbane? Hum...
     
  3. jpcashflow

    jpcashflow Member

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    Hi

    I think you are right...

    I have been going to many auctions in melbourne in recent week just to see what is happening out there and it has been crazy!!
     
  4. jerrybee

    jerrybee Member

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    Anyone want to create a Let's hype Docklands thread?
     
  5. jackbak

    jackbak Member

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    Melbourne's median is almost $300k below Sydney - $914k to $638k. In 2010 I think they were almost even at around $505k and $525k respectively, there's a lot of catch up to be done IMO.
     
  6. JDP1

    JDP1 Member

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    Count me in. I've been trying to hype the otp stuff here for a while. No takers so far.
     
  7. cadence

    cadence Member

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    Agree Melb will be closing in on Sydney

    A natural extension of the overheated market in Sydney, people will look for the most comparable alternative ... can't go past Melb
     
  8. dajackal

    dajackal Member

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    But Melbourne gross house yields are already much lower than Sydney. How much higher can the prices go?
     
  9. windyzz

    windyzz Member

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    and also generally there are more supply in Melbourne compare to Sydney. Vacancy rate number reflect it. 3.5 vs 1.5%
     
  10. see_change

    see_change Apprentice Timing Lord

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    When I saw the heading " Melbourne to run more " I thought is was going to be an Aussie rules post ...

    BTW , how has docklands gone ? Have prices moved up despite the negative hype or is the extent of oversupply able to keep it flat when most places are moving ?

    Cliff
     
  11. JDP1

    JDP1 Member

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    We were kidding about hyping Docklands..
    Docklands and southbank have barely moved despite the rest of Melbourne moving. The supply in those areas has all but killed them. It will take 5+ years at the minimum for the excess supply to he absorbed and price growth to return to these areas. By that time, even struggle st. mt druitt would have done more cg.
     
  12. see_change

    see_change Apprentice Timing Lord

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    So not much change at all ?

    We've stayed at docklands when we've been to Melbourne and it came across as a nice convenient place . Out side the supply issues , some where in Sydney , that close to the city would be significantly more expensive ...

    Cliff
     
  13. JDP1

    JDP1 Member

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    Not a bad place yo live, in my opinion... But a horrible place to invest.
    Nevertheless, give these places another 20-25 years and they should be fine on the cg front... But then again, so will a lot else. It's about opportunity cost and strategy.
     
  14. jerrybee

    jerrybee Member

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    I don't even find Docklands convenient. You still have to catch a tram in, because I don't consider 1.5-2k's to the middle of the CBD a comfortable walk when I'm just there for a short weekend trip. I always stay in the CBD.

    I think Docklands is stuck in this weird middle zone. Not far enough to enjoy the openness of the suburbs (like Richmond or Carlton), and not close enough to be able to just step out into town.
     
  15. MTR

    MTR Bling Bling

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    Quite a bit really, Syd Median $920K?.... Melb $660K, massive gap, give it 6-12 months that gap will shrink somewhat:) Here's hoping
     
  16. DavidMc

    DavidMc Member

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    I'll have a very good comparable sale to gauge it with soon... an apartment in my small complex inner North sold exactly two years ago and is up for auction again. Will post results.
     
  17. Deltaberry

    Deltaberry Member

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    MTR, wouldn't be surprised if the median price in Melb has already past $700k this quarter. How does say $730k and $970k compare? Does that change your perspective?
     
  18. DavidMc

    DavidMc Member

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    FWIW I know small Toorak Units took off (20%+ CG) in the last 12 months (after 6 years of basically flat - since 2007).

    Booms typically start inner and ride out through the suburbs.
     
  19. DavidMc

    DavidMc Member

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    FWIW I know small Toorak Units took off (20%+ CG) in the last 12 months (after 6 years of basically flat - since 2007).

    Booms typically start inner and ride out through the suburbs.
     
  20. mflying

    mflying Property Developer

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    Agree!


    New quarterly figure should be circa $700-$750k

    I am really happy.. most of my developments are happening in Melbourne....aiming to sell some in this oct-nov and then feb-mar next year..

    good position to be in.

    i am sure local Melbourne developers and investors are in for growth..

    even part of geelong and new estates are seeing growth in sales from interstate investors..and FHB...