melbourne up 25% in 2007!

ILoveProperty, i found it

http://www.ausstats.abs.gov.au/ausstats/subscriber.nsf/0/26E2ADC6E07B7A12CA2573A6001351D2/$File/31010_jun%202007.pdf

excerpt:
see pdf attached, shows the 62,306 people in melbourne based on 05/06 yearly data
 

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Thanks Soren, nice work.
It's helps to see a number of places side by side.
Looking at pure quantity, Melbourne was huge. Looking at percentage increases most of Qld was great.
No idea what it all means - but increases have got to be good
 
Hey all,
Assuming a 62,000 population increase and household numbers of 2.6 people per home, thats about 23,846 new dwellings that need to be created to keep pace....no wonder land in the "burbs' is disappearing of the shelves!

Not sure on the number of building approvals over the same period of time....anyone know where to get these stats,

would give an insight into the supply/demand equation

Cheers,
 
I agree

I was reading this post and thought I would offer my thoughts....

I tend to agree with Harris....if you look at th fundamentals and past history. Melbourne is experiencing a classic property cycle....the boom started in the inner surburbs and is now filtering out to the middle surburbs. This year the median price for Melbourne will stablise but this does not mean the boom is not continuing.

What you will see is the price growth in the inner surburbs will stabilise and most middle surburbs will experience 20% plus growth and the outer surburbs will also do well. However, the median price for Melbourne will probably not move as much because a lot of lower priced property will will be selling.....in fact it could bring the median price down.

So if one wants a tip...don't just look at the median prices but look at regions with the property markets in Melbourne and how they are performing. My thoughts are the Western (Werribee, Point, Cook, Hopper Crossing), Northern (Craigieburn, Broadmeadows), Outer Southeast (Packenham, Carrum Downs, Cranbourne)and North West (Baccus Marsh, Melton) will see healthy returns.

I look forward to some interesting comments about how the outer surburbs will falter due to hight interest rates...I am not seeing this yet. As people who are priced out of the inner surburbs will move further out in line with affordability. This has always been the case and will always happen because Melbourne as a city is growing faster than builders can keep up with things.

How do I know this....I have been through 2 cycles....and this time I have stopped listening to the naysayers because last time I missed the boat on the outer suburbs.

I guess only the progress of time will reveal things.....:)
I agree, and in regards to Hoppers Crossing, you can get an amazing house on a huge block of land, some of those blocks down there are massive. It is also an established area with lots of lovelly trees, if I was a first home buyer I would buy a big house on a big block. Werribee is great value, and the rental yields are high, also a few of the so called realestate experts have predicted it as a hot spot.
 
Investwest

Yes, Hoppers and Werribee are now moving.

But alot of people are still skeptical....with interest rates people are expecting things to slow down. I think the opposite will happen in these suburbs due to affordability.

I guess time will tell....:)
 
I agree, and in regards to Hoppers Crossing, you can get an amazing house on a huge block of land, some of those blocks down there are massive. It is also an established area with lots of lovelly trees, if I was a first home buyer I would buy a big house on a big block. Werribee is great value, and the rental yields are high, also a few of the so called realestate experts have predicted it as a hot spot.

Werribee IS good value, but i saw in yeserdays Herald Sun, werribee has the worst crime laden station in Melbourne, 2 or 3% of crimes happen in this station alone.
 
So is Sunshine & Footscray...and it still had good growth! :D

The ripple is heading out to Werribee...the last stop before it rolls onto Geelong.;)

Werribee IS good value, but i saw in yeserdays Herald Sun, werribee has the worst crime laden station in Melbourne, 2 or 3% of crimes happen in this station alone.
 
The only accurate answer to that is to locate where the majority of mortgage defaults are occurring today. I don't have the answer, I only have anectodal evidence from a few RE specialists who deal in reposessions and auctions for banks and mortgage defaults and they have always tended to mention various outer suburbs.

http://www.news.com.au/heraldsun/story/0,21985,23248714-661,00.html

Well it seems that most (not all) of the suburbs that are starting to feel the IR pressure are western & outer eastern suburbs......
 
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