Melbourne's Hot Property Market

[maloo]

Can anyone here tell me what price 169 Roseneath St Clifton Hill sold for-
http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1567633_S.html

 

[Player]

Hey Maloo,

not listed here on REIV site:

http://realestateview.com.au/propertydata/vic/clifton+hill/index.html

Perhaps look at the surrounding suburbs as it menions on the web page. I also looked in Herald Sun, not listed there either. Haven't look at The Age today.

 

[JamesGG]

Can anyone here tell me what price 169 Roseneath St Clifton Hill sold for-
http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1567633_S.html

Still showing on my database as a current listing.

Comments;
First Listed 03/03/10: Price Guide: $600,000 - $660,000;
Last Listed 15/03/10: Price Guide: $630,000 - $690,000
25 days on market.

Some agents are better than others. If it sold at auction yesterday, then it might be up during the week...


Edit: Then again, the old fashioned way still works sometimes. Just called the agent and asked; he said that it sold before auction for $731,500.

 

[maloo]

Thanks James

 

[natedog]

Hi All,

Another example of demand outstripping supply.....

Somerfield (a new residential sub division in Keysborough) had a new stage release of 43 blocks officially go on sale 9am Saturday.....there were 29 people lined up the night before camping overnight to secure one, some were there from the Friday morning 6am!!!

i called the agent saturday afternoon to see how it went, sold all 43 of them...they had 58 groups in line...some obviously missed out.

These blocks ranged from $292k for 400sqm up to $490k for one 1183sqm block.

Average price for 512sqm 16m x 32m was about $370k

6 months ago, blocks were moving slowly.....not anymore.

Whether its speculation, the flow on of upgraders who may have sold to a first home buyer with some cash in thier pockets...or whatever else, i guess when you have the population of melbourne increasing by 100,000 people in a year, its not surprising that there is competition out there for homes and land.

i remember saying about 8 years ago "why would you pay $200k for a block in keysborough when you can same size for $90k in point cook"

Now those same size blocks in Keysborough are going for $370k and point cook round $270k....what will they be in another 7 years

Is it insane or just the new base level??

As always time will tell i guess

Cheers,
Nathan

 

[oc1]

Don't think the sale registers until settlement.

Could be wrong though - does anyone know this for sure?

Regards Jason.

Definately needs to settle. Valuers will not take pending sales, be it unconditional or not, into consideration.

 

[K4K4M]

So according to this thread reg Melbourne prices are heading north, is this a good time to upgrade the PPOR from a 2 bed apprt. to buying a 2 bed unit (with a little backyard) or even a house in outer east.

your comments will be highly appreciated as I've been thinking about this for some time.....

 

[Monopoly]

So according to this thread reg Melbourne prices are heading north, is this a good time to upgrade the PPOR from a 2 bed apprt. to buying a 2 bed unit (with a little backyard) or even a house in outer east.

your comments will be highly appreciated as I've been thinking about this for some time.....

Only if you don't mind paying prices travelling in the same (northerly) direction!!!

Personally I would not be looking to upgrade my PPOR at a time when prices are escalating as rapidly as they are.

Although having said that, if you have a little saved away, and plan to sell/buy in the same market ie. selling/fetching a good price for your 2 bed appt making sure it's not too much of a financial stretch to upgrade (even in the current heated market) then go for it....

Best of luck.

 

[K4K4M]

Personally I would not be looking to upgrade my PPOR at a time when prices are escalating as they are in this current trend.
Best of luck.

Thanks Monopoly

That is my dilemma

But I should have around min $175K deposit to buy some thing reasonable good after selling my current PPOR. Is that make sense, I know I need to talk to my broker (She is good) but I also ask SS fellow here......

 

[Shuttle Man]

Check this one out.

http://www.realestate.com.au/property-apartment-vic-toorak-106354536?tm=1269738942&c=38029624&t=res

Quoted at $500K and sold for $781K. Was semi-interested in this one, but I always like a balcony too. Wouldn't have gone that hardcore anyway. Would have been again, around the $600K mark if anything.

$500K was a stupid quote though. This one is near Toorak Village, so $500K? what the heck were they thinking?

 

[Deltaberry]

There's still value in some spots.

http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1556116_S.html

This is essentially Nth Melb (just across the road, although it falls into West Melb). Sold for $50k more than reserve at $1.35m.

The same thing, an hour before this went to auction, sold for $1.9m in Nth Melb (albeit fully renovated, but still), $400k above reserve of $1.5m. 3 blocks away.

http://www.realestateview.com.au/Real-Estate/Property-Details-buy-residential-1565401_S.html

Same agents mind you... same size, same floor plan essentially, both have convenient rear access

 

[Monopoly]

Thanks Monopoly

That is my dilemma

But I should have around min $175K deposit to buy some thing reasonable good after selling my current PPOR. Is that make sense, I know I need to talk to my broker (She is good) but I also ask SS fellow here......

Great deposit. Have you had your place revalued since first buying it?? Where are you looking to sell, and to buy into??

Be aware, that even though you will mostly likely fetch a handsome price for what you're selling, (in today's heated market) you will unfortunately also be paying a higher price to buy back into it (the market).

I would only ever consider selling/buying in the same market if I am either downsizing a PPOR or upscaling an IP.

But it's not me we're talking about here, and if you're happy to spend a bit to upgrade, and given you don't over extend yourself to do it, then why the heck not....GO FOR IT!!

 

[K4K4M]

Where are you looking to sell, and to buy into??

PPOR in Box Hill & may buy in outer Eastern......

Dont want to hijack this thread which is for more "Auction result and related great prices hikes".

I guess start separate thread

 

[Monopoly]

PPOR in Box Hill & may buy in outer Eastern......

Dont want to hijack this thread which is for more "Auction result and related great prices hikes".

I guess start separate thread

No no, you've misunderstood me, when I said "that's not what we're talking about here" I wasn't referring to this thread, I meant, in this case.

Rest assured, you haven't hijacked the thread!!

 

[Psyk]

Very interesting nathan...

We have a couple of IP's in Keysborough, and your comments seem to reflect what we're seeing around the area. We were looking to buy-in again but it's just crazy - there's a big demand for rentals as well as the price of even well established homes going up... generally there's better demand for newer homes (i.e. less than 5 years) and now there's big demand for older established homes as well. What it cost to buy a brand new 3br home last year is now just the price of land especially in the 'newer' estates..

Hi All,

Another example of demand outstripping supply.....

Somerfield (a new residential sub division in Keysborough) had a new stage release of 43 blocks officially go on sale 9am Saturday.....there were 29 people lined up the night before camping overnight to secure one, some were there from the Friday morning 6am!!!

i called the agent saturday afternoon to see how it went, sold all 43 of them...they had 58 groups in line...some obviously missed out.

These blocks ranged from $292k for 400sqm up to $490k for one 1183sqm block.

Average price for 512sqm 16m x 32m was about $370k

6 months ago, blocks were moving slowly.....not anymore.

Whether its speculation, the flow on of upgraders who may have sold to a first home buyer with some cash in thier pockets...or whatever else, i guess when you have the population of melbourne increasing by 100,000 people in a year, its not surprising that there is competition out there for homes and land.

i remember saying about 8 years ago "why would you pay $200k for a block in keysborough when you can same size for $90k in point cook"

Now those same size blocks in Keysborough are going for $370k and point cook round $270k....what will they be in another 7 years

Is it insane or just the new base level??

As always time will tell i guess

Cheers,
Nathan

 

[jcwc888]

The current Melbourne real estate market has gone crazy. The frenzied buying and ridiculously high prices we are seeing are no longer based on fundamentals and are the result of an importation of a speculative credit fuelled bubble in real estate from Mainland China. The 50-60% price rises we have seen here in the past 12 months essentially mirrors what is going on in China. With the relaxation of FIRB rules in early last year, Australian property has essentially become a proxy of the real estate market in China. No one knows when and how this is going to end (perhaps when local Australian citizens realize most of their houses are being sold to overseas investors/speculators and they are priced out of the market resulting in a civil uprising), but when it does it is not going to pretty that's for sure. You would have to be a brave soul to be investing in the market at this point in time. There is significant potential for MASSIVE losses if and when the China bubble bursts. Don't forget apart from China, the rest of the world is in the deepest recession since the great depression!

yup - got some news from some agents (the ones with the offices in china). there are list of 2000 of them looking ard melbourne (the ones who have the approval to buy). There are specific areas etc, schools etc. Don't disagree... there is some risk. i'm trying to offload one of my properties to reduce exposure. Then again there was this place 126 Wells St, Southbank - was bought by an Aussie guy (not mainland for 910 or 920K). So who knows?

 

[Shuttle Man]

http://www.theage.com.au/business/on-a-big-sport-weekend-nearly-1bn-in-sales-20100328-r57g.html

Looks like many first-home buyers are pretty stuffed now if they want to purchase a house within a reasonable distance to the CBD.

Even if property prices grow flat (or at least with inflation) for the next 5 years, the current prices are already SO MUCH out of reach for first home buyers.

I guess they will either have to live with their parents, rent or wait patiently for the house(s) inheritance.

 

[K4K4M]

http://www.theage.com.au/business/on-a-big-sport-weekend-nearly-1bn-in-sales-20100328-r57g.html

Looks like many first-home buyers are pretty stuffed now if they want to purchase a house within a reasonable distance to the CBD.

I guess they will either have to live with their parents, rent or wait patiently for the house(s) inheritance.

Or they have to buy in outer suburb, still very affordable, one of my family friend, who lived (rented) in Hawthorn for many years, close to glenferrie station
have bought a house & land package for $380K (approx) in South Morang, plenty of space for kids to play in the backyard.......

 

[RedCat]

There's plenty of FHB options in outer Melbourne. I don't recall living in my preferred area when I first bought 10+ years ago either and I'm sure most other people here didn't get to buy their preferred home in their most desired area either

 

[Luv2Travel]

There's plenty of FHB options in outer Melbourne. I don't recall living in my preferred area when I first bought 10+ years ago either and I'm sure most other people here didn't get to buy their preferred home in their most desired area either

Absolutely agree, they want too much too fast, so boohoo if they can't get what they want right away. There are plenty of properties within Melbourne (outer) for around $300K, which for a young couple both working with no kids yet, this should be easily within their range if they're sensible with their money. I did the same as you RedCat, bought something with the intention of it being a stepping stone, then when I could afford it I moved somewhere nicer further in.