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I keep hearing the phrase "parts of Melbourne in a bubble" but no reference to which parts.
Any thoughts or references on which ones are being touted as bubble territory.
I feel Fitzroy is a bit bubbly. 2/1/1 terrace same price as South Yarra and a bit more than Prahran. Doesn't add up for me.
The market is hot in Melbourne in general but I think bubble is where the Chinese are buying - e.g. Outer East, Glen Waverley, etc. I heard a corner block of 450sqm in Mitcham fetched for 900k. That sounds very unreal to me.
i think people have money know how to spend it. if you came to live and had your kids going to school in these area you would know why people paying million for peace of mind
I'd never buy in Sunshine for over 300k! And Wheelers Hill has to be the most overpriced concrete slab I've ever driven through.
You know those people who can't wait to get out of Noble/Doveton/Dandenong and move into country Berwick? Well add wheelers hill to that list, I don't care for schools and inconvenience of picking up computer parts. Everytime for the last 20yrs we've been there we've wanted to get out. It's a cluttered rundown cluster of concrete full of wreckless drivers. If you want the schools you'd be a fool to pay millions when you can simply rent in the zone, apply then buy a house in a nicer area for 1/6th of the price.
Same goes for Glen Waverley tbh.. one of the worst carparks in the SE. Wantirna is leagues nicer also. GW, Essendon etc are not "leafy suburbs" lol whoever thinks that has never been to an actual leafy suburb. GW is more a concrete slab with holes drilled into it so 1 little tree can be planted every 10 meters. Artificial green is worse than none, reminds me of the plastic fruit. Not one over 100yrs old go on maps and you'll see a flat slab of rooftops lol, without any canopy. I wonder if GW is leafy enough that the possums will live there? GW as about as leafy as an indoor garden.
Before I joined this site I wondered why people lived in dumps like GW/Wheelers Hill when you could live somewhere nice like Ferntree Gully for half the price. Still wondering from a personal perspective!
Glen Waverley is probably first on my mind.Commercial shops same price as CBD.
Ray White, Maclead, agent Brett Schembri said the auction took off, shocking everyone. There were few comparable sales because it was on a large block at 1858sq m.
+1
id say glen the most likely, to be honest, there is nothing fundamentally that can justify the huge price increases
id be very nervous if I was a local buying in there expecting similar growths
I also now more talk to property 'experts' who bought there 5 years ago, sat on it, and now its gone up, who now think they should have their own property tv show
I've been in GW since 2005. The block my folks and I are currently on is about 750m2 close to the Novotel and fetched around $600K in 2005 (considered a fair bit of coin back then for GW).
I'd agree the prices are not justifiable, except the big drawcard for most Chinese people who crave that prized GW high school zone and the fact that they can live like they are still in Shanghai.
For fun, I've developed my own GW "Index" of how much it has been overpriced by comparing it to other suburbs on the line itself.