The heat in Melbourne's Inner City Property Market continues.

[jingo]

Thanks for the update Jingo. Still pinching myself...hard!

Analysis paralysis.... the great wealth destroyer.

Hi asdf,

Don't beat yourself up too much. $500,000 sounded like a lot of money to me as well! Who would have ever thought that prices could rise any further??

Regards Jason.

 

[Lamingtons]

Stumbled on this ad in Melb City Weekly the freebie magazine they give out in the CBD.

www.acaciaonthepark.com.au

Off the plan apartments in Northcote... From $318,000.

 

[bailz66]

Server not found for me

 

[Lamingtons]

Oppppsssss sorry extra . where it was not required.

 

[aussierogue]

Acacia Apartments

Yes these apartments in Northcote are very controversial - if you buy be prepared to be not very well liked by the yippy (half yuppy half hippy) locals.

Im sure with time all will be forgiven.

 

[jingo]

Market Update

On 22 December this flat is going to auction:

http://www.realestate.com.au/cgi-bi...eader=&c=11014539&s=vic&snf=ras&tm=1197182125

It is listed as $340,000+, so it will be interesting to see what it achieves.

Just thought I would update on the sale price of this flat in North Melbourne mentioned above. Interestingly, the campaign started out with the flat listed as $340,000+, however last week, it was advertised as $350,000+. The flat sold on Saturday at auction for $421,000.

According to what I have seen in the North Melbourne market recently, and what I have read, first home buyers and investors are beginning to turn their attention to flats and apartments, as they have been priced out of houses in the inner suburbs.

It will be interesting to see whether this trend continues next year. Commentators including Monique Wakelin tend to believe it will. I guess time will tell.....

Regards Jason.

 

[timmyboy]

*bump* to keep this great thread up there and see if any further additions can be made.
I read an interesting article in 'Your Investment Property' today regarding the Melbourne market, that suggests there is still 2-3 years of legs left in it.
the author suggests that the closer to the CBD, smaller places will be the prominent abodes in the not too distant future.

Any thoughts or updates on what's been happening, if anything, early this new year?

Tim

 

[Refugee]

You mean the dig I bought (http://www.somersoft.com/forums/showthread.php?t=8030) may actually start being an investment?

Who would have thought ...

 

[DavidMc]

An apartment in Southbank bought 5 years ago? Sure, I'd say you would have had some growth there. Depends on what you paid for it to start with of course.

 

[jerky]

Wonder how the inner city is going to fare over the next few weekends. I have spent a few hours on realestate.com and think the prices in hawthorn, clifton hill and brunswick east are less than last year...what do other forumites reckon?? Could be the estimated sale prices are underquoted as per usual though

 

[aussierogue]

I agree prices are down. This time of the year always quiet. Good time to buy imo as it most likely will ramp up as Autumn kicks in.

Having said that the market taking some significant serviceability hits so you never know.

 

[sash]

Wonder how the inner city is going to fare over the next few weekends. I have spent a few hours on realestate.com and think the prices in hawthorn, clifton hill and brunswick east are less than last year...what do other forumites reckon?? Could be the estimated sale prices are underquoted as per usual though

Best way to guage is to see if properties are being passed in....as vendors still expect last years prices. I have stuff in Western Melbourne and things are still moving.

I agree prices are down. This time of the year always quiet. Good time to buy imo as it most likely will ramp up as Autumn kicks in.

Having said that the market taking some significant serviceability hits so you never know.

What are the RE agents saying?

 

[myla]

hello,

anyone go to auctions today,

got a feeling might drop down to mid 60% for clearance rate,

next week will be most interesting I think

myla

 

[RetireEarly]

I purchased two properties in Hawthorn week before Christmas, so are keen to see if I was too bullish.. so far so good.

A 3 bedroom single fronted victorian sold for $1.27m yesterday in Pine St, Hawthorn... also same street a Double Fronted went for $1.6m it was passed in and placed on market PS $1.55m... must of been competition to push it to $1.6m).

They were numbers I was hoping to see... shocked by the single fronted though as I picked up two double fronted properties on double the size blocks at Christmas for less than that.

I expect things to flaten, however their is no supply and if you are buying in those price brackets interest rates increase are a marginal consideration...

 

[Harris]

shocked by the single fronted though as I picked up two double fronted properties on double the size blocks at Christmas for less than that.

I find that almost incomprehensible how you could have achieved that... the market in Hawthorn before Christmas was the hottest ever in auction clearance, price movement and buyers activity in decades..

And you are suggesting that you picked up double fronted prop in Hawthorn in Dec at price points which were less than the single fronted realised value this sat

Care to share the details of your purchases..?

Harris

 

[myla]

hello,

67% for the weekend,

goodluck next week if going to auction

thankyou

myla

 

[jingo]

The mood is cautious, however there is a significant lack of supply which should hold property prices at 2007 levels ... i see the ANZ economists are predicting growth in the inner east despite the credit crunch.

Hi RetireEarly,

In light of the recent poor performance of the Share market, and the tightening of credit I would have thought that your prediction above is very bullish. Most expect there to be very little growth in the Melbourne property market this year. There is a lot more supply coming onto the market now than there was this time last year. Do you have a link to the report you mentioned above regarding the ANZ economist's thoughts on the market in the inner east??

Regards Jason.

 

[Harris]

Harris,


The mood is cautious, however there is a significant lack of supply which should hold property prices at 2007 levels

Interested in finding out where you get your info from...! Twice as many prop are on the market at the moment going to auctions than same time last year... (that stat doesnt change for inner melbourne much based ont he auction figures over the last 4 weekends)

The size of the supply is the biggest worry at the moment and is evident from the easing off of the values from Oct/ Nov last year on multiple prop that are either not selling at the auctions or are getting far lower bids compared to 3 mths ago.

I still strongly doubt that one could ve purchased a dble fronted prop on twice the block in Hawthorn at a lower value in Nov compared to buying a single fronted on half the block now..! Too much of an "oxymoron argument" to be true for anyone that has been following those markets intimately over the last 18 months.

Harris

 

[jingo]

Recent reports from the Melbourne Property Market.

Came across this article in my research. Seems to be a stand off between buyers and vendors at the moment. In light of interest rate rises, termoil on the share markets and the credit squeeze, buyers are being understandably cautious.

http://www.theage.com.au/news/in-depth/going-going--gone/2008/03/09/1204998282272.html

 

[Harris]

From the above report:

"Within suburbs, clearance rates for inner-city homes dropped to 58%, against 80% for the same time last year. To the south-east of Melbourne, clearance rates slipped marginally from 80% to 76%, while in the west they dropped from 89% to 66% year on year...."