Update on the Melb Market
- Thread starter MTR
- Start date
MTR,
How far north are you looking?
Reservoir,Thomastown,Epping,Lalor..
Have added link to auction results from yesterday..
http://www.homepriceguide.com.au/saturday_auction_results/melbourne_domain.pdf
Coota
How far north are you looking?
Reservoir,Thomastown,Epping,Lalor..
Have added link to auction results from yesterday..
http://www.homepriceguide.com.au/saturday_auction_results/melbourne_domain.pdf
Coota
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The Melbourne market is extremely hot. I went to an auction in Glen Iris for a development site, my max was $1.3m and it went for $1.55.
I ended up buying in Noble Park, which is much simpler than bidding against the Chinese and for us less risk and an awesome return - this one is 1000sqm which will get 4 or 5 ....
In the SE its insane, the chinese are throwing casino chips at auctions, Glen Waverley is crazy where we are seeing 700sqm knock downs going for $1.2-1.3m within 1-1.5lm radius of the school.
Box Hill continues to push with Chinese influence which continues down Whitehorse Rd to Ringwood....
CBD is ridiculous and you have to be stupid to buy with towers targeted at mainland chinese (who else would buy a $9k per sqm apt in the city with no car park)?
Good apt growth inner city with good due diligence and investment selection required as I can see commissions are above 5% which concerns me.
Outer growth corridors are expanding - H&L is booming for the first home buyer and SMSF - against with a focus on Fair market value - with many still being overpriced, depending on the area. There are so many from Clyde to Wyndam Vale to Mernda.....so many heavily promoted with inflated values.
In all, I see good value for the experienced investor, I like the east - down Bentleigh/ Moorabin way, with good schools, infrastructure, the bay and heavily anglo saxon without the influence of elastic demand from the Chinese which like mining is like a rubber band.
Re the north I still like preston, some good quality developments i am looking at but time will tell.
Hope that helps
Cheers, Ivan
I ended up buying in Noble Park, which is much simpler than bidding against the Chinese and for us less risk and an awesome return - this one is 1000sqm which will get 4 or 5 ....
In the SE its insane, the chinese are throwing casino chips at auctions, Glen Waverley is crazy where we are seeing 700sqm knock downs going for $1.2-1.3m within 1-1.5lm radius of the school.
Box Hill continues to push with Chinese influence which continues down Whitehorse Rd to Ringwood....
CBD is ridiculous and you have to be stupid to buy with towers targeted at mainland chinese (who else would buy a $9k per sqm apt in the city with no car park)?
Good apt growth inner city with good due diligence and investment selection required as I can see commissions are above 5% which concerns me.
Outer growth corridors are expanding - H&L is booming for the first home buyer and SMSF - against with a focus on Fair market value - with many still being overpriced, depending on the area. There are so many from Clyde to Wyndam Vale to Mernda.....so many heavily promoted with inflated values.
In all, I see good value for the experienced investor, I like the east - down Bentleigh/ Moorabin way, with good schools, infrastructure, the bay and heavily anglo saxon without the influence of elastic demand from the Chinese which like mining is like a rubber band.
Re the north I still like preston, some good quality developments i am looking at but time will tell.
Hope that helps
Cheers, Ivan
Hi MTR,
Like any market some suburbs and type of property would be very hot and some would be very cold.
We bought a development site in OCT in East Keilor for $515,000. I went to two auctions in the same area and the prices have gone up. There seems to be a strong demand at the moment.
I also think there are allot of people who are just getting caught up in the action. so just play your cards right and things should be ok...
Like any market some suburbs and type of property would be very hot and some would be very cold.
We bought a development site in OCT in East Keilor for $515,000. I went to two auctions in the same area and the prices have gone up. There seems to be a strong demand at the moment.
I also think there are allot of people who are just getting caught up in the action. so just play your cards right and things should be ok...
Bugger, just trying to free up now, it doesn't look too hot where I'm looking at the moment but I don't expect this to last.
For instance, a friend who bought in Coburg about 1.5 years ago posted an article indicating its median had increased nearly $100k.... ouch if you weren't already there!
For instance, a friend who bought in Coburg about 1.5 years ago posted an article indicating its median had increased nearly $100k.... ouch if you weren't already there!
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http://www.streetnews.com.au/melbourne-auction-results-october-27-2014/
Wrap on the weekend's activity.
Also lesson that there are markets within markets!!!
Wrap on the weekend's activity.
Also lesson that there are markets within markets!!!
Hi
I would like to buy my first investment property and looking at spending $400-450 for potential development (townhouse/ unit) in the future. I was looking at Sunshine, Sunshine West, Frankston, Franskton North but not sure which area. I was looking at blocks preferably 650m2 plus
Are these areas the right iones to chose? or would you recommend something else?How should i go about it?
cheers
Probably best to check with council/zoning first. I live in the north and would recommend the northern suburbs for that sort of money and land size. Thomastown, Lalor, Epping, are all possible choices, or a bit to the west at Broadmeadows. Glenroy and Reservoir would be out of reach for you unless you can stretch into $500s. Good luck
