What's happening to property prices in Melbourne?

What's happening to property prices in Melbourne?

  • Booming

    Votes: 9 28.1%
  • Rising steadily

    Votes: 17 53.1%
  • Nor rising, nor falling

    Votes: 4 12.5%
  • Stagnating

    Votes: 0 0.0%
  • Falling

    Votes: 2 6.3%

  • Total voters
    32
  • Poll closed .
Now I know there are many, many different markets, sub markets, etc, etc, etc.

I am talking about the general residential market, inner, middle and outer(say 40km's from city) suburbia.

I voted rising steadily from what I have gathered over the last 3 months or so.

What are you observing?
 
voted steadily... put a small deposit on a H & L package 3 weeks ago and the neighbouring house (completed similar house) sold for 13k more than my contract price. along the same street, slightly bigger house and block, asking for $50k more than my contract price.
 
Went to an OFI a few weeks ago. About 20 people queing in front of me. Agents telling me a property will go on the market on Wednesday, open for inspection Saturday, have 3 full price + offers on Tuesday.
To me, thats a boom.
 
yep -i'mhanging out for the FHB to end in Melb.

will be "interesting" regardless of the outcome.

I know what you mean! I went to an inspection yesterday and a FBH was already planning which corner to put her lounge suite in! She didn't seem to mind that there were another 30-40 people at the inspection! :eek:

It will be interesting to see what happens to prices once the grant ends. My own personal view is that investors are around and are looking at deals that may be off limits to a FHB. :D
 
popping the bubble

Age today:
the Government's chief adviser on housing affordability, Julian Disney, says these grants have caused a housing bubble and reduced affordability. ''We are paying too much for housing and people are getting much too overcommitted,'' Professor Disney said.

He agrees with the IMF assertion that Australian homes are overpriced by up to 20 per cent.

''Housing affordability will continue to get worse, but the problem is it is already very bad … It's an overinflated balloon and we need to gradually deflate it.''

Any thoughts on what they'll do? Govt shots across the bow sounds scary.
 
the IMF thinks everything s overvalued.

here's one for them - if people are willing to pay it because they recognise it as a good deal, what makes YOU think it's overvalued?
 
Age today:
the Government's chief adviser on housing affordability, Julian Disney, says these grants have caused a housing bubble and reduced affordability. ''We are paying too much for housing and people are getting much too overcommitted,'' Professor Disney said.

He agrees with the IMF assertion that Australian homes are overpriced by up to 20 per cent.

''Housing affordability will continue to get worse, but the problem is it is already very bad … It's an overinflated balloon and we need to gradually deflate it.''

Blah, blah, blah... Was about time another story came out about overinflated prices. It's been about 2 weeks since the last one.
 
yep -i'mhanging out for the FHB to end in Melb.

will be "interesting" regardless of the outcome.

Im not talking about the FHB's, im looking at the 1.5m+ market - its booming with multiple bidders.
I guess however there maybe some FHB's amongst them pushing the price up.
 
Blah, blah, blah... Was about time another story came out about overinflated prices. It's been about 2 weeks since the last one.

Then its about 14 times less frequent then threads about the same subject being raised on SS, except delete the word 'overinflated prices' and insert 'impending boom'.

Its groundhog day...again:rolleyes:
 
Then its about 14 times less frequent then threads about the same subject being raised on SS, except delete the word 'overinflated prices' and insert 'impending boom'.

Its groundhog day...again:rolleyes:

Its not impending, its happening now, with property increases of 20-30% over the last 3 months where I am purchasing.

Personally I see Melb market as very cheap in comparison to Perth prices.

Those waiting for the FHB to get out of the market should be concerned that they will be toughing it with investors who have been jumping in for a while now. I don't believe it will get easier to purchase.

No point analysing it to death when you could be making money in a rising market.

Cheers, MTR
 
Its not impending, its happening now, with property increases of 20-30% over the last 3 months where I am purchasing.

Personally I see Melb market as very cheap in comparison to Perth prices.

Those waiting for the FHB to get out of the market should be concerned that they will be toughing it with investors who have been jumping in for a while now. I don't believe it will get easier to purchase.

No point analysing it to death when you could be making money in a rising market.

Cheers, MTR

I am not arguing against what is happening in the market ATM, just the slightly tedious and repetitive threads on the same issues, rehashed over and over again.

But maybe I am being churlish
 
Went to an OFI a few weeks ago. About 20 people queing in front of me. Agents telling me a property will go on the market on Wednesday, open for inspection Saturday, have 3 full price + offers on Tuesday.
To me, thats a boom.

That's what I'm experiencing too.

Put an offer in myself after the first OFI on Sat. Wasn't full price though... 5% under. Fingers crossed.
 
Block of flats I looked at.

North Melbourne
50's 2 bedder, no park, sold a 1.5 months ago for $357k.
Very comparable unit in same block, also no park, auction on Sat was $378k. 3 bidding parties.

$21k (5%) difference in 1.5 months.
 
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