So we postponed our auction by 2 weeks to give our neighbour some breathing space for their auction, and of course now they have accepted an offer 3 days prior to auction...
Which at least gives us a reserve price, and it seems they got a pretty good price - we were a bit concerned they might sell it off for a pittance since they were in a hurry.
Woohoo, sold! Got 10k more than the neighbours did. Would have liked more, would have settled for less, overall just relieved I can stop thinking about it...
You can rent a unit in the good suburbs for around 300-350 per week which is a nice way of living. Way more affordable than buying and maintaining a home. Depends how much you earn though.
I was about to start a new property/real estate thread but I found this one. Now I’m back in Melbourne I am looking at buying. Torn between buying an apartment in the Docklands (I work in Collins St so it would be ideal, a short walk to work and Dons games at Etihad!!) and trying to find a house further out. At the moment in making the commute to work from Mooroolbark, which is time consuming. Good thing is working in the CBD means I can look all over town and not just one area. I’d like to if I can keep the travel time under half an hour, Blackburn/Mitcham is another area of interest. I don’t know much about places like Macleod, Watsonia, etc but it seems nice, some decent places at reasonable prices. Anyone live out that way?
Blackburn's suuuuper expensive.
Mitcham's going that way, all the joints my mates grew up in around there are being subdivided & renovated, and lots of units popping up.
Yeah I know, some very swish apartments going up but if I’m going to live in an apartment, I’d rather be in the heart of the city, although Blackburn is a nice commute to work (25 min express) and also not too bad getting back to where I grew up. Even Ringwood is getting that way.
I don't *really* know why people are buying joints 3.5 hours down the monash rather than joints Nandoz' & Stal's parents put up in Ressie, Mill Park etc.
Obviously heart of VL Commodore territory but they're not *that* bad areas.
You can get a decent house on a decent block, within 25km of the city for the same money you could get about a dog's kennel in Mitcham/Blackburn.
Hahaha when my grandparents came out here from Greece in 1949 they paid $30K for their Victorian style brick veneer home in Aberfeldie. The place next door went to auction yesterday and sold for $860K. Even my parents paid just $35K in 1979 for their first home in Chirnside Park. Kind of wished I lived in that era now, I shudder to think what it will be like for the next generation…
Everyone thought my aunt & uncle were idiots for buyng in East Donnie for $35k.
That would've been mid-late 80s.
Hahaha when my grandparents came out here from Greece in 1949 they paid $30K for their Victorian style brick veneer home in Aberfeldie. The place next door went to auction yesterday and sold for $860K. Even my parents paid just $35K in 1979 for their first home in Chirnside Park. Kind of wished I lived in that era now, I shudder to think what it will be like for the next generation...
My folks sold in West St Kilda for $8K in 1969...smaller places were worth $300K 5 years later.
But they bought in North Caulfield for 16.8K, and while the house will come down day 1 after it's sold, the land alone is probably worth $1.7-$2m now. Place over the street is semi-detached and sold for $2m and is having massive renos done...6 months or more now.
I don't *really* know why people are buying joints 3.5 hours down the monash rather than joints Nandoz' & Stal's parents put up in Ressie, Mill Park etc.
Obviously heart of VL Commodore territory but they're not *that* bad areas.
You can get a decent house on a decent block, within 25km of the city for the same money you could get about a dog's kennel in Mitcham/Blackburn.
Coburg’s gone batshit last 5 years, no reason it won’t keep going out from there.
Coburg's gone batshit last 5 years, no reason it won't keep going out from there.
Coburg was too much for us, so we went Coburg North. Same thing, 9.5km from the city, bigger blog, cheaper price.
Coburg's gone batshit last 5 years, no reason it won't keep going out from there.
Coburg was too much for us, so we went Coburg North. Same thing, 9.5km from the city, bigger blog, cheaper price.
Zone 1 too. Decent savings over Zone 2.
My eldest was house hunting but she and her hubby are putting it off. Why? Because the prices are edging up and they're spooked by the talk of a housing bubble that will deflate when the Chinese market tanks. Everything I'm reading and hearing tells me that overseas investment in Oz housing is distorting our market. Paul Sheehan wrote in the SMH today that first home buyers are being driven out of the market at record rates, despite an unseasonal boom in housing, to a significant extent because the boom is created by international investment. (He lists superannuation as the other main player) He adds that Hong Kong has introduced tax disincentives and Vancouver visa restrictions to slow the rate of international investment.
Can't help feeling we need to do the same thing but it won't happen under this mob, especially as it lines the pockets of the property developers and speculators who helped put them in office. I'm reaching the point where I'm getting really ■■■■■■ off when I hear people crowing about how robust our housing market is and how much their ******* house is worth. Maybe they should just cark it so their kids can inherit the place because increasingly that's the only way they'll get one.
I'm no economist but how much of the economy's supposed resilience is down to this factor and if it is a major contributor is it really beneficial?
I've stopped telling my kids about how you could get cheap bottom end housing in my day if you weren't too fussy because they just roll their eyes and I now realise it's meaningless bullshy in today's market.
P.S. This is not aimed at any ethnic group, I'd probably buy O/S properties too if I was cashed up, as evidenced by the English in Spain and Portugal, it's aimed at our governments that won't bite the bullet and look after the younger generations. Now which party's willing to tackle this issue? Hello??
Quote from Reserve Bank governor Glenn Stevens, "This is a matter for our parliament to manage." Never were truer words uttered.
Northcote. We just had the Melbourne Ukelele Festival, it’s really put the place on the map.
My eldest was house hunting but she and her hubby are putting it off. Why? Because the prices are edging up and they're spooked by the talk of a housing bubble that will deflate when the Chinese market tanks. Everything I'm reading and hearing tells me that overseas investment in Oz housing is distorting our market. Paul Sheehan wrote in the SMH today that first home buyers are being driven out of the market at record rates, despite an unseasonal boom in housing, to a significant extent because the boom is created by international investment. (He lists superannuation as the other main player) He adds that Hong Kong has introduced tax disincentives and Vancouver visa restrictions to slow the rate of international investment.
Can't help feeling we need to do the same thing but it won't happen under this mob, especially as it lines the pockets of the property developers and speculators who helped put them in office. I'm reaching the point where I'm getting really ■■■■■■ off when I hear people crowing about how robust our housing market is and how much their ******* house is worth. Maybe they should just cark it so their kids can inherit the place because increasingly that's the only way they'll get one.
I'm no economist but how much of the economy's supposed resilience is down to this factor and if it is a major contributor is it really beneficial?
I've stopped telling my kids about how you could get cheap bottom end housing in my day if you weren't too fussy because they just roll their eyes and I now realise it's meaningless bullshy in today's market.
P.S. This is not aimed at any ethnic group, I'd probably buy O/S properties too if I was cashed up, as evidenced by the English in Spain and Portugal, it's aimed at our governments that won't bite the bullet and look after the younger generations. Now which party's willing to tackle this issue? Hello??
Quote from Reserve Bank governor Glenn Stevens, "This is a matter for our parliament to manage." Never were truer words uttered.
It's not like property prices over the last 20 years weren't significantly inflated by investment... and they didn't act on negative gearing to stop them!
Would be interesting to see the actual figures.
I think it was the 7:30 Report on Friday that said 12% of Victorian property purchases at the moment were from Chinese investors. That’s across the whole state. This is obviously concentrated in certain pockets which in my experience it’s around the better performing public schools.
The head of the RBA certainly sees an issue with current policy. First home buyers are slowly but surely being priced out of the market.
I'd love to see the breakdown about how much has changed, is what I meant.
Between "legitimate" home buyers VS developers VS local investors VS overseas investors etc
Lot of people complain about not being able to get into the market then knock their first joint down anyway, don't see why that should be any less of a concern.
If you read macroeconomics blog, a good analysis on why prices are high states the problem is that we haven’t built enough new towns and housing to keep up with the high demand. Thus prices have rocketed since 1999.
So back in the 70s and 80s there was enough housing to meet demands with less foreign investment.
If you have noticed traffic seems a lot busier than 15 years ago and trains seemed more packed then ever, it’s because that is what is happening because a lot of the market is bought up.
Unless the state builds a lot more high rise apartments around city areas and thirty minutes out then people are simply going to have to buy houses further out. The issue with buying further out is that most of the jobs are centred in and around capital cities, so any new estates need to also feature new industrial areas and shopping areas to coincide with people living there. Not doing that creates extreme congestion travelling into the city and high stress that comes with travelling further.
Prices are crazy now. It’s a bad time for FHBs.
Homes that haven’t been renovated or upgraded since the 70s are so over valued, unfortunately it’s all because of demand that is keeping prices high.