[Melbourne] Greater supply suggests it could be time to buy
Apr 19th 2008, 7:34 am
#1
Thread Starter
Joined: Feb 2002
Posts: 721
[Melbourne] Greater supply suggests it could be time to buy
From todays Age
http://www.theage.com.au/news/nation...025478615.html
"The best opportunities are in the inner south-eastern suburbs following a record number of auctions in the March quarter."
"We are seeing across-the-board prices definitely levelling off where they have dropped as much as 5% or 10% in the last few months … the good buyers will be out there waiting for things to not go well (at an auction) with vendors who have to sell and taking advantage of those market forces."
"High turnover in the south-eastern suburbs is in contrast to those in the north and west, where supply remains low and vendors still have the upper hand. Supply close to the CBD remains low, with auction listings up only 3% for the March quarter."
http://www.theage.com.au/news/nation...025478615.html
"The best opportunities are in the inner south-eastern suburbs following a record number of auctions in the March quarter."
"We are seeing across-the-board prices definitely levelling off where they have dropped as much as 5% or 10% in the last few months … the good buyers will be out there waiting for things to not go well (at an auction) with vendors who have to sell and taking advantage of those market forces."
"High turnover in the south-eastern suburbs is in contrast to those in the north and west, where supply remains low and vendors still have the upper hand. Supply close to the CBD remains low, with auction listings up only 3% for the March quarter."
Apr 19th 2008, 7:52 am
#2
Joined: Jan 2005
Location: Asia Pacific
Posts: 4,922
Re: [Melbourne] Greater supply suggests it could be time to buy
Actually one of my clients is the GM of one of the largest builders in Australia. They analyze the market monthly and are now 4 months into a slump and expect it to hit for about another year to a year and a half.
A good time to buy approaching me thinks. The market wont crash but there will be better prices to be had at the lower end or those defaulting on mortgage payments after a couple more interest rate rises.
A good time to buy approaching me thinks. The market wont crash but there will be better prices to be had at the lower end or those defaulting on mortgage payments after a couple more interest rate rises.
Apr 19th 2008, 8:22 am
#3
Has left the building
Joined: Mar 2007
Posts: 4,079
Re: [Melbourne] Greater supply suggests it could be time to buy
From todays Age
http://www.theage.com.au/news/nation...025478615.html
"The best opportunities are in the inner south-eastern suburbs following a record number of auctions in the March quarter."
"We are seeing across-the-board prices definitely levelling off where they have dropped as much as 5% or 10% in the last few months … the good buyers will be out there waiting for things to not go well (at an auction) with vendors who have to sell and taking advantage of those market forces."
"High turnover in the south-eastern suburbs is in contrast to those in the north and west, where supply remains low and vendors still have the upper hand. Supply close to the CBD remains low, with auction listings up only 3% for the March quarter."
http://www.theage.com.au/news/nation...025478615.html
"The best opportunities are in the inner south-eastern suburbs following a record number of auctions in the March quarter."
"We are seeing across-the-board prices definitely levelling off where they have dropped as much as 5% or 10% in the last few months … the good buyers will be out there waiting for things to not go well (at an auction) with vendors who have to sell and taking advantage of those market forces."
"High turnover in the south-eastern suburbs is in contrast to those in the north and west, where supply remains low and vendors still have the upper hand. Supply close to the CBD remains low, with auction listings up only 3% for the March quarter."
I waited to see if it was taken post auction negotiation (2 weeks nothing). I then requested a viewing and despite being tenanted got a viewing within 3 hours of call - using excuse I am only in Melbourne today.
Very crappy house (basically on stilts as land is on sharp angle). All I am interested in is it is 600 sqm on an ideal road. I also have about 400 cubic metres too move from another site which will level the land to a more ideal angle, and I know the soil content is ideal for the site ie for drainage.
Any way the agent is now saying the top bidder is so interested in the property he is selling his place at auction this week to make a better offer????
If he bid too $775K what is the change of another $5K to seal the deal???
And why not a flood of other offers? Point raised to agent $780K is not market price. I am offering $680K 20% below $850K. But I think I will wait another few days to let them sweat (might then drop it another 5% or 10% to start).
If it goes too bad too sad
My point: In a strong market anything sells in top areas. In a failing market only good/excellent property sells (and only at the right price).
Apr 19th 2008, 11:11 am
#4
Oh, George.....
Joined: Dec 2007
Location: Melbourne!!!!
Posts: 1,048
Re: [Melbourne] Greater supply suggests it could be time to buy
I have started an interesting negotiation of some land. It passed in for auction about 4 weeks ago they wanted $850K but it only reached $775K (non vendor bid). Now after 4 weeks the agents have managed to convince the vendors that $780K is a reasonable price.
I waited to see if it was taken post auction negotiation (2 weeks nothing). I then requested a viewing and despite being tenanted got a viewing within 3 hours of call - using excuse I am only in Melbourne today.
Very crappy house (basically on stilts as land is on sharp angle). All I am interested in is it is 600 sqm on an ideal road. I also have about 400 cubic metres too move from another site which will level the land to a more ideal angle, and I know the soil content is ideal for the site ie for drainage.
Any way the agent is now saying the top bidder is so interested in the property he is selling his place at auction this week to make a better offer????
If he bid too $775K what is the change of another $5K to seal the deal???
And why not a flood of other offers? Point raised to agent $780K is not market price. I am offering $680K 20% below $850K. But I think I will wait another few days to let them sweat (might then drop it another 5% or 10% to start).
If it goes too bad too sad
My point: In a strong market anything sells in top areas. In a failing market only good/excellent property sells (and only at the right price).
I waited to see if it was taken post auction negotiation (2 weeks nothing). I then requested a viewing and despite being tenanted got a viewing within 3 hours of call - using excuse I am only in Melbourne today.
Very crappy house (basically on stilts as land is on sharp angle). All I am interested in is it is 600 sqm on an ideal road. I also have about 400 cubic metres too move from another site which will level the land to a more ideal angle, and I know the soil content is ideal for the site ie for drainage.
Any way the agent is now saying the top bidder is so interested in the property he is selling his place at auction this week to make a better offer????
If he bid too $775K what is the change of another $5K to seal the deal???
And why not a flood of other offers? Point raised to agent $780K is not market price. I am offering $680K 20% below $850K. But I think I will wait another few days to let them sweat (might then drop it another 5% or 10% to start).
If it goes too bad too sad
My point: In a strong market anything sells in top areas. In a failing market only good/excellent property sells (and only at the right price).
. If its meant to be, you'll get itIrish Gal
