House Prices in your area

[xelasnave]

I would have thought house prices would have taken a beating due to the virus but my impression is, at least around here, prices have moved ahead since the last time I looked maybe a year ago...then I did hear some financial commentator say the virus has " had the opposite effect on house prices" ...but I came in at the end and not sure if he meant they went up.
Any views?
Alex

[Nikolas (Nik)]

In Melbourne and regional Victoria house prices have skyrocketed, no idea why but there you go

[xelasnave]

Interesting...I was just now talking to a mate in Sydney and he tells me similar in so far as his flat mate who is house hunting said that prices have gone up in the area that he was looking in...he didn't say where.
Alex

[mura_gadi (Steve)]

Hello,

Enforced savings from restricted social life and no overseas travel accounts for a lot of new buyers on the market over the last 18months. A lot more percentage wise of the next lot of home buyers due to more of them being cashed up/enforced savings etc. A lot of sectors, public sector for one were unaffected, telecommunications and trade sectors are booming, ores are going great guns. Great cashed up work forces, not spending money in the travel, hospitality and entertainment areas.



Steve.

[JA]

Interesting question Alex,

Although I think during the initial stages of the outbreak house prices may have been flat or perhaps even slightly lower, over the past 12-18 months house prices in Melbourne and I'd suggest most other Capitals and regions have risen significantly higher.

Why would be conjecture, but I'd say that it has something to do with being confined to home, being unable to go on holidays, even the increasing preponderance of people working from home. As a result people realize the value of their homes, not only in dollar, but also in lifestyle terms and want to improve their home lifestyle further by either renovation or trading up via buying/selling. Also in regional areas which might normally be within and outside of commuting distances to cities, I would say that prices have improved further given the increasing realization by both people and organizations that working from home / tele commuting is real possibility in certain jobs.

Best
JA

[Imme (Jon)]

I'm an hour and a bit north of Melbourne and i can tell you property around here sells as soon as it hits the market and normally at a higher price than is being asked......crazy action really.
2 x examples
My (new) next door neighbours were locked down last year in Melbourne's western suburbs and wanted out of the metro region. They did a live video inspection of the house next door and signed up to buy it that afternoon for $1.62m price tag, same house sold 2 years prior for $1.2m. First time they actually set foot on the property was the day they moved their furniture in!
Girl that works for me rang an agent to get her house valued to settle for a separation with her husband (she was going to pay out the ex his share). Agent attended the house and said he had a buyer if she did chose to sell......was offered much more than she thought it was worth and sold within a couple days.

It is honestly nuts around here at the moment, people lining up to buy places.

[Startrek (Martin)]

In the past 2 years I’ve been involved with valuations , buying and selling property within our extended family, both in Sydney, North Coast NSW and South Coast NSW and prices have significantly increased just in the past 12 months
My eldest son was lucky to buy his 4 bedroom home in January ( inner south west Sydney ) prices in his area have already jumped $50k to $80k for a similar property
It’s getting beyond a joke in Sydney and don’t think it’s going to plateau either
Ok for retirees like myself but very difficult for my kids and grandkids if property prices keep climbing (All of them work in Sydney )

[GrahamL]

We built a new home in ballina 5 years ago For under 440 k land included
I thought then the price we shelled out was crazy



Prices have been steadily rising even before covid came along last week a home round the corner much smaller block sold for over 900k at first open house didn't even get close to auction.


Kids today really dont have much of a look in unfortunately, this will be /is a problem more so for the ageing population renting and facing retirement.

[xelasnave]

Thanks for the feed back...no one will recall my casual prediction at the start of the crisis when everything looked as though it was going to hell on a hand cart ( now thats one you dont hear much) that there would be a bank up in demand and when that burst out we would see things take off...mmm added to that was a negative thought that what would follow is a possible increase in mortgage rates mmmm maybe...Anyways I soon forgot that prediction and thought that it would be a good time to buy a rental investment as what with the bankruptcies and loss of jobs etc there would be blood in the streets which is a signal to buy...I should have remembered my first observation and acted much much earlier...and the stock market is going in the direction opposite to where I thought and so I hope everyones super has recovered and the damage from the virus other than all the sad deaths has been minimal. The conclusion I make is the only safe thing to invest in is astronomy gear.
I saw some shops for sale, which you dont see normally as they get sold within "the group" which reflects the loss of confidence in retail marketing because of net transactions...so maybe buy a shop hoping the net marketing is a passing fad
One thing is for sure...the cry " how will the kids afford a house" will never go away.
Alex

[JohnF (John)]

My son and daughter in law bought a new house and land -- very small backyard, in a new estate at Caboolture for $400,000 begining of this year, But they have gone up a lot. They are reselling as my son got robbed of his passport and tablet, from cars glove box. He got bashed and ended in hospital a few days later, hence reselling to move onto acreage. Real estate agent said if he waits to sell he wont be able as it is a high crime area.

His house is now worth $500,000, but they put in Jacuzzi and furnished it with mixture of new and used furniture.

[leon]

In Melbourne some where, a few months ago a modest house went for auction and ended up 1million over the reserve price.
A young couple starting out don't have a hope in hell to move into the property market and can only dream of ever owning their home.

Leon

[glend (Glen)]

Alex, might be a good time to sell your Dad's house in Sydney, as anything in Sydney has gone crazy in the period since last Christmas.

[xelasnave]

Originally Posted by glend

Alex, might be a good time to sell your Dad's house in Sydney, as anything in Sydney has gone crazy in the period since last Christmas.

I will wait until it is rezoned and accept a huge price but include in the sale a condition that I get one of the units in the new complex...have my cake and eat it.
Alex

[Huey (Michael)]

With working from home, I would've thought that people can work from almost anywhere. Here in outback NSW you can buy a three bedroom brick house with a good sized backyard for around $200000. Nice mostly clear dark night skies and two clubs to entertain people. We bhave two primary and one high school. Why would you spend millions to live in the major metropolitan areas? If you need to you can walk to work, no commuter stress and no big bugs for day care.

Huey

[Imme (Jon)]

Originally Posted by Huey

With working from home, I would've thought that people can work from almost anywhere. Here in outback NSW you can buy a three bedroom brick house with a good sized backyard for around $200000. Nice mostly clear dark night skies and two clubs to entertain people. We bhave two primary and one high school. Why would you spend millions to live in the major metropolitan areas? If you need to you can walk to work, no commuter stress and no big bugs for day care.

Huey

Not quite outback NSW for me but I completely understand your point. I could (or would) never head back to live in the city.