Welcome Guest [Log In] [Register]


Reply
  • Pages:
  • 1
New boom starting again; Melbourne house go up high to the roof
Topic Started: 22 Jan 2011, 01:09 PM (2,581 Views)
Mr Wu
Member Avatar


Melbourne house prices through the roof :beer:

MELBOURNE home owners can pour the champagne - the median house price has smashed the $600,000 barrier for the first time.

Melbourne's median house price of $601,500 now rivals such cities as London, New York and Toronto for expensive homes.

Despite rising interest rates, the value of homes jumped $1173 a week in 2010 to break the psychological milestone by year's end.

The median house price has soared $330,000 in the past decade, with $180,000 of the increase happening in the past two years alone.

Melbourne now rivals Sydney - Australia's most expensive real estate market - where the median house price is $634,300.

The well-heeled areas of Canterbury, Hawthorn and Kew were the three top-performing suburbs in Melbourne.

Other standouts were the southeastern suburbs of Mount Martha, Frankston South, Mornington, Langwarrin and Seaford.


Related Coverage
Investors : Super returns in the slow lane
Adelaide house prices rise 5pc
Adelaide Now, 7 Jan 2011
Melbourne stamp duty surge
Herald Sun, 12 Dec 2010
First home buyers vanish, median price up
Perth Now, 1 Dec 2010
Australia's least affordable city revealed
The Daily Telegraph, 24 Nov 2010
Median price at $559,000
Herald Sun, 16 Jul 2010

But the boom spells the end of the Great Australian Dream for first home buyers.

The $600,000 landmark is a cruel blow to first home buyers, who are already facing skyrocketing mortgage repayments.

Real Estate Institute of Victoria CEO Enzo Raimondo said the traditional free-standing house with a quarter-acre block was out of reach for many people.

"We've seen over the past five years housing get proportionately more expensive," he said.

Buyers were now looking for cheaper medium-density homes and units, he said.

"For some people it suits their lifestyle, but for other people that's what they can afford. Over the past decade in Melbourne we've seen back yards diminishing in size as the amount of available land we have to live in has also come under pressure.

"It's going to make the great Australian dream all the more difficult for the average person to attain."

Melbourne's median house price surged $39,000 to $601,500 in the three months to December 31, the REIV's data showed.

The price surge will put pressure on the Reserve Bank to push up interest rates.

The Housing Industry Association warned Melbourne prices would be sluggish this year as rising interest rates culled the number of prospective buyers.

"We're of the view that we'll see a flat trajectory in house prices this year, so there won't be much growth," spokesman Andrew Harvey said.

http://www.heraldsun.com.au/news/victoria/melbourne-house-prices-through-the-roof/story-e6frf7kx-1225992595269
Profile "REPLY WITH QUOTE" Go to top
 
Black Panther
Default APF Avatar


Mr Wu
22 Jan 2011, 01:09 PM
Melbourne house prices through the roof :beer:

MELBOURNE home owners can pour the champagne - the median house price has smashed the $600,000 barrier for the first time.

Melbourne's median house price of $601,500 now rivals such cities as London, New York and Toronto for expensive homes.

Despite rising interest rates, the value of homes jumped $1173 a week in 2010 to break the psychological milestone by year's end.

The median house price has soared $330,000 in the past decade, with $180,000 of the increase happening in the past two years alone.

Melbourne now rivals Sydney - Australia's most expensive real estate market - where the median house price is $634,300.

The well-heeled areas of Canterbury, Hawthorn and Kew were the three top-performing suburbs in Melbourne.

Other standouts were the southeastern suburbs of Mount Martha, Frankston South, Mornington, Langwarrin and Seaford.


Related Coverage
Investors : Super returns in the slow lane
Adelaide house prices rise 5pc
Adelaide Now, 7 Jan 2011
Melbourne stamp duty surge
Herald Sun, 12 Dec 2010
First home buyers vanish, median price up
Perth Now, 1 Dec 2010
Australia's least affordable city revealed
The Daily Telegraph, 24 Nov 2010
Median price at $559,000
Herald Sun, 16 Jul 2010

But the boom spells the end of the Great Australian Dream for first home buyers.

The $600,000 landmark is a cruel blow to first home buyers, who are already facing skyrocketing mortgage repayments.

Real Estate Institute of Victoria CEO Enzo Raimondo said the traditional free-standing house with a quarter-acre block was out of reach for many people.

"We've seen over the past five years housing get proportionately more expensive," he said.

Buyers were now looking for cheaper medium-density homes and units, he said.

"For some people it suits their lifestyle, but for other people that's what they can afford. Over the past decade in Melbourne we've seen back yards diminishing in size as the amount of available land we have to live in has also come under pressure.

"It's going to make the great Australian dream all the more difficult for the average person to attain."

Melbourne's median house price surged $39,000 to $601,500 in the three months to December 31, the REIV's data showed.

The price surge will put pressure on the Reserve Bank to push up interest rates.

The Housing Industry Association warned Melbourne prices would be sluggish this year as rising interest rates culled the number of prospective buyers.

"We're of the view that we'll see a flat trajectory in house prices this year, so there won't be much growth," spokesman Andrew Harvey said.

http://www.heraldsun.com.au/news/victoria/melbourne-house-prices-through-the-roof/story-e6frf7kx-1225992595269
Fabulous news. More evidence that a New Up-cycle is beginning.
Profile "REPLY WITH QUOTE" Go to top
 
Deleted User
Deleted User

Seems to me they outlined all the reasons it will not.
"REPLY WITH QUOTE" Go to top
 
chunty
Member Avatar

So what will drive this new boom, Mr Wu?
Profile "REPLY WITH QUOTE" Go to top
 
AK4
Default APF Avatar


I think it is painfully clear that Melbourne house prices are in for a sizeable correction. There is literally no reason I can think of why they will not. All the signs are evident: low rental yields, high capital gains, construction boom, abnormally large developer profits.

Profile "REPLY WITH QUOTE" Go to top
 
earthsta
Default APF Avatar


Mr Wu
22 Jan 2011, 01:09 PM
A load of crap
So....a shit hole like Melbourne has house prices the same as great world cities as Lindon and New York?

Says it all really....doesn't it Wu the Smu
Profile "REPLY WITH QUOTE" Go to top
 
Nelson
Member Avatar


earthsta
23 Jan 2011, 04:54 PM
So....a shit hole like Melbourne has house prices the same as great world cities as Lindon and New York?
Melbourne is better than "Lindon" and New York!!!!!!!!!!!

http://s4.zetaboards.com/Australian_Property/single/?p=8092393&t=8344660
Profile "REPLY WITH QUOTE" Go to top
 
earthsta
Default APF Avatar


Nelson
23 Jan 2011, 05:28 PM
earthsta
23 Jan 2011, 04:54 PM
So....a shit hole like Melbourne has house prices the same as great world cities as Lindon and New York?
Melbourne is better than "Lindon" and New York!!!!!!!!!!!

http://s4.zetaboards.com/Australian_Property/single/?p=8092393&t=8344660
Really Strindberg, this whole (hole) Nelson sockpuppet shite is becoming tiresome.

Stick to one account and put all your sockpuppets to death.

And if spelling mistakes is the best you can have a go at, you really need to try to get out of your caravan and get laid once in a while
Edited by earthsta, 23 Jan 2011, 05:58 PM.
Profile "REPLY WITH QUOTE" Go to top
 
AK4
Default APF Avatar


Nelson
23 Jan 2011, 05:28 PM
Melbourne is better than "Lindon" and New York!!!!!!!!!!!

http://s4.zetaboards.com/Australian_Property/single/?p=8092393&t=8344660
"Better" is highly subjective.

I prefer statistics.

If you're going to argue that Melbourne's house prices are long-term justified because it's "better" than London and New York - well then we're really getting desperate now.
Edited by AK4, 24 Jan 2011, 11:29 AM.
Profile "REPLY WITH QUOTE" Go to top
 
Catweasel
Member Avatar


AK4
24 Jan 2011, 11:28 AM
"Better" is highly subjective.

I prefer statistics.

If you're going to argue that Melbourne's house prices are long-term justified because it's "better" than London and New York - well then we're really getting desperate now.
Catweasel laugh. One is a qualitative the insight (yes, it a can be a done a research methodology but not mouse on property forum) and one is the quantitative (use of statistics to get broad understanding).

Please be the careful of statistics. Most a mouse here cannot use statistics a correctly because it a not understand a nature or limitation of a data itself. Second, a mouse try to do the "prove" of something using a ABS statistic. However, it cannot even prove a relationship actually the exist. It doesn't understand the meaning of scientific empiricism. Most a mouse think it can create a truth by using a data set. It complete nonsense. Asset market not a scientific phenomenon.
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Create a free forum in seconds.
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply
  • Pages:
  • 1



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy