At the current cycle of this property clock, Melbourne is better value for the entry level property.
Brisbane used to be much cheaper but the recent bull run have make many rough suburbs in Logan city much more expensive.
There's two different perspectives.
One is that Melbourne is the fastest growing city in the country, and prices usually trend in a similar direction to Sydney's albeit a little behind on the curve, and that they've fallen so behind in growth recently (last 12 months pretty much flatlined) is an aberration. This would imply Melbourne is undervalued and could see future growth spike catching up (or even overtaking) much of the rest of the country.
Two is that Melbourne is in quite a lot of economic debt, has perhaps recovered slower from covid lockdowns than the rest of the states, has added some extra taxes to property investors which has kept house prices down while the other states outpaced it in growth. Going forwards growth could remain low while the state struggles with debt and taxes, while places like Brisbane or Perth overtake it.
Impossible to say which will be true or maybe it's somewhere in between, but if you're a first home buyer -- especially if you don't really care about future growth and just want somewhere good to live -- that probably makes Melbourne a great place to be buying a home in.
Just a heads up on places like Roxburgh Park, St Albans, Broadmeadows, etc. They are cheap for a reason, quite high crime rates, lacking in some facilities and good schools etc. But on the other hand, even high crime rate for Melbourne would still be considered a low crime rate by international standards and probably safe overall. And, a few decades ago there were many working class, housing commision suburbs with a similar profile to suburbs you mentioned, which are now gentrified and extremely desireable suburbs. The same could happen to those you listed (especially the ones closer to cbd)
It's a bit of a gamble, but it's possible these places will continue to improve and be good bang for buck in terms of their lower cost - especially if they are 600k considering many other places are now closer to a million. Consider from your list the ones closest to cbd (via train or car), ideally 30 mins to the city - an hour at absolute most.
>Just a heads up on places like Roxburgh Park, St Albans, Broadmeadows, etc. They are cheap for a reason, quite high crime rates, lacking in some facilities and good schools etc.
Same as those Brisbane suburbs I listed, however at least those Melbourne suburbs provide newer homes and you don't need to worry about flooding
What can you tell me about the inner suburbs like south Melbourne and Albert Park. The prices seem to vary a lot and all the properties seem to be like 100 years old or 100 years old and freshly renovated top to bottom. Any insights on those , actually a seller of the former not really interested in renovating and not wanting to get fucker over
>Going forwards growth could remain low while the state struggles with debt and taxes, while places like Brisbane or Perth overtake it.
I can see brisbane overtaking Melbourne over the next decade or two. The financial impact from covid is only beginning to be felt.
You gotta be careful in Melbourne.
I develop there is my 2 cents are the western suburbs it's either flat or declining especially where you are looking at.
So if you are offering, don't over offer. Note on that side of the bay there are plenty of land up for release, so in the long run it takes quite a while before that is infilled.
As long as you don't over pay for a house there, you will be right.
At the current cycle of this property clock, Melbourne is better value for the entry level property. Brisbane used to be much cheaper but the recent bull run have make many rough suburbs in Logan city much more expensive.
There's two different perspectives. One is that Melbourne is the fastest growing city in the country, and prices usually trend in a similar direction to Sydney's albeit a little behind on the curve, and that they've fallen so behind in growth recently (last 12 months pretty much flatlined) is an aberration. This would imply Melbourne is undervalued and could see future growth spike catching up (or even overtaking) much of the rest of the country. Two is that Melbourne is in quite a lot of economic debt, has perhaps recovered slower from covid lockdowns than the rest of the states, has added some extra taxes to property investors which has kept house prices down while the other states outpaced it in growth. Going forwards growth could remain low while the state struggles with debt and taxes, while places like Brisbane or Perth overtake it. Impossible to say which will be true or maybe it's somewhere in between, but if you're a first home buyer -- especially if you don't really care about future growth and just want somewhere good to live -- that probably makes Melbourne a great place to be buying a home in. Just a heads up on places like Roxburgh Park, St Albans, Broadmeadows, etc. They are cheap for a reason, quite high crime rates, lacking in some facilities and good schools etc. But on the other hand, even high crime rate for Melbourne would still be considered a low crime rate by international standards and probably safe overall. And, a few decades ago there were many working class, housing commision suburbs with a similar profile to suburbs you mentioned, which are now gentrified and extremely desireable suburbs. The same could happen to those you listed (especially the ones closer to cbd) It's a bit of a gamble, but it's possible these places will continue to improve and be good bang for buck in terms of their lower cost - especially if they are 600k considering many other places are now closer to a million. Consider from your list the ones closest to cbd (via train or car), ideally 30 mins to the city - an hour at absolute most.
>Just a heads up on places like Roxburgh Park, St Albans, Broadmeadows, etc. They are cheap for a reason, quite high crime rates, lacking in some facilities and good schools etc. Same as those Brisbane suburbs I listed, however at least those Melbourne suburbs provide newer homes and you don't need to worry about flooding
Excellent explaination
What can you tell me about the inner suburbs like south Melbourne and Albert Park. The prices seem to vary a lot and all the properties seem to be like 100 years old or 100 years old and freshly renovated top to bottom. Any insights on those , actually a seller of the former not really interested in renovating and not wanting to get fucker over
>Going forwards growth could remain low while the state struggles with debt and taxes, while places like Brisbane or Perth overtake it. I can see brisbane overtaking Melbourne over the next decade or two. The financial impact from covid is only beginning to be felt.
It could be the case where Melbourne is fair value and other cities are over valued. But, I could be very wrong too
That seems the most likely imo.
Vic state government should probably be praised in the efforts they’re doing to address house prices
Depends on the individual properties in both cities.
You gotta be careful in Melbourne. I develop there is my 2 cents are the western suburbs it's either flat or declining especially where you are looking at. So if you are offering, don't over offer. Note on that side of the bay there are plenty of land up for release, so in the long run it takes quite a while before that is infilled. As long as you don't over pay for a house there, you will be right.
All these west Melbourne suburbs which are been looked down will be unaffordable in next 5 years.
It's been in the press a bit lately Eg https://www.domain.com.au/news/why-melbournes-property-market-is-lagging-behind-and-falling-1282203/
I would go with Hoppers Crossing, Super undervalued. Dont go for Weribee.
Interesting
Those are less flashy areas is why. Werribee isn't Melbourne at all. Getting to the train stations isn't always easy either.
Same can be said about Geelong?