melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

Melbourne Real Estate Bubble Part 3.....

Thu Sep 17, 2015 1:04 pm

Following on from

Melbourne Real Estate Bubble (by melpax Apr 18 2015 in Non Aviation)

And

OZ Treasurer - Want A House, Get A Well Paid Job (by melpax Jun 10 2015 in Non Aviation)

Still going nuts down here.

This is the latest craziness, a new apartment development in Glen Waverley, around 25kms from downtown Melbourne. This suburb is the centre of Melbourne's Chinese community. The apartment developer has asked prospective buyers for the development to pay $2500 just for the chance to view a 'display' apartment. Paying $1000 will guarantee you a place at the launch of the development & a chance to purchase an apartment.

This is what AUD$2 million will buy you in Glen Waverley - a very ordinary weatherboard home on a quarter acre, ready for redevelopment.....

I live around 10kms further out, ordinary homes in my area now sell at auction for around $950K. These are homes that are not ultra-modern, usually mid-to-late 70's vintage.

This is probably a good example, I was at this auction, while the kitchen was re-done, the rest of the home was still as it was back in the 70's, including the brown tiles in the main bathroom & the cork flooring in the laundry - both not included in the photos taken by the selling agents! The front 'lawn' was fake turf, while the wood panelling in the main living room seem to have been painted over with only 1 coat of paint....

Currently preparing our home for sale, should expect at least $900K at the moment, madness.

[Edited 2015-09-17 06:06:55]
Essendon - Whatever it takes......
 
User avatar
mad99
Posts: 1217
Joined: Fri Mar 02, 2012 10:33 am

RE: Melbourne Real Estate Bubble Part 3.....

Thu Sep 17, 2015 1:58 pm

Hay we had one of those bubbles here!

At the time i read the Economist and they predicted the bust here in Spain. I waited to buy our current house and it paid off.

What are rents like compared to mortgages?
 
User avatar
Aeroflot777
Posts: 3174
Joined: Mon Mar 22, 2004 2:19 pm

RE: Melbourne Real Estate Bubble Part 3.....

Thu Sep 17, 2015 2:10 pm

Crazy prices down in MEL indeed and seems like they are only rising.

Very similar to what's happening now in the Bay Area and San Francisco proper, except it looks like things are even more expensive in California. Let's hope Melbourne doesn't get that bad.  
 
flymia
Posts: 7122
Joined: Thu Jun 14, 2001 6:33 am

RE: Melbourne Real Estate Bubble Part 3.....

Thu Sep 17, 2015 7:40 pm

The bubble is real. I thought Miami was bad, but its nothing compared to MEL or San Francisco area. It will burst, when who knows.
"It was just four of us on the flight deck, trying to do our job" (Captain Al Haynes)
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 3:36 am

Quoting mad99 (Reply 1):

What are rents like compared to mortgages?

In my area (around 35kms from downtown), you'd be looking at paying at least $450-$500 per week for a decent 3-4 bedroom home. Anything advertised under $400 a week is usually a dump or very dated. Big shortage of homes at the moment, as a lot of investors are cashing in on the boom & selling up. At lot of the older homes in the area that were rented out are being sold & demolished for new McMansions, or apartments if they're on a large block.

Apartments are much cheaper to rent, around $350-$400 a week for something nice & new or freshly renovated, again, anything under $300 a week is usually very small or extremely dated.



Quoting flymia (Reply 3):
It will burst, when who knows.

Depends on what happens with China - the current bubble is Chinese-driven, with folks racing to get funds out of China. At the auctions that I've been to, nearly all the successful bidders have been Chinese - any 'locals' bidding were quickly outbid.
Essendon - Whatever it takes......
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 5:10 am

Quoting melpax (Reply 4):
In my area (around 35kms from downtown), you'd be looking at paying at least $450-$500 per week for a decent 3-4 bedroom home.


'Too right'! In my case, being a retired chartered surveyor/real-estate agent, I just had to raise my OWN rent to $1,600 a month!

My own fault, my daughter (a lawyer living in Hong Kong) took my advice and bought the property (a two-bedroom unit within five-minutes' walking distance of the Bay Shore in one direction and the Southland Shopping Centre in the other) as an investment. Good advice on my part, I guess, then and now (it's now worth about double what she paid for it). But I never expected rents to go up to levels like that in my lifetime!

[Edited 2015-09-17 22:17:00]
 
User avatar
mad99
Posts: 1217
Joined: Fri Mar 02, 2012 10:33 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 6:05 am

Quoting melpax (Reply 4):
paying at least $450-$500 per week

so 2k a month to rent. What would it cost to buy?

Here places were renting for for half of what it would cost to buy or even less that half then it went boom
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 6:54 am

On a $700K mortgage you'd be looking at repayments of $3600 a month, or $2600 a month on $500K.

Quoting NAV30 (Reply 5):

Surprised you didn't put it up more, LOL...... Crazy when $400 a week is considered 'reasonable'......
Essendon - Whatever it takes......
 
User avatar
Aeroflot777
Posts: 3174
Joined: Mon Mar 22, 2004 2:19 pm

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 7:11 am

Quoting melpax (Reply 4):
In my area (around 35kms from downtown), you'd be looking at paying at least $450-$500 per week for a decent 3-4 bedroom home.

What! What a steal. This is what we're dealing with (keep in mind that this was in June 2014, so these prices are now low and outdated, add on another 10% over this, if not more):





I currently pay $2,200 monthly for a one-bedroom apartment in the one of the furthest neighborhoods from downtown. And the worst part is, these prices continue to climb and there is no end in sight.

[Edited 2015-09-18 00:13:28]
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 7:19 am

Quoting Aeroflot777 (Reply 8):

Ouch. I thought Melbourne rents were bad......
Essendon - Whatever it takes......
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 7:25 am

Quoting melpax (Reply 7):
Surprised you didn't put it up more, LOL......

No management fees, melpax mate. 'Method in my madness'...........  
 
texan
Posts: 4070
Joined: Tue Dec 23, 2003 2:23 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 8:46 am

Same on this side of the Tasman, especially in Auckland. Average house prices in Auckland city are now over $1,000,000. For the entire Auckland area, the average house price is $829,000. That's compared to $729,000 12-months before and $562,000 36-months before.

Prices aren't as crazy down here in Wellington, but they are still pretty bad.

Texan
"I have always imagined that Paradise will be a kind of library."
 
Kiwirob
Posts: 12631
Joined: Mon Jun 13, 2005 2:16 pm

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 10:22 am

Quoting melpax (Thread starter):
This is what AUD$2 million will buy you in Glen Waverley - a very ordinary weatherboard home on a quarter acre, ready for redevelopment.....

This looks like a typical NZ state house built by the Govt back in the 30's and 40's.

Quoting texan (Reply 11):
Same on this side of the Tasman, especially in Auckland.

It is nuts, my sister and bro in law bought a 130sqm home in Caster Bay 18 months ago for 770k, an estate agent came to them with an unsolicited offer last week for 1.1 million. I think they should take it and head out of Auckland, both of them are in high demand jobs, finding work will be easy, all they need to do is convince my parents to sell up and move South with them. Since my grandmother died a couple of months back and my remaining two grandparents are in care there really isn't much left to keep them in Auckland. I think'll be financially far better off in Tauranga or The Mount once they cash in their Auckland property.
 
User avatar
Aeroflot777
Posts: 3174
Joined: Mon Mar 22, 2004 2:19 pm

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 11:14 am

Quoting KiwiRob (Reply 12):
It is nuts, my sister and bro in law bought a 130sqm home in Caster Bay 18 months ago for 770k, an estate agent came to them with an unsolicited offer last week for 1.1 million. I think they should take it and head out of Auckland, both of them are in high demand jobs, finding work will be easy, all they need to do is convince my parents to sell up and move South with them.

Sounds nuts indeed! If the real estate market is so hot in AKL at the moment, would it make sense for them to sit a little longer on this wave and have it climb much higher than the current $1.1mil, then just jump ship? Price low and ensure a bidding war to raise even more once things come down to it.

Sounds like a great way to ensure some extra $$$ for a relocation. Though I must say, I LOVE Auckland and it's surrounding area. One of my best trips I've taken to date. Can't wait to come back and visit the south island.
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 2:31 pm

Quoting Aeroflot777 (Reply 13):
Sounds like a great way to ensure some extra $$$ for a relocation.

Hasn't happened in Melbun for many years, but I 'scent' a developing 'boom/bust' situation here. Prices are rising at a 'plain stupid' rate - which, in my view, can't last long.............

In my opinion, if (when?) there's a reaction to this crazy/unprecedented escalation, some people are going to 'lose their shirts.' Fair to say, I reckon, that no 'property boom' on quite this scale has happened since ('I dunno?') 1929?
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Fri Sep 18, 2015 3:11 pm

Quoting NAV30 (Reply 14):
In my opinion, if (when?) there's a reaction to this crazy/unprecedented escalation, some people are going to 'lose their shirts.' Fair to say, I reckon, that no 'property boom' on quite this scale has happened since ('I dunno?') 1929?

I'd be going back to the 1880's to find a similar situation to now. Due to the Gold Rush, Melbourne was the Dubai of the 1880's, from all accounts land speculation was even more crazy than today, apparently property in Melbourne CBD was of similar value to that of London at the time.

http://collections.museumvictoria.com.au/articles/2676

https://en.wikipedia.org/wiki/History_of_Melbourne#1880s_and_1890s_expansion

Most of the current suburban rail network was originally constructed during this time, mostly by land developers seeking to attract purchasers for their land - a far cry from today where most new estates have pitiful excuses for public transport.
Essendon - Whatever it takes......
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 20, 2015 12:48 pm

Quoting melpax (Reply 15):
a far cry from today where most new estates have pitiful excuses for public transport.

As a retired professional in the field (chartered surveyor/valuer/town planner) I have to disagree to an extent. 'Estates' are planned and built by 'developers,' not professionals in the property planning field. And public transport is largely 'organised' - if you can call the process that - by civil servants.

The 'market' will eventually sort things out and establish some sort of equilibrium. But we can probably agree that issues like inadequate public transport - and, even more importantly, lack of shops, schools, hospitals etc. - won't be fully resolved for many years. There's no alternative really - as someone who 'made a living' out of new town development for some years, it has always had to be 'people first, amenities later' - nothing else makes any practical sense?
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 20, 2015 1:25 pm

Quoting NAV30 (Reply 16):

I remember when the area that I live in was considered outer-suburban & the end of the earth. Now the total opposite.

Saw these properties being auctioned yesterday in my area;

http://www.realestate.com.au/property-house-vic-bayswater-120599901

In the centre of the suburb, as the agent said at the auction, the last undeveloped large properties left in the suburb, from the days when it was semi-rural.

1st property auctioned (just under 3000 square meteres) sold for $3 million, the other one (nearly 1000 square meters larger) went for $3.45 mill. No doubt both will shortly be turned into apartment blocks.
Essendon - Whatever it takes......
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 20, 2015 1:49 pm

Quoting melpax (Reply 17):
I remember when the area that I live in was considered outer-suburban & the end of the earth. Now the total opposite.

I guess we both encountered the same sort of opposition, melpax.

I vividly recall some councillors (thankfully not a majority) arguing that this site (bang on the A1, just north of Durham City, creating some thousands of jobs) should remain as 'open space.' Given that County Durham had more than 10 per cent unemployment at that time, I hope that they'd now agree that MY idea (the 'Belmont Industrial Estate') turned out to be the better solution in the end.........

http://propertylink.estatesgazette.c...t/belmont-industrial-estate-durham

[Edited 2015-09-20 06:56:34]
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Tue Sep 22, 2015 9:47 am

Real Estate advertising in Chinglish

http://www.realestate.com.au/propert...house-vic-wantirna+south-120728429

The million plus pricetag is a bit optimistic, even with the planning permit in place.

I think you would be wailing to the local shops after spending 7 figures on that!!
Essendon - Whatever it takes......
 
BestWestern
Posts: 8349
Joined: Fri Sep 08, 2000 8:46 pm

RE: Melbourne Real Estate Bubble Part 3.....

Tue Sep 22, 2015 10:27 am

Terrible to see all the grey and black money from China affecting yet another global city - look at Vancouver for a example of how Chinese money has priced locals out of the economy.

Hong Kong has had a similar problem.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
User avatar
Aesma
Posts: 12552
Joined: Sat Nov 14, 2009 6:14 am

RE: Melbourne Real Estate Bubble Part 3.....

Tue Sep 22, 2015 5:36 pm

I find it crazy to buy a house for millions that isn't big or of any architectural interest, hasn't a large terrain, is far from city center, far from the sea, far from everything really. If you can afford that, why would you buy there ?

I guess for the Chinese it's another story, they live in China and see the house as an investment that can't be worse than the Chinese stock market/casino. Still if I was a Chinese with millions I wouldn't just outsource my money, I would outsource myself and buy a Greek island or something, instead of an ugly house ! Heck, for 2 millions euros you can buy a French island, 5 or even 20 hectares big, with a house.

Mmh, I just looked at the exchange rate, I thought the Australian dollar was closer to the US one.
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
User avatar
Aaron747
Posts: 11080
Joined: Thu Aug 07, 2003 2:07 am

RE: Melbourne Real Estate Bubble Part 3.....

Tue Sep 22, 2015 6:15 pm

Where is Melbourne at now?

Currently in Osaka: 3-minute walk to a subway station with two lines, 4-minutes to the JR loop line, a nice tree-lined hill, new 24-hr supermarket across the street, and a huge park two blocks away. 10 minutes via either subway or JR to all major centers in the city. Comfy 6th floor 2-BR apartment in 7-story building, 15 years old, good amenities. Quiet neighborhood with a few kids, quite a few seniors, and cute feral cats. Rent? $900 + $25 monthly management fee. *so great*

Meanwhile, back home in SF in August the median for a 1 bedroom hit $3,530/month   

If you need someone to blame / throw a rock in the air / you'll hit someone guilty
 
mham001
Posts: 5745
Joined: Thu Feb 03, 2005 4:52 am

RE: Melbourne Real Estate Bubble Part 3.....

Wed Sep 23, 2015 1:31 am

Quoting flymia (Reply 3):

The bubble is real. I thought Miami was bad, but its nothing compared to MEL or San Francisco area. It will burst, when who knows.

SF Bay area is not a bubble. I own two rentals in San Jose and while the market is hot, it only mirrors the economy and tech growth. The current growth is solid and not expected to disappear like 2000. It will slow for sure but don't wait for a bust, many sections have only reached the last bubble price.

It will have to slow because it is becoming impossible to get around. Again.
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Wed Sep 23, 2015 9:23 am

Quoting Aesma (Reply 21):
Mmh, I just looked at the exchange rate, I thought the Australian dollar was closer to the US one.

The end of the mining boom has put paid to that. Have heard instances of auctioneers 'reminding' bidders of the falling $AUD in an effort to encourage higher bids...

Quoting Aaron747 (Reply 22):

Where I live (and the general area of most of the homes that I've posted), it's around a 5 minute drive or 15 minute walk to the local train station, then it's a 50 minute train trip to my stop in town (Southern Cross).

The Eastlink tollway is 5 minutes away, the quickest trip into the city that I've had was a 40 minute drive in almost no traffic, but can be up to 90 minutes in the morning peak. Have to be on the road prior to 7AM if you don't want to be sitting in traffic, so it's been nearly 2 years since I've driven into the office.
Essendon - Whatever it takes......
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 11:21 am

Interesting article on selling homes for the rich & famous - love the story about the businessman using his garage remote to try to squash anyone at his open house who didn't look 'rich enough!'

http://www.domain.com.au/news/how-me...l-celebrity-homes-20150924-gju7t3/

Been to a few auctions over the weekend, one agent is trying a new gimmick at auctions instead of the usual coffee cart, they had an Elvis impersonator perform during the last open house just before the auction - he must have worked, the house ended up selling for $950K, $100K above the reserve.....

http://www.realestate.com.au/propert...house-vic-wantirna+south-120608785
Essendon - Whatever it takes......
 
BestWestern
Posts: 8349
Joined: Fri Sep 08, 2000 8:46 pm

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 1:23 pm

House buying for mainland Chinese is a great way to launder money - if the price drops 20% - it's still ensured that 80% of their ill gotten gain is safe. They can't buy mainland apartments anymore - too much monitoring of cash flow, and wayyyy too many empty apartments.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 1:39 pm

Quoting BestWestern (Reply 26):
House buying for mainland Chinese is a great way to launder money - if the price drops 20% - it's still ensured that 80% of their ill gotten gain is safe. They can't buy mainland apartments anymore - too much monitoring of cash flow, and wayyyy too many empty apartments

This has been going on here for years, though the madness really only got going here with the leadership change in Beijing & the subsequent corruption crackdown. Can't spend it at home, so send it overseas.

Prices have 'stabilised' somewhat, a lot more stock has come onto the market with people looking to cash in, and move further out to eliminate or drastically reduce the mortgage.

I saw 2 homes pass in at auction yesterday, one didn't even attract a single bid, although the agents did say that they had a prospective buyer who was hoping that the home would pass in as they were unable to purchase under auction conditions. A couple of months back when there was less stock on the market, this would have been unthinkable.

Sales by auction here are unconditional, you can't buy at auction with conditions like subject to finance/inspection/sale of existing property, etc, and you also must pay a 10% deposit on the fall of the hammer. If you only have a 5% deposit, you're restricted to private sales.
Essendon - Whatever it takes......
 
BestWestern
Posts: 8349
Joined: Fri Sep 08, 2000 8:46 pm

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 2:34 pm

Auctions suit the mainland Chinese buyer as they pay 100% cash.

I always wonder why no questions are asked when so much money arrives into countries usually from a non domicile country for the investor - such as Hong Kong or BVI.
Greetings from Hong Kong.... a subsidiary of China Inc.
 
Flighty
Posts: 9963
Joined: Thu Apr 05, 2007 3:07 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 3:17 pm

America still has plenty of very low cost cities.

Quoting mham001 (Reply 23):
SF Bay area is not a bubble. I own two rentals in San Jose
Quoting Aaron747 (Reply 22):
Rent? $900 + $25 monthly management fee. *so great*

Meanwhile, back home in SF in August the median for a 1 bedroom hit $3,530/month

mham, lucky you! Aaron747, lucky you too. That sounds good. Here in flyover country USA (other than maybe Austin, TX) property is not that hot. For a few hundred k you can buy the American dream.

For those of us not on the coast, the math is difficult. Move to the coast and make 50-80% more money, but endure far worse living standards. Or stay where we are, make less money and endure slower career progress, but live the old fashioned American dream -- houses, cars, vacations, short commute etc. Stuff that is almost unobtainable in the hot areas.
 
User avatar
Aesma
Posts: 12552
Joined: Sat Nov 14, 2009 6:14 am

RE: Melbourne Real Estate Bubble Part 3.....

Sun Sep 27, 2015 6:25 pm

Houses are expensive, but I'm guessing it's because of the cost of a plot of land, as the houses themselves don't look like much, wooden and all (here in France we like brick and mortar houses, or even reinforced concrete).

Can you give an average cost for a plot ?
New Technology is the name we give to stuff that doesn't work yet. Douglas Adams
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Mon Sep 28, 2015 1:21 pm

Quoting Aesma (Reply 30):

Your guess is correct, in my area you'd be looking at around $700-$750K for a home on a quarter acre block (around 750-800 square meteres) that would be in poor or dated condition, these are the sort of homes that are knocked down for McMansions, or redeveloped into 3 or 4 townhouses depending on the area. Most homes in my suburb are brick veneer built between early 70's-early 80's, though there are some older brick & wooden homes from the 50's/early 60's - these are rapidly being replaced with new builds.

A block in a new estate in the outer suburbs would range from around $200K to $400K, these are much smaller in size, usually between 400-600 square meters.
Essendon - Whatever it takes......
 
Marcus
Posts: 1665
Joined: Fri Apr 20, 2001 5:08 am

RE: Melbourne Real Estate Bubble Part 3.....

Tue Oct 06, 2015 7:57 pm

But the BBC says "The southern metropolis has affordable housing, a network of laneways stuffed full of bars and restaurants and a calendar packed full of cultural events.".....affordable housing I tell you!

http://www.bbc.com/capital/story/201...this-the-worlds-most-liveable-city
Kids!....we are going to the happiest place on earth...TIJUANA! signed: Krusty the Clown
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Wed Oct 07, 2015 5:15 am

Quoting Marcus (Reply 32):

Had a laugh when I read that. Though the housing would be affordable if you were coming from somewhere like London or New York!
Essendon - Whatever it takes......
 
Kiwirob
Posts: 12631
Joined: Mon Jun 13, 2005 2:16 pm

RE: Melbourne Real Estate Bubble Part 3.....

Wed Oct 07, 2015 6:20 am

Quoting Aesma (Reply 21):
I find it crazy to buy a house for millions that isn't big or of any architectural interest, hasn't a large terrain, is far from city center, far from the sea, far from everything really. If you can afford that, why would you buy there ?

Because if you want architectural design, large section, close to the city centre and sea you have to double or triple the price.
 
NAV30
Posts: 1080
Joined: Sat Mar 15, 2014 9:16 am

RE: Melbourne Real Estate Bubble Part 3.....

Thu Oct 08, 2015 10:47 am

Quoting melpax (Reply 24):
Where I live (and the general area of most of the homes that I've posted), it's around a 5 minute drive or 15 minute walk to the local train station, then it's a 50 minute train trip to my stop in town (Southern Cross).

I guess I 'struck lucky' when I arrived in Melbun, melpax. I settled on Mentone, 20 miles south of the city centre; you probably know the place.

For people living in other places, unlike most Australian big cities, Melbourne is not on the sea coast - it surrounds a large bay (Port Phillip Bay) which is about 40 miles across, and borders (and has access to) the Southern Ocean. Good sheltered place for going to the beach in summer, and also for dinghy sailing; or even sailing the 'big stuff.' I was lucky enough to hit on a pretty prosperous suburb, and found a house that was ten minutes walk from the beach, the same distance from a couple of good shopping centres, and close to good schools (for boys AND girls, I had to look after both). Also not much more than 30 minutes from the CBD by car or train. Never regretted it, one thing I got right.

Pictures of the foreshore here:-

https://www.google.com.au/?gws_rd=cr&ei=BkEWVpDRN-PZmgXqqYXgBw#q=mentone+Beach

For more views click on 'More images for mentone beach.'

[Edited 2015-10-08 03:54:37]
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Sat Oct 10, 2015 7:33 am

Apartments in the development that I mentioned in the opening post went on sale this morning.

100 apartments sold in 90 minutes...

http://www.domain.com.au/news/glen-w...nts-in-90-minutes-20151010-gk5w47/
Essendon - Whatever it takes......
 
melpax
Topic Author
Posts: 1983
Joined: Mon Apr 25, 2005 12:13 am

RE: Melbourne Real Estate Bubble Part 3.....

Tue Oct 13, 2015 6:43 am

An elderly couple in a little cul-de-sac in Melbourne’s south-east are refusing to sell their home to developers laying claim on their strip, but fear everyday life will become unbearable when the planned developments are completed.

The couple in the story below have knocked back offers of $1.4 million for their home, but most of their homes in their cul-de-sac will be demolished for apartments - a situation that is happening all over Melbourne.

http://www.domain.com.au/news/elderl...mckinnon-culdesac-20151013-gk7kw5/
Essendon - Whatever it takes......
 
sccutler
Posts: 5841
Joined: Thu Jan 27, 2000 12:16 pm

RE: Melbourne Real Estate Bubble Part 3.....

Tue Oct 13, 2015 6:17 pm

Quoting melpax (Reply 37):

An elderly couple in a little cul-de-sac in Melbourne’s south-east are refusing to sell their home to developers laying claim on their strip, but fear everyday life will become unbearable when the planned developments are completed.

The couple in the story below have knocked back offers of $1.4 million for their home, but most of their homes in their cul-de-sac will be demolished for apartments - a situation that is happening all over Melbourne.

I feel for them, hope they can hold out if that's what they desire.

There is a location near downtown Dallas where a bank had acquired an entire block, save and except one home, one in which the elderly occupant simply said, "No."

To their credit, the bank's leadership said, in effect, "We'll design around them and we'll be good neighbors," and they did, to the point that the bank's employees befriended the oldster. They made a point of ensuring that construction was not disruptive, as well.
...three miles from BRONS, clear for the ILS one five approach...

Who is online

Users browsing this forum: Aaron747, BawliBooch and 70 guests

Popular Searches On Airliners.net

Top Photos of Last:   24 Hours  •  48 Hours  •  7 Days  •  30 Days  •  180 Days  •  365 Days  •  All Time

Military Aircraft Every type from fighters to helicopters from air forces around the globe

Classic Airliners Props and jets from the good old days

Flight Decks Views from inside the cockpit

Aircraft Cabins Passenger cabin shots showing seat arrangements as well as cargo aircraft interior

Cargo Aircraft Pictures of great freighter aircraft

Government Aircraft Aircraft flying government officials

Helicopters Our large helicopter section. Both military and civil versions

Blimps / Airships Everything from the Goodyear blimp to the Zeppelin

Night Photos Beautiful shots taken while the sun is below the horizon

Accidents Accident, incident and crash related photos

Air to Air Photos taken by airborne photographers of airborne aircraft

Special Paint Schemes Aircraft painted in beautiful and original liveries

Airport Overviews Airport overviews from the air or ground

Tails and Winglets Tail and Winglet closeups with beautiful airline logos