All Topics / Help Needed! / Melbourne Market in 2015

Viewing 4 posts - 1 through 4 (of 4 total)
  • Borna Boltužić
    Participant
    @borna-boltuzic
    Join Date: 2015
    Post Count: 4
    April 27, 2015 - 10:17 pm

    Hi all,

    I’m interested to hear people’s thoughts on where the market is heading over the next 6-12-18 months.

    My wife and I are/were looking for our first purchase (an IP – renting atm) in the northern suburbs of Melb. After attending Steve’s market update last week he showed interesting data about the current upwards increase in pricing which has lasted approx. 5 years, and historically has lasted 5 before a correction occurred.

    We’ve done our numbers, know what we’re comfortable with etc etc but it appears to me that the market is a sellers market atm.

    Do we wait, save more and then buy? That is one question we have been asking ourselves… I guess we just want to be cautious about the timing of entry so that if a correction does occur, we do not loose 50/60/70K in the short-term.

    Thanks in advance!

    Borna

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340
    April 27, 2015 - 11:47 pm

    Hi Borna –

    Welcome to the forum it is a great place to get some of the questions answered that you may have been scratching your head over,

    Whether its a sellers market – depends – on the area and the price, yes, its defiantly crazy at the moment but by no means does that mean it is too late to enter the market and buy at a good price. Unfortunately, northern suburbs are starting to explode – the developers are in and making some real coin on their developments. Whether you wait will depend on your strategy, renting is a waste of cash, take a step into the wildside and determine your borrowing power and once done you can determine and refine your investment strategy. This may be to buy your own home or an investment property – both with different parameters.

    Waiting – may cost you 60-70k in no time – that depends on the area. However I would recommend seeking some specialist advice from a property advisor and broker to at least advise your on your borrowing power and investment strategy.

    Cheers Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Borna Boltužić
    Participant
    @borna-boltuzic
    Join Date: 2015
    Post Count: 4
    April 28, 2015 - 8:57 am

    Thanks Ivan.

    We have spoken with a couple of brokers are have pre-approval already.

    Can you please PM a little more about your advisory services? We could interested in meeting to see how you could help us.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    April 28, 2015 - 1:22 pm

    Yep – the Melb market certainly appears to be in favor of sellers ATM. It’s rising – that’s for sure.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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