Nine Melbourne homes feeling the hangover effects from the 2008 GFC government stimulus: Paul Osborne
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The decade of 2000 to 2010 was a special one. With the exception of 2008, property prices went in one direction – up!
Melbourne clearance rates highlight the occurrence.Click to enlarge
According to The Economist, Australian house prices are still 36% overvalued.
Melbourne has been Australia’s most dominant city over the past decade. Over the past few years (2011-12), the Melbourne market has started to experience the hangover effects from the 2008 GFC government stimulus that artificially boosted auction clearance rates and helped propel the exuberance.
Sections of the market around the inner-city pockets are still showing resistance to the changing market conditions.
There are numerous examples of those sales that haven’t fared well in the current market. These are the places that have been sold twice within the past five years or have at least attempted to do so.
It's a list of properties that haven't been so lucky:
43 Summerhill Avenue, Glen Iris
Then: May 15, 2010, sold for $1,491,000
Now: Back on market at $1,299,000
217 Rossmoyne Street, Thornbury
Then: May 1, 2010, sold for $920,000
Now: August 18, 2012, passed in at $790,000
Asking price $849,000
27 Collett Street, Kensington
Then: February 9, 2008, sold for $580,000
Now: July 21, 2012, sold for $547,500
The Mark at Sydney's Central Park
The best of everything at Portside Wharf
The Block's Dan and Dani - last spotted looking around the Melbourne suburb of Kingsville - merely tweeted their acquisition with little fanfare. But there certainly weren't any tweets from the international film star Toni Collette about her recent property journey.
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