melbourne house sales slump by 44 percent, page-10

Chadstone certainly has Molonski, I watch the market religiously every week. A decent house in Chaddy with on at least 600sqm late last year would of gone easily without blinking an eyelid for around $600+. Nowadays we're seeing prices around the $500k+ range with many Auctions recently going for High $400k's as vendors are starting get desperate now! A house yesterday on 600sqm in Mawarra St sold at for $478k - same house would of gone for $600k 1 year ago 100%. And I know you'll probably quote some data from the REIV which doesn't support what I'm saying, but like I said, I know I am 100% correct as I have followed and researched the area the last 12 months religiosly on a weekly basis and continue to do so.

Yes I agree about St Albans wholeheartedly - I think it's got some future potential. We've got the opportunity to buy my partners house which a 3bedroom nice weatherboard on 800sqm allotmant and its ready to be sub-divided immediately, infact the house right next door on the exact same size allotmant just done this now and it looks great. At around $300k, I think it's a pretty good first move as we could pay it off very quickly and wouldn't be highly geared at all. I think that area could do ok in the future, it's pretty close to everything. It's also in a decent part of St Albans (if there's such a thing that is lol) so we'll see how we go I guess.

Cheers