Melbourne Value Opportunity

This is where I see the value in Melbourne. There's money hanging on the ground. Typical French Gully houses, three bed, one bath properties, huge demand at the moment either for investors, first home buyers or potential developers as well trying to get into the marketplace and you know, keep the front foot one out the back. If we look at the difference between say the Hills district and say French Gully, right? What's [music] one thing consistent? It's the one that's like they're absolutely supply tight. So we know that the supply tight. So incoming supply risk is always going to be quite low. That's number one. Number two, affordability wise, Melbourne is still very, very affordable. Now, it's only average 4 and 1/2% in the last 10 years. That screams to me opportunity and the last 12 months it's started at 7.1%. So now we're on we we entering a growth phase. And then number three, we're also getting the right type of buyers buy. So we're seeing home buyers, right? 60% of the interest that's coming into this suburb are home buyers. Naturally, home buyers always look for townhouses, but they're looking at houses. Why? Because still very affordable. The closeness in in price between a townhouse and a house there's more bang for your buck if you spend a little bit more and you're under that 950 threshold, you can get a house. So affordability is there. I think number three is you're almost buying stock at land value here and I think there's [music] still a lot of opportunity to see that growth come through. Yeah, and and that's the interesting point, at land value. It's almost like you're getting a free house in some cases. Yeah, well that's what I tell my clients. That is a really good description of why this part of Melbourne is supply tight.