How to avoid a $20 million home price slump

A massive home sale in Melbourne could leave you with a whopping $20,000 to spend on your new place.

That’s according to property expert, and property agent Nicky Stott.

Nicky says you should avoid buying a property in the $10 million to $15 million bracket as much as possible.

“If you want to get a house in this range, you’re going to have to sell at least one other property in your own price range and you’ve got to do that in the right timeframe,” he says.

“You’ll have to have at least three homes in that price range.”

“It’s a huge range, so you’ve gotta go through the same amount of land and get that right.”

That’s why if you buy a house this high, you don’t have the luxury of waiting until the market is really strong to buy.

“Once you’ve bought, you have to do the work, get the paperwork done and start the house building.”

It is a lot of work.

It’s a long, hard process.

It requires a lot more energy than most people would normally spend on a home.

“Nicky advises that the more expensive the property, the harder it is to sell.”

The best thing you can do is to wait until the price is right,” he advises.”

I think it’s a little bit like being in a market for a car: if the price goes up, it’s not worth it.

“So, when you’re in the market, you should always be looking for a price that’s a bit lower than the one you’re already at.”

But if you’re at that price, it would be good to sell and make the most of your time.

“Nickys advice is the same for those who are planning to buy a property near the CBD.”

Don’t go for a big property that’s over the hill,” he recommends.”

In Melbourne, it is pretty common for people to buy houses at a much higher price point, so if you don, then you’re looking at an average of $500,000 a house, which is pretty pricey.

“Nick’s advice also applies to people who are considering buying a place near the City.”

When you’re thinking about buying a house near the city, look at a smaller property that is closer to the CBD, like a two-bedroom apartment,” he explains.”

And if it’s more than a three-bedroom, then it’s probably better to buy at a price point that’s not so high, but you want that five-star property, too.

“Those are all the things that I would recommend to people.”

Nick agrees that the majority of buyers in Melbourne will only want to buy in the city.

“There’s a lot less people buying a home in Melbourne,” he tells ABC Melbourne.

“People are moving to suburbs and to more remote areas.

So people are looking for the city and that’s where the market has been.”

Nick explains that the average Melbourne house price of $1.7 million is still very affordable, but that there are people who can afford a much more expensive home.

“A lot of people will want to spend a lot in their own money,” he said.

“For example, people who have kids and want to go on holiday to see them and want a place that they can spend their money in.”

Nick is not the only property expert who believes that Melbourne’s housing market is undervalued.

“Melbourne is not a good place to live if you want a house,” Nick says.”[There’s] a lot to be said for the fact that Melbourne has a huge amount of housing, but it’s expensive.”

Nick recommends people look at buying a bigger property to avoid paying an extra $2,500 or more a month.

“What you want is a house that’s at least 10,000 square metres, and that you can afford,” he advised.

“Do you want it to be an expensive house, and then you want the price to go up?”

Nick recommends you look for a place where you can have access to all of your essential services.

“Most of the time, the amenities of a house are all you need,” he warns.

“Like, if you have a garage, you’ll need to get the garage painted and you’ll want a carport and you’re not going to be able to use the whole lot in your home.

You’ll want access to a gym and a swimming pool and a lot other things.”

Nick also warns that Melbourne houses are very affordable.

“We’ve got a house for less than $300,000, which in Melbourne is really affordable,” he adds.

“With a four-bedroom house, it could be $600,000 and that could go up a little.”

Nick says he can see why buyers would be reluctant to pay more money for a property.

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