052: Greville Pabst of Greville Pabst Property Advisory | Melbourne

**“Melbourne is cheap. Really cheap. It’s not going to stay there forever.” — Greville Pabst** After years of underperformance compared with other Australian capitals, is Melbourne starting to present an opportunity? In this episode of Street Secrets, Chris sits down with property adviser and valuer Greville Pabst to unpack Melbourne’s market fundamentals and take a closer look at the tightly held pockets of Albert Park and Middle Park. Greville explains why population growth and limited housing supply haven’t yet translated into stronger price growth, and why he believes confidence has been one of the biggest factors holding Melbourne back. He also shares what decades of property cycles have taught him about identifying quality assets, from understanding a property’s growth history to recognising the attributes that can limit its long-term performance. The conversation goes street level in Melbourne’s inner Bayside, exploring the scarcity, heritage protections and underlying land value that make Albert Park and Middle Park so distinctive. Greville also reflects on how these areas performed through previous downturns and why car parking, aspect, floor plan and location can make a meaningful difference. With decades of experience across property valuation and advisory, Greville brings a long-term perspective to a market that many investors have overlooked—and a reminder that successful property investing isn’t about speculation. It’s about buying well, understanding value and being prepared to hold through the cycle. ### Episode Highlights 02:20 - Greville’s Four Decades in Property 03:17 - From Three Valuers to 200+ Staff 04:13 - The Off-the-Plan Mistakes That Changed Greville 07:23 - How a Valuer Assesses Property Price 08:28 - The Property Traits That Drive Long-Term Growth 10:26 - Why Melbourne Property Has Stalled 14:15 - What Makes Albert Park So Tightly Held 16:58 - Who’s Buying in Albert Park and Middle Park? 17:50 - Why Bayside Owners Downsize Back to Albert Park 18:29 - Why More Wealth Is Going Into the Family Home 20:51 - The Tax-Free Strategy Behind Trading Up 21:50 - Why Greville Is Preparing for a US Downturn 25:13 - Why Greville Sees a Melbourne Buy Signal 26:58 - What Melbourne’s 1990 Crash Can Teach Investors 29:17 - Where Buyers Can Go Wrong in Albert Park 30:53 - Why a Car Space Can Add $350K in Middle Park 31:25 - How Heritage Overlays Help Protect Property Values 33:01 - Greville’s Final Takeaways ### About the Guest **Greville Pabst** is the founder and CEO of Greville Pabst Property Advisory, with a career in property spanning more than four decades. Greville began his career as an in-house valuer with Westpac before moving into commercial property valuation and later co-founding WBP in the early 1990s. His experience across multiple property cycles—including the late-1980s boom and early-1990s downturn—has shaped his approach to understanding value, risk and long-term property performance. Today, Greville combines his valuation background with property advisory, bringing particular insight into Melbourne and its inner Bayside markets, including Albert Park and Middle Park. His perspective is grounded in independent valuation, detailed due diligence and identifying the property attributes that can support value over the long term. ### Connect with Greville - Greville’s LinkedIn - Greville’s Instagram - Greville Pabst Property Advisory (Website) ### Work with Chris (Alcove) - Business Webpage Link - https://alcove.com.au - Email - [hello@alcove.com.au](mailto:hello@alcove.com.au) - Contact Alcove at: (1300 252683) - Socials: - LinkedIn (Alcove) - https://www.linkedin.com/company/alcovemb - LinkedIn (Chris) - https://www.linkedin.com/in/christopherbates/ - Instagram (Chris) - https://www.instagram.com/chrisbates\_alcove/ 🗓️Book a chat with us!🗓️ ### Follow us on our socials! - **YouTube** - **LinkedIn** - **Instagram** - **TikTok** **Enjoyed the podcast? Don't miss out on what's yet to come! Hit that subscription button, spread the word, and join us for more insightful discussions in real estate. Your journey starts now!** - Subscribe on YouTube: https://www.youtube.com/@street-secrets - Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/street-secrets/id1837331268 - Subscribe on Spotify: https://open.spotify.com/show/7sBYmpcuxCYwceQiHdBnaq?si=2Gdl60HRRWCBoUlcBHB0nA The information provided in this podcast is for general informational purposes only and should not be relied upon as financial, investment, or credit advice. It does not take into account your personal objectives, financial situation, or needs. You should consider the appropriateness of the information to your circumstances and seek advice from a licensed financial adviser, mortgage broker, or other qualified professional before making any decision. Canopy Private Pty Ltd holds Australian Credit Licence 558709.