Newsletter - Inner Circle August 2016
There’s one thing which has really stood out this year – the amount of interest we are receiving from Sydney investors keen to get in to the Melbourne market.
Partly that is due to Melbourne’s more affordable property prices - around 30% lower than Sydney – delivering greater scope for growth.
Sydney investors have also clued in to the fact that Melbourne’s performance is more consistent - delivering better outcomes over the last decade.
It will be interesting to watch the next 12 months and see whether Sydney’s reputation for charging ahead only to fall back when the going gets tough returns.
A better performing jobs market and reputation for ‘stronger for longer’ growth are the key reasons why Melbourne has shot ahead of over the last decade, outperforming the harbour city by 22%.
In our last edition, we talked about the string of pearls alongside Port Phillip Bay. Yet many Melbournians neglect another group of gems - the suburbs near the bay in Melbourne’s rapidly growing west.
The West has been on my mind this week after an old friend asked where their 24 year old daughter should consider making her first plunge into the property market.
Like a lot of young people, this talented lady has a promising career in front of her but has found searching for a first home in Melbourne’s east a depressing prospect given her budget.
But out West, there are opportunities aplenty for wise buyers with an eye on the future.
If you are a young home buyer (or investor), start your search with period houses in areas like Kingsville, West Footscray, Newport and Spotswood.
Thanks to their price advantage and closeness to the CBD, these rapidly gentrifying areas have a lot going for them - and that’s likely to continue thanks to better infrastructure planned over the next few years.
But if you want to buy successfully in the West, make sure you do your homework - focusing in on street appeal, transport and nearby shopping villages – as this is the key to successfully buying in these areas.
Get started on your property journey with us. Just click here to book an appointment - it’s 100% obligation free.
Speaking of property in the West, we had a great success recently buying this wonderful period house in Footscray.
Our clients - an ambitious Sydney couple - wanted to get the right start in the local market with an investment grade property in line with their tight budget.
It was a pretty competitive auction, but we managed to beat out five other bidders to secure this two bedroom 1940's house in a quiet street in the right part of Footscray (as distinct from the ‘Foot-scary’ section of the suburb ten minutes’ drive away).
With loads of potential to improve and an ideal location, this low maintenance, high land value purchase was an ideal start for our couple’s long term plans.
If you want to invest or buy the right home for your budget, click here to book a time, or call us for a chat about securing your financial independence.
Property Mavens - Smart Property Buying