As we near the end of the year, Melbourne keeps clocking up wins.
The city has been the best performing capital for price growth in Australia over the past quarter and month, recording a rise of 5.5% and 2.3% respectively in dwelling values, according to the latest CoreLogic data. Values have now recovered 6% since a low in May 2019 and CoreLogic expects prices to make a full recovery (rising a further 5.8%) from the downturn and reach a record high by January or February next year.
Melbourne has recently been named Australia’s most innovative city in the annual 2thinknow Innovation Cities Global Index. Our city moved from 16th place in 2018 to be ranked 11th in the world, edging out Sydney, which dropped from 10th to 15th. The index ranks 500 cities around the world based on 162 indicators including start-up economy, cultural assets, mobility, sustainability, universities neighbourhoods and technology.
In other news this month Domain’s most recent Liveable Cities study by Deloitte Access Economics and Tract Consultants has found Melbourne’s 10 most liveable suburbs were South Yarra, East Melbourne, Carlton, Fitzroy North, Hawthorn, Footscray, Travancore, Carlton North, Kooyong and Collingwood. They scored well on factors including cafes, walkability, jobs, schools, public transport, traffic congestion and tree cover. While this in itself does not predict future growth, it’s can predict demand, which can push prices up. For our thoughts on these suburbs and their investment potential, contact us today.
It’s hard to believe, but the next time we bring you news it will be in the new year. We hope everyone has a very joyous and safe Christmas and break!
If you want help to identify opportunities in Victoria’s property market from a qualified and highly regarded buyers’ agent now or in the new year, contact us for some advice today.
How did the property market fare over 2019?
Wow, what a year it was for property! We have seen the market come through a low and rise again, with momentum now having picked up significantly.
Activity over the first half of the year was subdued, but that all changed following the Federal Election in May. The real highlight of 2019 was the dramatic positive change to the market after the election of the Coalition Government. We saw a substantial hike in clearance rates from the beginning and middle of the year to the end of year, largely due to improved sentiment, interest rates dropping and lenders loosening up assessment criteria. First home owners have been the most active over the second half of the year, with the bank of mum and dad in tow, and investors are now also starting to increase in their buying activity.
We are continuing to see strong activity in Melbourne, with no sign of demand abating, despite Christmas being just over three weeks away. In fact, buyers are rushing to act before Christmas arrives, with this demand pushing up prices. Good properties have four to five bidders and some properties have even escalated in price by 20% within three months. Strongly performing regional markets like Ballarat and Bendigo are still booming and stock is at all-time lows. This doesn’t look like changing any time soon.
It will be busy until Christmas Eve this year and given demand outweighs stock levels in many sought after locations, competition will remain strong,
An experienced and expert buyers’ agent such as Property Mavens can help buyers to navigate the current market, both this year and as it changes heading into the new year. If you are a buyer or seller that needs assistance, contact us today for an obligation-free discussion.
Our Bendigo research has indicated ongoing solid growth and yield opportunities, so we are now actively buying there for clients.
Click hereto book a time with us discuss your Bendigo buying requirements. It’s 100% obligation free.
Why do you need a buyer's advocate ?
Kerry and Russell were referred by their accountant and engaged our buyers advocate services to purchase a property in the Bendigo region, with very specific requirements for cash flow and capital growth. In a nutshell, they wanted to buy for a balance of yield and capital growth.
In accordance with the brief, we sourced and purchased this 3 bedroom, 1 bathroom house in Bendigo for Kerry and Russell at market value with strong growth prospects and a yield of 4.6% - high for a regional area.
If you want help to identify an investment-grade property like this one, whether it’s a family home or an investment property, click here to book a time with us to discuss your requirements. It’s 100% obligation free.
Why do you need a vendor's advocate ?
Lauretta wanted to sell her long-standing family home of 30 years to downsize and needed expert advice to guide her throughout the process and sales journey. These stunning apartments rarely come up for sale and are very tightly held.
We worked with Lauretta on this stunning property to secure her dream price with an already earmarked interested party, off market and within 48 hours of her engaging our services.
Lauretta ’s two storey, mansion apartment in St Kilda West was sold at the vendors asking price.
If you would like help to secure a fantastic outcome like this one, whether it’s selling a family home or an investment property, and you’re ready to get started, click here to book a time to discuss your requirements. It’s 100% obligation free.
We secured this 3 bedroom, 1-bathroom period house in Footscray under budget for our clients, buying it on their behalf after it was passed in at auction and $22,000 under the vendor’s reserve.
This purchase was a great success. In just one year this property significantly outperformed the overall market, growing in value by 2.3% while the Melbourne market went backwards with prices falling by 3.2% over the same period. That’s a 5.5% stronger result than the market median!
Love to talk real estate?
If you want to invest or buy the right home for your budget, or sell your property click here to book a time, or call us for a chat about securing your financial independence.
If you found this useful and know someone else who may enjoy it too, we'd love you to pay it forward by sharing it.
At Property Mavens we choose to give back to help create social change within our business model. If you use our buyers or vendor advocacy services, you will be helping to make a positive impact within the local and wider community.