Victoria has Australia’s best performing economy, beating New South Wales to take the crown, according to recent research. Usually the two states share the top spot but Victoria edged New South Wales out to take the number 1 position on its own for the first time in three quarterly surveys. The CommSec State of the States market report found our city took the top spot on the overall performance rankings due to its economic growth, retail trade, the job market and construction work.
Melbourne’s continues to record residential price growth, with the market rising in small monthly increments over the past few months. Over the three months to July Melbourne recorded growth of 0.1%, and was the best performing capital along with Hobart, according to CoreLogic. This rise may not be much, but it shows Melbourne’s property market is stable and strengthening. It follows on from CoreLogic’s June results that found Melbourne recorded the first rise in prices of 0.2% since it peaked in 2017.
In other news, I'm proud to announce that I have been nominated by The Property Investor magazine as one of Australia’s Top Ten Property Specialists. The top ten was chosen from over 300 applications from all over the country.
If you want help to identify opportunities in Victoria’s property market from a qualified and highly regarded buyers’ agent, contact us for some advice today.
Listings low, but now is the time to sell
Recently released data from CoreLogic shows residential property listings are significantly down, including new listings (not previously advertised for sale over the past six months) and total listings (both old and new).
In Melbourne, the number of newly advertised properties for sale is the lowest on record for this time of year, although there has been a slight increase in new stock for sale in recent weeks. The total number of properties listed for sale is also trending lower, down 2.6% on one year ago, according to CoreLogic.
The fact that listings are low indicates to vendors that it’s a good time to put their property on the market, as there will be less competition. With fewer properties for buyers to choose from prices are often pushed up, with multiple buyers vying for the same property. That is, as long as you have an investment-grade property in a sought-after area that is priced right. As we now move into the traditional busy spring selling season in September listings are likely to start heading north, especially as vendor confidence starts to improve following the first signs of price growth, talk about better lending conditions and lowering interest rates. If you’re looking to sell, don’t delay the decision too long!
If you want advice on how to sell your property in a timely manner and for the best possible price, we can help! Contact us today for an obligation-free discussion.
Recently we have heard about many relatively new apartment buildings developing cracks, including Mascot Towers and Opal Tower in Sydney. This has led to the evacuation of residents and the need for repairs, leading to significant costs for both owners and tenants. We expect there will be more apartment buildings to experience issues right around Australia due to a lack of quality, particularly in areas where there was a building frenzy resulting in very high density.
This is why Property Mavens never buys off the plan or new. We only buy established property. My book Property Prosperity references buying off the plan as the highest risk method of buying property. Click here to buy it now.
Why do you need a buyer's advocate ?
Anthony and Jane were referred by an industry colleague. They were seeking a healthy cash flow and strong capital growth property for their SMSF, so they engaged our Ballarat buyers’ agent services to help.
We were able to successfully purchase this fantastic property, a 2 bedroom, 2-bathroom house delivering a 4% yield in what is a highly competitive market. We negotiated to buy the property under market value and a huge $30,000 under the vendor’s asking price!
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 ?
Sophie needed help selling her mum's home in Warragul during what was a very emotional and stressful time for her and her family, so she sought the help of Property Mavens vendors’ advocacy service.
After determining which three agents best suited her needs, Sophie selected her preferred agent, and the sales and marketing process began with gusto! This resulted in an offer coming in over the quote range during the first week of the private sales campaign.
As professional property buyers and vendors advocates, we know the difference between a bad selling agent and a great one to help you secure the best possible result for the sale of your property.
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 had already worked with Miranda numerous times as a buyers’ agent and with her previous purchases performing well, she re-engaged our services again to buy her 5th property.
This time around Miranda wanted to buy for strong cash flow with balanced capital growth in the regional area of Ballarat. We secured a 4 bedroom, 2 bathroom property via private sale at market value, with a 5% yield. However, we identified $7000 in hidden property repairs during the due diligence period, enabling us to negotiate $7000 to be rebated at settlement.
But wait for the best part – the property has experienced a 24% increase in value over just 23 months, rising from the purchase price of $420,000 to $520,000!
We did all the hard work for Miranda, researching, sourcing and negotiating successfully so she could add a fantastic house with high resale value and strong tenant appeal to her portfolio.
As professional property buyers we know the difference between a bad property and a good one and where to buy to generate the strongest return on your money.
If you want similar results, click here to book a time with us to discuss your requirements. It’s 100% obligation free.
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.
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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.