Happy New Year! Welcome to the first day of 2020. We’re excited for what lies ahead for the property market over the next 12 months.
The outlook is certainly a lot more positive than it was at the beginning of last year, particularly for Victoria.
We sound like a broken record, but Melbourne continues to be the best performing capital city for price growth, recording a 6.4% rise in dwelling values over the three months to the end of November, according to CoreLogic. The city, along with Sydney, continues to drive the market recovery nationally. Prices rose by 1.7% nationally over November, seeing CoreLogic’s national index move back into positive annual growth for the first time since April 2018, with dwelling values 0.1% higher over the past 12 months.
Meanwhile the latest figures from the Real Estate Institute of Victoria are good news for investors, showing rental prices are continuing to grow, with vacancy rates low. Median house and unit rents rose by $10 since October 2018, following a vacancy rate of 2.2 per cent for Melbourne last month.
Congratulations to all our Ballarat clients who have used our Ballarat Buyers Agent service over the last 6 years. You made a smart decision! According to Housing Industry Association figures, Ballarat’s housing approvals grew by 20.1% during the October quarter this year, being a major contributor to regional Victoria’s activity levels. People are being drawn to Ballarat largely due to affordability and lifestyle.
If you want help to identify opportunities in Victoria’s property market – whether it be in metro Melbourne or a regional area - from a qualified and highly regarded buyers’ agent now, contact us for some advice today.
What’s in store for the property market in 2020?
All in all, the property market is set to perform well over 2020.
Uncertainty is largely behind us, prices are rising again and importantly the lending landscape has significantly improved with easier access to finance and lower interest rates, which look set to remain low for some time.
2019 struggled in the lead up the election, picked up afterwards and then went gangbusters with the two drops in interest rates towards the latter part of the year. Low stock levels, high demand and increased numbers of first home buyers in the $1 million to $1.5 million range have results in clearance rates up to 78%.
While not at the boom levels of 2017, ongoing buyer demand, low interest rates, improved borrow serviceability and lack of supply could keep these clearance rates high for the foreseeable future.
Notwithstanding any major external forces (such as Brexit or the USA/China trade war) upsetting our economic apple cart, the market is likely to continue at the current pace we have had leading into the end of last year.
Many vendors who didn’t sell in December will be looking to sell into January or will relist their properties for sale in February, along with new vendors to the market, whose marketing campaigns will be launching with high hopes of selling well! If more vendors decide to come to the market in 2020, A-grade properties will continue to sell well, even if stock levels increase across the board.
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..
Fresh Start ™
It’s one of the most distressing times you can experience - separating from your partner.
Not only does it involve a lot of personal pain, a separation also has big implications for your finances, particularly your property holdings.
That’s why we introduced our Fresh Start service. Property Mavens takes charge of selling your family home or investment with.
An independent assessment of what the property is worth
Selection and management of real estate agents and intermediaries
Advice on maintenance, styling and landscaping to secure a better price
Best tactics to secure a successful sale
If you want a confidential discussion about making the right property decisions to secure your life after separation, feel free to call us on 03 9988 2266 (or have your legal counsel get in touch).
Why do you need a buyer's advocate ?
Dr K was looking for a property because he was relocating to Ballarat for work and was referred by a colleague, who is a past client of Property Mavens. He needed help buying a low-maintenance investment grade home to reside in and then convert to an investment property in the future, so he engaged our Ballarat buyers’ agent services to help.
We purchased this 3-bedroom, 1-bathroom house in Ballarat on Dr K’s behalf, securing it at the market price before it even hit the market, so we didn’t have to worry about buyer competition!
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 ?
Deb wanted to sell her treasured family home of 50 years and needed expert advice to guide her through the process and sales journey.
We worked with Deb to help her secure her dream price by sourcing the best agents, with the best strategy for her needs. And together, her team secured a fantastic outcome.
Deb’s 4-bedroom, 1-bathroom in Caulfield North sold for $200,000 over the reserve at auction, with four bidders having competed for the 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.
Neil and Lena needed help buying an investment grade home in Ballarat to live in, renovate and flip in the future, so they engaged our Ballarat buyers’ agent services to help.
We purchased this 3-bedroom, 1-bathroom home in Newington for a price under the vendor’s reserve and within Neil and Lena’s budget. We managed to outbid the tough competition to secure a great result for our clients. Lena and Neil have now completely renovated the property. Not only does it look fantastic, but they have added substantial value, in just 12 months from the original purchase date.
As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, and what properties are really worth, to ensure our clients don’t pay too much.
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.