Victoria continues to have the best performing economy of all the Australian states, according to the latest Commsec State of the States report, with the state benefiting from high construction work and a strong job market.
Tasmania comes in second, followed by New South Wales. This is followed by the ACT in fourth spot, followed by Queensland, South Australia, Western Australia and the Northern Territory. Tasmania is holding the second spot with strength in relative population growth supporting home purchases and starts.
Victoria’s strong economy is just one drawcard for the state, which is home to one of the fastest growing cities (Melbourne) of a similar size in the developed world, with the state capital forecast to grow by 10% over the next four years. According to McCrindle Research Melbourne will overtake Sydney as the most populous city by the end of 2026. The top five population growth areas in Victoria - according to the Victorian Government - are Wyndham, Casey, Melton, Whittlesea and Melbourne.
We are proud to announce that Property Mavens has been selected from 2000 entrants as a 2020 Finalist in the Real Estate Category for the Australian Small Business Champion Awards.
If you want help in identifying opportunities in Victoria’s property market – whether it be in metro Melbourne or the regional areas - from a qualified and highly regarded buyers’ agent now, contact us for some advice today.
Will price growth continue at a slower pace?
Prices are on the way up in every capital city around Australia, but the rate of growth has slowed. The latest CoreLogic price data shows there is slower growth in dwelling values, with a fall in the national dwelling index from a peak of 1.7% in November to 0.9% in January.
Price growth was the highest in Melbourne over the month of January, recorded at 1.2%, and over the past year, with an 8.2% rise in dwelling values. There is now talk that further price growth could be impacted by affordability and higher stock levels, with more available property leading to less competition and hence less pressure on buyers to pay higher prices. SQM data shows national property listings increased by 2.2% in January after stock levels had been constrained for some time. Melbourne’s property listings were up by 2.7%, significantly behind Sydney’s increase of 5.1%, but listings in Melbourne are still 12.3% lower than one year ago.
With listing volumes still reduced, price growth is likely to remain strong, especially as buyer competition remains strong. Buyers have become more and more active with greater confidence and ability to borrow, with loosening lending restrictions. A strong economy in Victoria with plenty of jobs will also continue to bring more people in and create even higher demand for property, which – again – pushes up property prices for limited available stock.
We are seeing strong competition for quality properties, particularly on auctions days, with buyers prepared to push their budgets. There are still more buyers than sellers, which means prices will remain strong and buyers must negotiate well. Sellers, on the other hand, should be putting their properties on the market, as now is a great time to capitalise on higher demand.
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..
Why do you need a buyer's advocate ?
After engaging our Vendor Advocacy service to downsize and successfully sell her Kingsville home in metropolitan Melbourne in December (for $120,000 above the reserve at auction), Diana sought our help to buy her next home.
Within a week of engaging our buyers’ agent services, we bought her this wonderful sea change home in January – a 4-bedroom, 2-bathroom townhouse in Safety Beach.
With a specific budget in a fast rising market, Diana needed our expertise to assess, negotiate and buy the property, and provide her with certainty regarding the property type, while protecting her interests in the buying process.. And our carefully researched and considered strategy and advice worked!
The property was purchased via a private sale for a price below what the vendor was asking.
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 ?
After deciding to downsize, Kim and Jane sought our expert vendor advocacy advice to support and guide them throughout the sales journey on their home, a 3-bedroom, 2-bathroom house in Blackburn.
After Property Mavens determined which three agents best suited their needs, the couple selected their preferred agent and the sales and marketing process began in earnest. The outcome was the property selling at auction for a huge $250,000 over our vendor’s reserve!
After such a thrilling result at auction, we are now helping Kim and Jane via our Buyers Advocacy services to buy their forever home so they can enjoy the next chapter of their lives together.
As professional property buyers and vendors advocates, we know the difference between a bad selling agent and a great one! 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.
Our clients John and Eliza are ex pats currently living overseas who wanted to buy a high-performing investment-grade property to add to their existing portfolio. They were referred to us by their daughter.
After determining a capital growth strategy and working with a strict budget, we commenced searching for a property that met their requirements in a high-performing cluster of suburbs in Melbourne’s inner northwest.
We ultimately purchased a 2-bedroom, 1-bathroom house in Flemington on behalf of John and Eliza at market value prior to auction in 2015. This unique investment-grade property, which was the second in their portfolio, was in a highly-sought after position and in excellent condition.
Since the purchase John and Eliza had seen exceptional growth in the property’s value, with their land tax bill showing 54% capital growth in five years. We know if they sold it in today’s market, homebuyers would pay a premium for it!
Knowing they had purchased such a great property, as soon as this property purchase had settled, our clients commissioned us to find their next investment property.
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.
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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.