Over February Melbourne’s real estate market saw a 2.1% price rise, which was the highest monthly rate of growth since 2003, according to CoreLogic data. At that rate of growth, the city was also the second strongest performing capital city market over February.
It looks like the market is only continuing to rise, with sellers achieving far greater for auction properties than expected at the moment– reportedly by up to $1 million more!
The Mornington Peninsula has been the best performer over the past five years with an increase in house prices of 9.3%, while the inner city has seen a price fall of 3.7%. In the inner city travel restrictions restricting overseas arrivals and work from home arrangements seeing people move out to the suburbs are affecting rentals, with stock on market rising and property prices falling.
Victoria also recorded the highest ever recorded clearance rate for February this year, with an 84.8% clearance rate from more than 3000 auctions, according to data from the Real Estate Institute of Victoria (REIV). It beat the 84% record in 2010. REIV data also found 17 suburbs recorded a 100% clearance rate, including Hawthorn East, Fitzroy North, Ferntree Gully, Rowville, Brunswick East, Sandringham, Seaford, Collingwood, Ashburton, Blackburn South, Fawkner,
Wantirna, Boronia, Fairfield, Hillside, Seddon, and St Kilda West.
Lastly, as we enter April we wish you a very Happy Easter! We hope everyone is set for a nice break over the coming days. Our office will be closed over the
public holidays, but we’ll be back on Tuesday.
If you need expert advice or help – whether you’re buying or selling - Property Mavens is here to guide you through the property market. To talk to a qualified and highly regarded buyers’ agent or seller’s advocate, contact us today.
Don’t buy a property lemon
With first home buyers being shut out of the market as competition intensifies and prices rise it’s a good time to consider inner Melbourne apartments, which are 10% lower in price than 12 months ago. But beware, only 10% of these
apartments will be viable to purchase as investment-grade, so careful due diligence must be done.
There is a lot of rubbish property being sold at the moment, with buyers paying silly prices due to FOMO. They are paying a premium for lemons and failing to do adequate due diligence, which is very dangerous indeed. Any buyer should take care and not feel pressured to make emotional decisions that can blow up in their faces and wallets. It can be a disaster.
If you buy a property with a physical defect it could cost you thousands – if not more – to rectify it, and if you buy a property that simply isn’t sought after or has a major issue such as being in a bad location, it could cost you hundreds of thousands, as you can’t fix it, you’ll find it hard to sell and you certainly won’t sell for a profit.
Due diligence is crucial before you buy. Look for any issues yourself by having several inspections and looking for obvious defects such as cracked brickwork,
but you should always get an independent building and pest inspection from a qualified professional who is trained to identify issues that the average person wouldn’t see, and can access areas of the property you probably can’t, such as the roof and underneath a house. If this means you have to offer a conditional
offer, then so be it, even if it means you have to miss out on the property. It really means you can dodge a property bullet. Not having an inspection might save you a few thousand dollars, but in the end, it will likely cost you much more. You should also seek expert advice from a buyers’ agent, who is also trained to identify a quality property.
An experienced and expert buyers’ agent such as Property Mavens can provide advice and help buyers and sellers to navigate any market and choose the right properties. 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 agent?
After selling her family home, our downsizer client Camille had been searching for a new home but was continually missing out, being beaten to the punch by other buyers.
Needing help, she engaged Property Mavens services as a metro buyers’ agent to assess and negotiate to buy her a new home. We were able to assist her to purchase within just 2 days of engaging our services! In a fast-rising market due to COVID-19 we successfully purchased this fantastic property, a 3-bedroom, 2-bathroom house in Donvale, for her under tough competition – and under her budget - via an expression of interest campaign.
We also identified some maintenance issues in the property, which allowed us to negotiate a $7500 price reduction for Camille.
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 treasured family home of 30 years, a 1-bedroom, 1-bathroom heritage apartment, to downsize. She needed expert advice to guide her throughout the process and sales journey, so she engaged Property Mavens’ vendors’ advocacy service.
We worked with Lauretta to secure her dream price with an interested party, off market and within 48 hours of her engaging our services. Not only did the property sell for the vendor’s asking price, but it also set a record price in the building.
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.
Dr X was relocating to Ballarat and wanted help buying a low-maintenance investment-grade home in the region that he could live in whilst working and then convert to an investment property in the future. He was referred to us by a colleague who is a past client of Property Mavens, and he subsequently engaged our Ballarat buyers agent services to help.
Having expert knowledge of the area and the buying process, we successfully purchased this property, a 4-bedroom, 2-bathroom house in Ballarat Central in 2018 for $10,000 under the vendors’ reserve after the property was passed in at
auction, also coming in below Dr X’s budget.
In early 2021 the property is now worth $800,000, which means it has grown in value by 20% in just over two years! This is the result you get when you work with an experienced buyers’ advocate who helps you to make smart property decisions. The rewards speak for themselves. And based on this result, Dr X has enlisted us to buy property number 2!
As professional property buyers we know the difference between a bad property and a good one, where to buy to generate the strongest returns, how to buy to secure the best result, 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.
Go Forth and Prosper !
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.