The REIV recently announced that metropolitan house prices in Melbourne had surpassed $1 million for the first time ever, reaching a record median of $1,004,500 following a rise of 8.8% over the quarter. Houses in middle Melbourne also reached a record median of $1,148,500 and in regional Victoria houses reached a record median of $510,500.
With the property market clearly strong, you may be scratching your head wondering how you can get a foot on the ladder. If this sounds like you, check out the webinar I presented along with Terry Ryder
If you’re an investor, the market is made even trickier by recent substantial changes to the Residential Tenancies Act for Victorian landlords. There are now minimum rental standards relating to the quality of every aspect of a rental property, as well as new rules surrounding tenants and evictions.
In my opinion, better safety standards are good news for tenants. However, it will impose extra costs to landlords that will result in rental price increases
across the board over time. It will also force many landlords to sell, taking rental stock out of the market, especially ‘affordable’ housing.
In addition, these new standards will make it harder to sell some properties that don’t meet minimum standards. Investors need to be aware of additional due diligence they should do when buying a rental property – as well as building and pest inspections, they’ll also need to have electric and gas inspections.
Ideally, vendors should consider paying for these reports as a one-off, rather than the costs of multiple reports being the burden of multiple prospective buyers, especially during a red hot market. But whether or not that eventuates remains to be seen.
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.
Is property in the outer suburbs a good investment?
Following COVID-19 we have seen a shift out of our CBDs, from a work and, in turn, a living perspective. The rise in working from home has meant people do not necessarily need to be close to the CBD for employment as they once did. As a result, many have moved out of inner-city areas, with housing in middle and outer suburbs now more in demand.
In more recent times, however, we have seen many people move back into the CBD for work, with many employers increasingly demanding that workers come back into the office at least for a few days per week. So the question is, will people now increasingly move back to inner-city areas to be closer to work, or will middle and outer suburbs continue to be popular? And more importantly, should you buy in one of these latter areas?
It’s important to ensure that when buying in middle and outer areas in particular that the property you select ticks all the boxes from a fundamentals point of
view, so that it is what we deem to be an ‘investment-grade’ property. You should ensure you still have close access to public transport and amenities that will continue to provide the lifestyle to which you may have become accustomed, particularly if you have been living closer to the CBD, and to ensure future demand for the property if you intend to have it as an investment or rental. To ignore this may mean you get better bang for buck, but at the expense of living in a wasteland with little entertainment and lifestyle amenity.
As more infrastructure is developed in these outer areas in response to population growth, they will continue to grow in popularity, which should see prices continuing to grow over time.
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?
Thilo and Ryoko wanted to purchase their first home, a family home, in Australia. But being unfamiliar with how to navigate the Melbourne property market, they engaged our Melbourne buyers’ agent services to help.
We were able to successfully purchase this fantastic and unique property, a 3- bedroom, 2-bathroom house in Preston at auction under strong competition. We purchased it on behalf of our clients at market value in what is a highly contested, competitive market.
We secured this property in just a few weeks after taking on Thilo and Ryoko’s brief, and it not only ticked all the boxes, but also met their budget. Many immigrants struggle to buy property in Australia, with the rules being different nationwide. Due to our in-depth expertise and cultural sensitivity, we are able to successfully work with a lot of migrant families and solos, to help them make smart property decisions.
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?
Daniel and Jacqui were selling their treasured family home only two years after buying it and they needed expert advice from Property Mavens’ vendors’ advocacy service to guide them throughout the agent selection and sales journey.
Given they had only recently bought, and apparently overpaid by $50,000 at the time, we helped to guide them through price expectations and market reality, to eventually secure a price over and above what they wanted.
The property, a 3-bedroom, 2-bathroom house in Ferntree Gully, successfully sold over the vendor’s reserve after auction, after employing a creative strategy and via a subject to sale scenario.
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.
Ben and Melissa were looking to buy their first home in Ballarat. They had a specific requirement of wanting a period home but they didn't know which areas to look in and were time poor, with small children and having to travel from Melbourne to view homes. To give them a helping hand, they engaged our Ballarat buyers agent services to help.
We purchased this 4-bedroom, 1-bathroom period-style home house in Ballarat on their behalf within a matter of weeks of receiving their brief in March 2020, when the couple had been looking for years. The home was secured at market price before it hit the market, so we had no buyer competition.
In just 12 months this property has grown in value by a huge 15%! This amazing result speaks for itself.
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.
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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.