Newsletters 2022
Market News: Regionals tick up while cities show slowing decline. According to data firm, PropTrack, home prices in the regions are up 6.5% over the last 12 months while capital cities showed a 2.1% decline. Property Mavens is an active buyer of investment grade property in the regions so we’re well placed to unpack what’s going on
As we move through Spring, we’re seeing a solid market operating in Melbourne. The fear of missing out (FOMO) phenomenon has disappeared, with homes taking a little longer to sell. But this has been offset by a decline in new listings of around 12% in Melbourne (18% in Sydney).
Spring is here and Melbourne real estate is set for its annual bloom! Now you might have heard everything is awful but the truth is lot more sanguine. As ABS house price data shows, Melbourne is seeing lower growth but there’s no sign yet of a big fall.
We have exciting news! It has been a big month at Property Mavens, starting with a rebrand complete with a new logo and updated website to coincide with our 10-year anniversary! What better way to celebrate than with a brand refresh? We would love you to check out our new look at www.propertymavens.com.au. Despite our new look, our services remain the same – our new brand just represents our everlasting values of communication, accountability and confidence. Property Mavens is always in your corner to help you make the best decisions in property. We are fierce when it comes to negotiating for our clients.
Change could be on the way In good news this month, stamp duty reform is on the agenda in Victoria, as part of a push for a broader review on property taxation policy. The Real Estate Institute of Victoria (REIV), Australian Property Institute and the Housing Industry Association (Victoria) are leading the push for change, on behalf of the wider industry. It follows a recent change in New South Wales where stamp duty will be optional for first homebuyers, who can choose to pay a property tax instead from January 2023.
There is no need to panic The property market is always topical, but over the past month, we have seen it dominate the media headlines, particularly as interest rates have risen again. At the RBA’s June meeting, the cash rate was lifted by 0.5%, so it now sits at 0.85%. The rise was bigger than expected and has been passed on by many banks, but the fact remains that interest rates are still very low. However, we have since seen many doomsayers come out, once again, and predict price falls of 20 per cent-plus as a result.
What will new housing policies mean for the market? The much anticipated Federal Election is now over, and the question everyone in now asking is what impact the result will have on the property market.
Victoria will take centre stage in 2026 In exciting news this month, it has been announced that Victoria will host the 2026 Commonwealth Games, in just four years’ time. The event will be a new model, with events held across multiple regions. The opening ceremony will be held at the Melbourne Cricket Ground, but four regional hubs will be established in Geelong, Bendigo, Ballarat and Gippsland, each with their own athletes' village and sport program. Shepparton is also expected to hold sporting and cultural events. Apart from providing a significant boost to the economy and jobs, the Commonwealth Games will also lead to improved community infrastructure in Victoria and world-class facilities that will be attractions after the Games is over.
A-grade properties are where it’s at IT’S no surprise that the heat has come out of the property market – it had to sooner or later. But while conditions are not quite as strong as what we saw last year, with some uncertainties around elections, interest rates and even global issues, there is still strong demand and buyer competition for A-grade properties, which is the only type of property we buy for our clients.
Melbourne will be Australia’s biggest city Melbourne is set to overtake Sydney as Australia’s biggest city by 2030 at just over 5.9 million people, with the Centre for Population Growth expecting Victoria’s capital to be the fastest growing in Australia from 2023-24 as overseas migration returns.
Regional Victoria was the big winner of 2021 PROPERTY data from the big year we experienced in 2021 is flowing in, with regional Victoria found to have reached record highs.
Here’s to 2022! We’re excited to welcome in a new year, and we hope this one will be better for all, especially Melbournians!