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.
Perhaps surprisingly, in further positive news this week Victoria was named the best performing state economy in the CommSec State of the States report. It edged out Tasmania, which has been in the top spot for the previous nine quarters. Victoria ranked first on two of the eight economic indicators, being retail spending and relative unemployment.
In evidence that property prices are still strong, a recent report from the REIV found median prices in outer Melbourne suburbs – 20 kilometres or more from the CBD - had hit a new record high in the latest quarter. The median house price rose by 0.9 per cent during the three months to June to $856,000. Over the past 12 months, the median outer Melbourne price has risen by 12.8 per cent. The rise is likely due, at least in part, to the ongoing trend post-COVID of living further from the city for lifestyle reasons.
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 sellers’ advocate, contact us today.
We are finalists!
In very exciting news, Property Mavens is thrilled to announce that both Miriam Sandkuhler and Michael Kimbel have been selected from over 3500 entrants as Finalists in the Buyers Agent Category for the 2022 Australian Small Business Champion Awards. This is our 20th award nomination over the last 10 years!
It’s a buyers’ market
The conditions we have seen over the past few years could be described as a sellers’ market. There was a shortage of supply and high demand, with buyers competing for available properties and driving up prices. Now, in the middle of 2022, we have shifted to somewhat of a buyers’ market, with the softer market lending itself to reduced buyer competition, leading to a slowdown in prices.
Despite this, there is still a shortage of stock on the market, and A-grade properties will always attract competition, perhaps just not quite at the intense levels we saw last year. To buy the right property at the right price in this market you will still need skilled negotiation.
If you are considering buying at the moment, you should do so when the bank will lend you the money, rather than waiting for the market to drop. We know lenders can change their policy at any time, which can knock buyers out of the market.
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 property. If you are a buyer or seller that needs assistance, contact us today for an obligation-free discussion.
We determined that the couple had a capital growth strategy, seeking to generate equity over the long-term, and in line with this we purchased a property with future renovation potential.
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 vendors' advocate?
Gauravwas time poor and didn’t know where to start with selecting a sales agent who was going to provide him with the outcome he required when selling his 3 bedroom, 2-bathroom investment property in Kalkao.
That’s where Property Mavens came in. After selecting three local sales agents to interview, we selected the sales agent who was able to back-up their sales campaign strategy with solid examples of past performance.
The property required some preparation prior to presenting it to market. The selected sales agent project-managed the process ensuring that the property was able to be introduced to the market in a timely manner. A strategic auction campaign then ensured there were several bidders and the property was successfully sold under the hammer.
By having Property Mavens select the right agent for the property, Gaurav’s investment home was prepared for sale and sold within the required timeframe - all during lockdown conditions.
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.
Jeff and Carmenhad purchased through Property Mavens once before and sought our services for a second time.
They needed help to buy a cash flow positive property for their SMSF, which also allowed for capital growth to be manufactured via cosmetic renovation. Working with a low budget, the search commenced in the highly desirable regional location of Ballarat.
We successfully purchased this 3-bedroom, 3-bathroom house in Ballarat for the couple for $380,000 in July 2016, $15,000 under the asking price. It was in a desired location with a rental appraisal of $350 per week, equating to a 4.7 per cent yield.
Fast forward six years and the property has been valued at $700,000. That’s a massive capital gain of 83 per cent in six years, equating to 14 per cent per year!
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.
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