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.
Victoria will need to significantly increase its housing supply to match the demand, but as it stands price growth will continue in the state as more people compete for the existing stock.
The latest CoreLogic figures show Melbourne prices continued to grow over January, albeit at a slow rate, with the data provider finding Melbourne’s median house price rose over $1 million for the first time.
In good news for would-be buyers, Victoria has launched a sweeping review of consumer laws in the property sector, looking at protections for those looking to purchase property. The major issues to be examined include underquoting, real estate agent conduct and off-the-plan sales. To have your say visit here .
This month I’m thrilled to announce that I am a Finalist for the REIA National Buyer’s Agent of the Year 2022. The REIA National Awards for Excellence 2022 feature 21 categories across all aspects of the real estate sector: residential and commercial agencies, residential and commercial sales, property management, business brokers, buyer’s agents, community service, innovation, and communications.
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.
Will capital cities or regional areas shine this year?
Over the past few years we have heard so much about the migration to regional areas that has occurred during the pandemic, which has seen a huge rise in working from home. Without the need to travel into the Melbourne CBD Monday to Friday, people have increasingly moved outside the city seeking more space, more affordable housing and an arguably better lifestyle. But will the move towards regional cities continue this year? Or will we see a return to capital cities? I think there will be a bit of both.
While some will move to regional areas – as they always have - migration from regional to metropolitan areas will happen for those who don’t like their tree or sea change. Some will find a slower lifestyle or hotter climate is not their cup of tea, instead preferring the faster pace and culture of our capital. The return of overseas migration will also drive demand in city areas, and particularly for apartments.
There are benefits of both regional and metropolitan areas. In regional areas the pluses are affordability and lifestyle, with the ability to work from home and commute to capital cities. First homebuyers in particular can purchase in regional areas, securing better bang for buck. In metropolitan areas the benefits include lifestyle with entertainment options including art and hospitality, and more frequent cultural activities and festivals. You can still work from home, and there are greater employment opportunities.
For investors there is potential in both regional and metropolitan areas. For a balanced investor, larger regional cities can offer slightly higher yields and solid capital growth (subject to growth drivers and property selection). Metropolitan areas, on the other hand, can provide solid long-term growth but with lower yields (again, subject to growth drivers and property selection).
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.
Why do you need a buyer's agent?
Darren and Stefanie had been searching for a home to purchase in Melbourne but kept missing out, with lockdowns preventing Darren from being in Melbourne which made buying a property more difficult. They needed help, so they engaged Property Mavens services as a metro buyers agent to assess and negotiate to buy on their behalf.
In a fast-rising market during COVID-19, the couple’s brief was to buy a home that they could renovate.
We were able to successfully purchase this fantastic property for them, a 2-bedroom, 1-bathroom Edwardian brick house in Hawthorn East despite a challenging market. The home was passed in at auction, and we managed to secure it for $50,000 under the vendor’s reserve.
Darren says: “I would recommend Miriam and Property Mavens for those that are time poor, not confident with the current market or negotiating at auctions, and for those that are unsure how to assess a property for future growth and strong returns.”
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?
We helped David and Therese secure this 2-bedroom, 1-bathroom townhouse in Kingsville in 2014 as an investment property.
More recently the couple wanted to sell due to life changes, but they wanted the process to be stress free, so they engaged Property Mavens’ Vendor Advocacy service to support and guide them throughout the process.
We helped David and Therese determine which best three real estate agents suited their needs, and after they selected their chosen agent the marketing process began with gusto. The result was that they achieved their asking price via a private sale, under challenging market conditions.
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.
We had already worked with Miranda numerous times as a buyers’ agent before she re-engaged our services to buy her fifth property.
Her goal was to buy a property with strong cash flow as well as capital growth in the regional area of Ballarat.
We purchased this 4-bedroom, 2-bathroom house in Ballarat at market value in September 2017 for $420,000 with a high yield of five per cent. Just over three years later, in January 2022, it was valued at $670,000, equating to a huge rise of 60 per cent in 4.3 years, or 14 per cent per year.
The property has high resale and strong tenant appeal, which is why it has grown in value so strongly and been such a successful investment for Miranda.
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 !
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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.