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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.
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.
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.
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.
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.
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.
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.
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).
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
Market News: It’s a relaxing time of year but some of us are still keeping an eye on what’s happening in the property market. If that’s you, you might have been a little worried by some of December’s stats. In Melbourne, auction volumes fell by 16.8% in the last week and clearances were off for December, down to 58%.
Market News: Melbourne set to overtake Sydney. Sometime around 2030, Melbourne will overtake Sydney as Australia’s largest city – the first time it has held that crown in 120 years. For that, we can in part thank our cousins to the north as NSW residents make up the largest proportion of Australians moving to Melbourne. Richmond, the CBD, Brunswick and South Yarra were the most popular areas attracting NSW-based property buyers.
Market News: We ended last year with quite a few ‘overnight experts’ telling us property would be in free fall over summer and into the new year. But it hasn’t quite worked out that way. Instead, what we are seeing is a market tracking sideways. Home price declines actually halted in Sydney (and nearly in Melbourne) for the month of February but the numbers are still showing a fall over the last three months
Market News - House Prices Up (slightly) National home values moved up 0.6% in March, according to CoreLogic, the first rise since interest rates started their dramatic rise last year. Peak to trough, national home prices have dropped 8.5% since April 2022, winding back around one-third of their massive 28.6% upswing during the “cash-splash”.
Market News - the 2023 Federal Budget. This year’s federal budget was centred around a surplus of $4 billion and a $14.6 billion cost of living relief package aimed at low income households and small businesses.
Market News – Phillip Lowe does it again. The Reserve Bank of Australia has lifted interest rates for the 12th time in a little over a year. This now has to rank as the most extraordinary use of monetary policy in Australia’s history.
Market News – RBA on hold (for now). The Reserve Bank of Australia has left interest rates on hold for the time being but many analysts are saying that there may be one or two more rises possible this year.
Market News – RBA on hold, Spring beckons. Two sets of good news for people interested in buying property this year. Firstly, we are hearing from many agents that they are receiving a lot of interest in listing properties for sale this Spring. That’s great news as one of the key factors for buyers at the moment is a shortage of stock.
Market News – Spring blooms. Real estate has quietened the doubters with the market recording its sixth straight month of rises. CoreLogic found house prices in capitals cities were 6.3% higher than at the start of the year, while unit values rose 4.9%.
Market News. Melbourne is moving ahead, recording a lift of 0.4% in September to take the median house value to $933,281 and units to a median price of $612,585. Last month Melbourne and Sydney both recorded an above-average number of homes on the market.
Market News. National home prices accelerated their growth in October to 0.9%, but the rate has dipped a little over the last quarter.
Market News. Property values growth across the country are slowing as buyers at the top of the market baulk at eye-watering prices. But the affordable section of the market and some areas trading just above the median house price are traveling well.
Market News. Like many years, 2023 started with predictions of falls in property prices. Also like many years, that didn’t come to pass Australian house and apartment values had a solid year, increasing by 8.1% nationally over 2023, according to analysts, CoreLogic. As you can see below, perennial underperformer Perth turned the tables on an ordinary decade recording a 15.2% jump in prices
Market News. It has been a typically uneventful summer for real estate with market figures showing not much change. The average Melbourne home now costs $777,250 after a rise of 3.9% over the last year. Agents report a solid uptick in listings at the start of 2024 and are generally speaking bullish about the year ahead.
Market News. According to PropTrack, Melbourne home prices rose 0.3% in in February taking the metro’s median home price to $797,000. From Property Mavens perspective, that makes Melbourne a red-hot favourite to lead growth in 2024, especially towards the end of the year. With inflation already down to its level of 2021, investors are betting interest rates are likely to fall in the second half of the year and are coming back into the market in force.