Market news.
Last week saw the release of the latest economic data, which shows the economy is growing and real wages increasing.
Interest rate cuts have led to a rise in consumer sentiment while increasing the buying power of property investors and home buyers.
Westpac economist Matthew Hassan pointed to a big lift in property sentiment saying, "The RBA rate cut gave a substantial boost to housing-related sentiment” with the Westpac Consumer Sentiment Index showing a surge in homebuyer sentiment, and the 'time to buy a dwelling' index up an impressive 37% compared to a year ago.
We also saw the release of the government’s home guarantee scheme which will increase first home buyer sentiment in the short term.
The REIV is reporting seven weeks of auction clearances at 70% or above and on the ground, we are seeing more people inspecting properties. We have seen some runaway results at auctions, solid bidding at most and small number of surprisingly flat responses.
We are expecting a busy Spring period and some strong results towards the end of the year.
Investor Alert.
The Victorian government has announced New energy efficiency standards to ensure rental properties will be energy efficient.
The new standards commence on 1 March 2027 and will require rental providers at the start of a new rental agreement or when switching to a periodic agreement to:
• Replace heating and hot water with energy-efficient electric systems when the existing appliances reach end of their life.
• Install energy-efficient fixed cooling in the main living area
• Install ceiling insulation with an R-value of 5.0 where none exists.
• Install 4-star-rated shower heads.
From 1 July 2027 rental providers will need to
• draughtproof external doors, windows, and wall vents.
From 1 July 2030 – all providers of all rental agreement types must:
• install energy-efficient fixed cooling in the main living area.
Exemptions apply when meeting the standards is unreasonable (see regulations for details) and rental providers may be eligible for rebates (see Victorian Energy Upgrades Program)
Buying in Bayside?
Many of Melbourne's most desirable places to live are found in the Bayside area,
close to the beach, the city, and the best entertainment strips Melbourne has to offer. But buying the right home in some of Melbourne most expensive areas can be tough - we regularly see buyers overpaying simply because they don't understand the nuances of these premium areas.
Miriam Sandkuhler has earned her reputation as the Bayside property queen.
Get in touch and she can show you exactly how to buy the right bayside house or unit without paying more than you should.
In The Media.
Don't expect a deluge of new homes to bring property prices down. Not only is the promised surge in residential construction unlikely to materialise, even if it did, it wouldn’t have a big effect on house prices.
And while many online and in the media are characterising the housing problem as “every migrant who comes to Australia needs a roof over their head” the reality is quite different
To find out more about the ‘supply lie’ and how construction impacts the housing market, read on here: bit.ly/3Ib1OoY
Buying a top rated house in regional Victoria .
Sandy wanted to purchase a low maintenance investment property with potential for capital growth which would deliver a strong yield.
Sandy engaged Property Mavens services as a regional buyer's agent to find, assess and negotiate to buy her an investment property in Ballarat. We were able to successfully purchase this fantastic property at auction without competition.
10/10 Property Mavens utilised their expertise in the Ballarat area to source an A grade property that perfectly suits my brief. Miriam’s years of experience are evident when she leads contract negotiations, discussions with vendors and when providing great recommendations for conveyancers and property managers. I highly recommend her services.
Vendor Advocacy, Springvale South
Ian and family had to sell their late mother’s home but they were not familiar with the agents in the area.
They engaged Michael Kimbel from Property Mavens. He selected and interviewed a number of agents to assess who was the most likely to generate an outstanding result.
Marketing campaign Generated strong interest in the property
Auction result Sold $140,000 above anticipated price.
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Go forth and prosper !
Kind Regards
Miriam Sandkuhler
CEO, Accredited Property Investment Advisor
Buyer and Vendor Advocate, Author of Property Prosperity
e: miriam@propertymavens.com.au
p: 03) 9988 2266
The Jewell
Suite 209/566 St Kilda Rd
Melbourne VIC 3004
www.propertymavens.com.au
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