Newsletter - Inner Circle February 2023

Inner Circle

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. 

But the biggest jump in population will come from migration, with people moving from India, China and countries around the world to call Melbourne home. 

What does that mean for Melbourne property?

Obliviously, new arrivals from overseas boosts demand for rental property, and eventually for established property and new homes. 

In the short term, we can expect the squeeze in rental accommodation to continue, pushing up income for investors. 

Over time, we may see the gap between Sydney and Melbourne house prices narrowing. But it’s unlikely to disappear with the state government well aware that the affordability advantage is key to Melbourne’s growth prospects. 
 

Growth of rents in capital cities overtake regional centres.

You’ll remember the cry of 2020: Everyone is moving to the country!

Of course, it was never going to last. As we said at the time, momentum will swing back to the capital cities and major regional centres and away from beach resorts and small bush towns.

Rental data out recently shows that movement has already started. 

House rents on the Gold Coast fell by 7.1% in November, with Noosaville on the Sunshine Coast, seeing rents drop by 11.2%.

It’s a similar if not quite as dramatic story on NSW’s North Coast, with rents down around 5%.

According to researchers, SQM Property, regions are now starting to see a rise in vacancies, “because there appears to be fewer people seeming to live in these areas.”

Compare that to Melbourne, where the vacancy rate dropped to 1.5%, its lowest level since March 2018 or Sydney, where rents continue to climb; up 28.4% in the past year, while Brisbane asking rents rose 24.5%. 

What we’re seeing now is a return to more “normal conditions” with capital cities and major centres leading the market.
 

Meet Anjay Zazulak – our Albury-Wodonga Maven

Property Mavens is pleased to announce a new member of our network, Anjay Zazulak.

Anjay has been investing in property for 20-plus years and knows the Albury-Wodonga region like the back of his hand. 

He works with out of town investors and local home buyers to find them the perfect twin cities property for their needs.

Anjay has a Bachelor of Property and Finance from Auckland University.

Welcome Anjay!
 

Eric wanted to ensure he got the best bang for his buck with the right property, so he engaged Property Mavens to buy him a new home.

We were able to successfully purchase this fantastic property for him just 48 hours after he signed on with us.

“One word - amazing. Professional approach, unbiased (unvarnished!) advice, brilliant negotiation skills, calmly guiding me away from mistakes I was making and getting a deal done in just days at a price I know I would not have gotten.”

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. 

Felicia and Warren were living interstate and needed  to sell their  family home of many years. 

They engaged Property Mavens and we set right to work, determining which agent was best suited their needs, and ensuring the sales campaign set off with gusto.

After an auction, Felicia and Warren achieved their vendors reserve price.

"The property was tenanted and had great emotional attachment for us which made the process a challenging one. Miriam and the Property Mavens team were amazing. We highly recommend Property Mavens and will definitely use them to find and purchase our next home."

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.

Ben and Barney engaged Property Mavens to find, assess and negotiate to buy an investment property for their portfolio.

They wanted a low-maintenance property with strong capital growth potential. We were able to purchase this unique property in a sought after Melbourne CBD building.

Purchased                           $120k under the vendors asking price

Secured                               Off-market

Identified                             no issues presented.

10/10. I highly recommend Property Mavens if you want property opportunities or you are looking for someone who has strong negotiation skills and can take the pressure off the purchasing process. The service really pays for itself.”

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 !

Miriam Sandkuhler

CEO

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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