Newsletter - Inner Circle February 2024

Inner Circle

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. 

The most common theme I’m hearing in my conversations with agents is they expect the autumn market to travel well with 70% plus clearance auction rates and good prices achieved. 

While no one is expecting a boom, they are positive about the year ahead with only one agent (in Melbourne’s outer west) pessimistic. 

Certainly, you can see the optimism at the top end of the market with four ultra-prestige houses recently listed, including an 1880s Hawthorn East mansion with a $20 million plus price tag, a Linlithgow Rd, Toorak house with a $21 million - $23 million price guidance, and a Mont Albert Rd, Canterbury mansion with a $14 million -$15 million price guide.

Interestingly, the residential construction industry also appears to be travelling well.

New home sales were above average, with CoreLogic estimating 115,241 dwellings sold over the past three months - 11.9% higher than the same period last year.

Overall, price growth momentum was more moderate across the last six months with growth slowing in Melbourne and Sydney, and many regional areas looking like they’ve hit their low point. 

The exception to this is coastal resort areas, where new land taxes in Victoria and other states have slowed activity, especially in the “trophy home” section of the market. 

And the rental market continues to show potential for rising yields, with Melbourne recording a vacancy rate of 1.7% and rental growth of 14.8%, while Sydney recorded a vacancy rate of 1.5% and rental growth of 15.1%.

In the news.

Property Mavens head, Miriam Sandkuhler, takes an insider’s look at 2023’s national real estate numbers and provides her insights into what is driving the performance gaps in the market.

Click here to read more: bit.ly/4bwO69Z

Stirling was seeking two investments with strong capital growth and cashflow potential, so he engaged Property Mavens CEO, Miriam Sandkuhler again to help him. 

After just two weeks, we found this property in Ballarat which sported a great rental return and a very low maintenance profile. 

After quite a bit of negotiation we were able to secure a private treaty agreement at the bottom of the agent’s quote range with some small repairs completed. 

10/10 Miriam and Property Mavens have assisted me again with the locating and purchase of two properties. As usual, the process was seamless and stress free. Property Mavens is my go-to when it comes to buyers agents, and will continue to be so!

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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