Newsletter - Inner Circle June 2024

Inner Circle

Market News 

The release of property data for May 2024 confirms property remains a solid investment despite the cost of living increases and higher interest rates than we’ve seen over the last decade. 

CoreLogic’s numbers show a resilient national market, with Perth and Brisbane accelerating, and Sydney regaining ground lost in the great interest rates hike. Melbourne, Canberra and Hobart remain in the slow lane for now.
 

You can see that movement in a 5-year perspective below with the latest quarterly numbers highlighted.

Brisbane overtook Melbourne to become the second most expensive capital in the country for all dwellings, due largely to more relatively inexpensive units pulling the Melbourne median value down.

The median house value in Brisbane and Melbourne are basically the same thanks to above-average interstate migration to Queensland.

Property taxes.

The other factor to note here is the effect of the Victorian government’s increase in property taxes. 

On one hand, we are seeing an increase in long term investors, mainly retirees, selling up. 

On the other hand, we’re still seeing an increase in high income investors buying into the market, with investors as a proportion of all sales rising from 27% last year to just over 35% this year. 

We see this transition as cyclical in nature and the effect should wash through in calendar 2024. 

But that makes for some good buying in the meantime, especially around the $750,000 - $900,000 range.

In the news.

Each year, Australians spend around $12 billion renovating property with a significant proportion by investors looking to make money from a remodelled or reworked property.

If you’re thinking of joining Australia’s army of renovation investors, here are some pointers from Property Mavens CEO, Miriam Sandkuhler. Read on: bit.ly/3V2jRQI 

Caitie was looking to purchase a new home in Melbourne. But she was unfamiliar  with the eastern suburbs and being a busy professional, she engaged Maven Michael Kimbel to help her find her new home. 

We worked to identify the type of property which would suit her requirements in the suburbs she preferred. 

Once property type, location and budget had been worked out, we were able to come up with a plan to source an investment grade property which would suit Caitie’s new life.

We were able to find her this home and secure it for her within the planned budget, despite some heavy competition on the day. 

10/10 Working with Michael Kimbel from Property Mavens was a breeze! His professionalism, market knowledge, and efficiency made the entire process seamless. Thanks to his expertise, I snagged a great deal under budget. Highly recommend!
 

Ian and his extended family were needing to sell their late Mother’s home. Not familiar with agents in the area and with a number of stakeholders to satisfy, Ian engaged Property Mavens as a professional and fully independent Vendors Advocate. 

Property Mavens helped Ian and family select the right selling agent, interviewing a number of candidates first.

The campaign strategy we negotiated with the agent generated quite a few interested parties who fought it out at auction, resulting in a sale $140,000 above the anticipated price.

Michael Kimbel, our vendor advocate from Property Mavens, was an absolute pleasure to work with. His market insights and advice were spot-on, enabling us to make informed decisions and achieve the best selling price for our property. We are thrilled with the outcome and cannot thank Michael enough for his hard work 
 

Maven Anjay Zazulak had worked for Scott and Lisa before and they let us know they were looking for a significant renovation project. 

After their client brief, we found this block of seven units registered under the same title. While the property was off market, it ticked all the boxes as a great opportunity to add value.

After some intense negotiations, we managed to secure this property around $200,000 under its valuation and $80,000 under the vendor’s asking price. 

The property is perfect for remodelling and within the right planning regime for the new owners to register each unit on its own strata title and sell off individually.  

TESTIMONIAL
10/10 Anjay is a fantastic and professional buyers agent. Anjay has helped my wife and I previously acquire two outstanding properties in Albury. We've greatly appreciated his expertise and advice in the negotiation process. He provides fantastic communication and top notch service.

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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