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The challenge with buying property in a rising market is to keep pace with the market and to and adjust your buying strategy accordingly, and if necessary, quickly. It’s not helped by the fact that in Victoria, when selling agents recommend the auction method to their vendors, the campaign inevitably starts off with either no disclosed price or bait pricing. This is where the campaign pricing starts low and then increases each week according to ‘buyer’ feedback.
As little girls growing up, we have all seen the Disney animated fairy tales where the prince rescues the commoner and falls in love, or the Hollywood movie ‘happy ever after’ endings. As women, we have been conditioned from a very young age by the media, the entertainment industry and even our families to assume we will meet our dream man (or woman), settle down and maybe even have children. And of course, we will live happily ever after…
May 2017 - Buying property is an investment decision that should not be taken lightly. It requires an all-encompassing amount of research and decision making before a selection is finalised. And with close to every property being widely marketed to the public, it is important that investors carefully weed through the ‘glamorous’ advertising and the associated promises in order to make a wise property investment decision.
June 2017 - You’ve prepped the house, you’ve enlisted a property agent, your house has been photographed, and the advertising campaign is in full swing. Everything is going as planned and you’re feeling confident. Then, come auction day, you don’t receive any bids. After your initial confidence, this is likely to leave you feeling very disheartened.
Here’s to 2022! We’re excited to welcome in a new year, and we hope this one will be better for all, especially Melbournians!
Regional Victoria was the big winner of 2021 PROPERTY data from the big year we experienced in 2021 is flowing in, with regional Victoria found to have reached record highs.
Melbourne will be Australia’s biggest city Melbourne is set to overtake Sydney as Australia’s biggest city by 2030 at just over 5.9 million people, with the Centre for Population Growth expecting Victoria’s capital to be the fastest growing in Australia from 2023-24 as overseas migration returns.
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.