Newsletter - Inner Circle December 2023
Market News
Welcome to Inner Circle December 2023.
As the spring market draws to a close, we are seeing some good growth numbers for targeted properties but also quite an influx of C-grade homes on to the market.
Let’s take a look at what’s going on.
Property values growth across the country are slowing as buyers at the top of the market baulk at eye-watering prices. But the affordable section of the market and some areas trading just above the median house price are traveling well.
The slowdown is mainly the effect of the last interest rate rise which has seen another reduction in borrowing capacity and more buyers contemplating serviceability before putting their hand up.
Perth (13.5%) Brisbane (10.7%) and Sydney (10.2%) notched up two-digit growth for the year while Melbourne recorded a 3% rise.
That sets up Melbourne as the best placed to perform well in 2024 – and beyond.
Inner-Melbourne suburbs like Prahran, Brunswick West and Richmond have been recording strong unit sale numbers with two bedroom apartments being bought and rented quickly.
In the outer suburbs, particularly in the east, it’s 3 bed houses which are performing best. Well-positioned family homes under $1 million are hot property in 2023 and we see this trend continuing into next year.
Granny flats to the rescue.
Starting this month, it will be much easier to build a granny flat or small second home in Victoria.
Following a similar move by Queensland, Premier Jacinta Allan announced planning permits will no longer be required to build small secondary homes.
The initiative, first outlined in the Victorian government’s Housing Statement, means second homes under 60 square metres won’t require a planning permit on blocks 300 square metres or larger where there are no flooding or environmental overlays.
Building permits are still required, however.
In the news...
Property Mavens CEO Miriam Sandkuhler shared her insights with the Herald Sun, cautioning investors about purchasing in areas of intense development.
She highlights the prevalence of small units in high-rise buildings within tightly congested precincts. This advice reminds investors to carefully consider the long-term implications of development dynamics in their favoured locations.
Read more here: Herald Sun - avoid buying into congestion
Miriam also penned a piece for Australian Property Investor Magazine on the outlook for home prices in 2024 and the factors driving the market.
You can read her outlook here: Overinflated or Set to fly? Property prices in 2024
Why you need a buyers ADVOCATE
Stirling engaged Property Mavens for the third time to help him find and buy a high-performing investment.
As an investor, Stirling wanted us to find him a property with the right combination of factors to drive capital growth and income over the long-term.
We found this classic three bedroom, two bath family home in well-placed inner west suburb, Kingsville.
This home had a recent and comprehensive renovation and a low maintenance profile. We rated it highly for tenant appeal in a grossly undersupplied market in this inner city precinct.
After a bit of back and forth, we were able to secure this off market sale at $32,500 below vendors asking price.
Why you need a buyers ADVOCATE - TAKE 2
Madeleine approached Property Mavens to buy her a comfortable apartment as her new downsizer home.
Like many people Madeleine was interested in an affordable property as she was moving to a new stage in life and didn’t want to be overburdened.
After quite a bit of groundwork, we were able to successfully purchase this fantastic home and well within her budget.
If you need help in researching, identifying and putting together a successful buying strategy, get in touch!
CHRISTMAS CLOSING HOURS
Please note our offices will be closed from December 21st and reopen on January 8th 2024. Wishing you and your family and friends a safe holiday season.
Is the time right for you?
If now is the right time for you to be a part of Australia’s property journey, get in contact with us for a free, no-obligation consultation.
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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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