Newsletter - Inner Circle June 2023
Market News - PHILLIP LOWE DOES IT AGAIN.
The Reserve Bank of Australia has lifted interest rates for the 12th time in a little over a year. This now has to rank as the most extraordinary use of monetary policy in Australia’s history.
The good news so far is that the property market is shrugging off the bad news and concentrating on the good.
Out and about in Melbourne’s auction scene, we’re seeing the positivity playing out as investors, attracted by fast growing rents, have arrived back in force.
In Sydney, home of the initial rebound, we’re seeing solid growth and strong auction clearances right across middle ring suburbs and the North Shore.
And in regional Victoria and NSW, we’re seeing a rebound take shape in solid regional centres like Ballarat and Albury-Wodonga, while the flavour of the month regional areas of 2021 (typically, one industry resort towns) are slowly sinking backwards.
Interestingly, economists are starting to speak of a two-speed economy again and in real estate, that very much looks how the market will play out.
Signs the property market is headed for a rise.
Since there’s always an abundance of bad news about, I thought I’d give you a few of the positive signs to keep in mind when assessing 2023’s property market.
Sign 1 International buyer online searches for Aussie property have rebounded.
Sign 2 Rents are rising - a significant factor which should flow through to prices.
Sign 3 Auction clearance rates across capital cities have risen significantly.
Why you need a Vendor's Advocate
Guy wanted to downsize from his family home of 60 years, which was understandably quite an emotional decision.
Property Mavens went right to work helping Guy select the right sales agent, set the terms of the auction and assist the auctioneer by working the crowd to encourage a great result.
OUTCOME
Sold: A whopping $221,000 over his reserve.
Settlement Long settlement to give client time to source a new home
Client: 10/10 Miriam provided excellent service combined with a high level of expertise and strong negotiation skills ensured we achieved our desired outcome. Zoe's input was also valuable as we were guided through the selling process.
Agent: Miriam has a brilliant read on the property market, a no-nonsense approach and ultimately puts her clients in the best position to get the best possible outcome. I can say hand on heart that Miriam is no ordinary advocate (there are plenty around).
Why you need an experienced buyers agent.
Antonia and Robert were looking to secure a home to live in and operate a business from, which meant they had some special requirements. But they also wanted to ensure their house would provide strong growth for their future.
They finally settled on this family home in Geelong but weren’t sure if it would provide the capital growth they needed, so they engaged Property Mavens’ Assess & Negotiate service.
OUTCOME
Assess Home assessed against Property Mavens 57 point checklist
Build No building issues identified in due diligence
Purchased: Through private negotiation and within their budget.
CLIENT: Michael worked with us every step of the way as we navigated the challenges of a changing market. Michael was always available, thorough in his assessments and his tactical approach was well communicated.
Lessons from the vault - Aline and Pierre
Aline and Pierre were looking for a property which would suit their SMSF and help set up their retirement. Property Mavens determined the best course of action would be to purchase this property in Ballarat with a low-maintenance profile, good rental yield and the right attributes for solid capital growth.
Bought April 2022: $570,000
Value May 2023 : $600,000
Capital Growth : 5% in 12 months
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.
Love to talk real estate?
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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