Newsletter - Inner Circle November 2022
Inner Circle
Melbourne market
As we move through Spring, we’re seeing a solid market operating in Melbourne.
The fear of missing out (FOMO) phenomenon has disappeared, with homes taking a little longer to sell. But this has been offset by a decline in new listings of around 12% in Melbourne (18% in Sydney).
In Victoria, the current average home loan is $624,000 which suggests an average dwelling price of around $940,000, well above the $748,600 average in June 2020.
House prices are down 6.4% from their Melbourne peak, according to CoreLogic, but much of this reflects the decline at the very top of the market.
Where to look for property in 2023.
Yes, there are good buying opportunities coming on to the market along with some quite ordinary stock.
Let’s have a look at the sorts of properties investors or home buyers should focus on.
For the next year at least, affordability is going to be the buzzword. In these sorts of conditions, buyers should be looking around the middle of the market, say between $750,00 to $1.2 million for houses and $500,000 to $750,000 for units.
That leaves plenty of options across Melbourne’s middle ring, especially in the western and northern suburbs in areas with great transport and on streets with a strong residential appeal.
Middle and late 20th century houses and streets are preferred by buyers over the more recently developed suburbs.
In regional cities, houses in a few choice areas of Ballarat, Bendigo and Geelong also look promising at around the $450,000 to $600,000 mark (a little higher in Geelong).
In Melbourne, 20th century apartments with good floorplans and street appeal are continuing to prove a solid investment. .
Rental market promises increasing returns.
PropTrack's latest Rental Report shows rental prices have increased at the fastest quarterly rate on record, surging 4.3% to reach a national median of $480 per week.
Property Mavens is forecasting solid increases in Melbourne rents right through 2023.
Another gong for our team!
Property Mavens Miriam Sandkuhler was a finalist in this year’s Australian Women's Small Business Champion Awards.
It was a great result for this female led business for an award which received more than two and a half thousand nominations from across Australia.
Why do you need a buyer's agent?
Charles was looking to purchase an investment property within a specific budget but was a little lost when it came to where or what to buy. So, he engaged Michael Kimbel of Property Mavens to help.
After a review of his brief, we were able to find Charles a property in Bendigo in a location which was going to provide strong rental yield with growth potential.
“Michael has very solid understanding on Victorian property market. His sound experience and sharp judgement on property price negotiation certainly helped us bought our first positive cash flow investment property. We will come back for the second one in the future. A very satisfied buyer.”
If you want help to identify an investment-grade property like this one, whether it’s a family home or an investment property, book a time with us to discuss your requirements. It’s 100% obligation-free.
WHY DO YOU NEED A VENDORS' ADVOCATE?
We met Marama and Cameron recently. A time poor couple, they were wrestling with how or if they should sell their long standing family home.
After sitting down with Miriam, the couple found they had a better approach to deciding between their options. Obviously, there was the promise of finding and buying the perfect new home, but they needed to weigh that up against all the costs of selling then buying.
After interviewing 3 reputable selling agents and being presented with all the facts, Marama and Cameron decided to stay put and renovate their home.
This was a big win for our clients who gained the expert advice they needed to reach the best decision for them.
“This has been a watershed moment, and we have gained the confidence and courage to make informed decisions about our future, and as such, the value of this experience is incalculable.”
As professional property buyers and vendors advocates, we know the difference between a bad selling agent and a great one. If you would like help to secure a fantastic outcome like this one, whether it’s selling a family home or an investment property, and you’re ready to get started, click here to book a time to discuss your requirements. It’s 100% obligation free.
We’re always in your corner
Whether you’re buying or selling real estate, we’ll draw on our extensive experience to help you make the best decision.
Property Mavens has been active for home buyers and investors in Bendigo, Melbourne and Ballarat recently, but we’ll always have room for you!
If you want to take advantage of the good property buys coming onto the market and ensure you don’t make an expensive mistake, feel free to call!
Love to talk real estate?
If you want to invest or buy the right home for your budget, or sell your property book a time, or call us for a chat about securing your financial independence.
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