Newsletter - Inner Circle November 2024

Inner Circle

Market news - big melbourne house rebound

The latest numbers from PropTrack show a big spike in sale prices for Melbourne houses in the month of October. 

Melbourne led all capital cities for the month as demand from family upgraders and first home buyers in particular pushed a strong springtime result.

Many analysts have been speculating that Melbourne will be the strongest performing market when interest rates start to fall and October’s numbers could be the first forward indicator of this potential. 

Spring has seen a strong increase in the number of properties for sale with national listings up 13% while the number of completed sales has dropped 7.5%.

Over the last six months we have seen performance moderate significantly in Sydney, while Perth, Brisbane and Adelaide have continued their strong runs. 

It is that the most affordable metro areas which are seeing the strongest growth.

That is also playing into property types with the median sales price for units outpacing house values in many parts of metro Sydney, Melbourne and in the regions.

What we haven’t seen is what was feared - a spike in forced sales due the elevated interest rates which have been in place for the last two years.

Mortgage arrears data shows non-performing loans are under 1%, quite a low number, historically. But we are seeing mortgage stress signs on Melbourne’s outer fringe as young and new to Australia home buyers of the last few years struggle to keep up with payment schedules.

In The News

Downsizers are reshaping the housing market in ways that many might not have anticipated. As demographics and household compositions shift, certain suburbs are set to benefit significantly from these changes. 

If you are considering investing in property, make sure you get our take on how downsizing may be critical to long term performance of your asset. Read more from our CEO, Miriam Sandkuhler:  bit.ly/4fhxsg2

Why you need a Vendors Advocate.

Clare and Ashley were time-poor and wanted to downsize to a new home for the next stage of their life together. 

When we met with them, what became clear was they wanted two things – the best result possible and a stress-free, professional experience for the sale of their family home.

Property Mavens went right to work selecting the best agents for this property, and ensuring the marketing strategy was right for this particular market.

It was a slow starting auction but thanks to our process and the work of the agent, we were able to achieve a price over the vendor’s expectations at auction.

The whole process of bringing a Vendor Advocate on my side during the sale of my home was amazing. I would have definitely undercut myself in the challenging market we were trying to sell in. With Miriam by my side, she pushed for a much better result, landing at the top of our range on the day and negotiating another $30,000 on top. 

Throughout our campaign, Miriam was problem solving to help get reasonable contractors for work needed, advising on copy for advertising and whenever needed, getting things organised.

Why you need a buyers agent in Melbourne’s suburbs.

Yevette and Stephen are busy professionals who wanted to buy a new home. They had spent months looking at properties themselves and found it a frustrating experience. 

Matters came to a head when they missed out on a home at auction and it was then that their financial planner suggested they speak with a Buyers Agent, putting them in contact with Michael Kimbel.

Yevette and Stephen were very specific in the type of property they were looking for, wanting certain features and that “special feeling”.

The right property turned up in Spotswood but initially it appeared to be outside their budget. 

Leveraging his years of experience, Michael was able to arrange for an offer to be made before auction and after some lengthy negotiations, secure this house under Property Mavens’ value estimate for this property.

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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Giving back..

At Property Mavens we choose to give back to help create social change within our business model. If you use our buyers or vendor advocacy services, you will be helping to make a positive impact within the local and wider community.

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