Media & Blog 

Buying property off the plan in Australia has become an increasingly popular option for buyers looking to enter the property market. However, like any investment, there are both risks and benefits associated with this type of purchase.

Market News: We ended last year with quite a few ‘overnight experts’ telling us property would be in free fall over summer and into the new year. But it hasn’t quite worked out that way. Instead, what we are seeing is a market tracking sideways. Home price declines actually halted in Sydney (and nearly in Melbourne) for the month of February but the numbers are still showing a fall over the last three months

Australian property prices began to fall in mid-2022, and we expect further falls. Learn what happened with property prices and where we believe they’re headed. Despite the gloom-and-doom forecasts in the early months of the pandemic, the Australian property market saw growth not witnessed for a generation. Now the market has stabilized from its frenetic pandemic highs and is transacting at a more normal pace.

Quite the opening line isn’t’ it! It’s about the flood of FAKE and bogus Buyers Agents still entering the sector and the huge risks to consumers. The 'PIG' I refer to are people who have entered the sector after being marketed to during ‘wealth creation seminars or Facebook ads, promoting this career pivot to ‘get rich quick’, on the backs of consumers.

There are several frustrations that buyers commonly experience when purchasing a property which include: Limited Listings/Stock Levels: One of the most common frustrations for buyers is limited listings. In a competitive market, there may be few properties available that meet the buyer's criteria, leading to a longer search process and potentially settling for a property that isn't their first choice.

“Anecdotal evidence suggests that some agencies are employing property hosts to open properties for inspection, i.e. people who are not qualified Agents’ Representatives or Licensed Estate Agents may be acting as a host. Please be aware that such an approach is not permitted under the Estate Agents Act and exposes your agency to significant fines.

Market News: Melbourne set to overtake Sydney. Sometime around 2030, Melbourne will overtake Sydney as Australia’s largest city – the first time it has held that crown in 120 years. For that, we can in part thank our cousins to the north as NSW residents make up the largest proportion of Australians moving to Melbourne. Richmond, the CBD, Brunswick and South Yarra were the most popular areas attracting NSW-based property buyers.

Victoria housing affordability: Less than a fifth of Victorian homes are cheaper to buy than rent | PropTrack Less than a fifth of Victorian homes are more affordable to buy than rent, with new PropTrack data revealing one major difference between the state and the rest of the nation. However, Property Mavens chief executive and buyer agent Miriam Sandkuhler said she would caution property investors to buy in these areas, as a high proportion of these “homes” were very small units in precincts dominated by tightly congested development. “Calling these ‘homes’’ can be quite misleading,” Ms Sandkuhler said.

Market News: It’s a relaxing time of year but some of us are still keeping an eye on what’s happening in the property market. If that’s you, you might have been a little worried by some of December’s stats. In Melbourne, auction volumes fell by 16.8% in the last week and clearances were off for December, down to 58%.

Market News: Regionals tick up while cities show slowing decline. According to data firm, PropTrack, home prices in the regions are up 6.5% over the last 12 months while capital cities showed a 2.1% decline. Property Mavens is an active buyer of investment grade property in the regions so we’re well placed to unpack what’s going on

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).

I recently spoke to a prospect who was comparing our buyer’s agency service and price to two other competitors. All 3 of us were established, reputable, skilled, very experienced, and worthy of engaging, so it was a fair comparison. And yes, there was some variation in our fees.