Media & Blog
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).
Spring is here and Melbourne real estate is set for its annual bloom! Now you might have heard everything is awful but the truth is lot more sanguine. As ABS house price data shows, Melbourne is seeing lower growth but there’s no sign yet of a big fall.
We have exciting news! It has been a big month at Property Mavens, starting with a rebrand complete with a new logo and updated website to coincide with our 10-year anniversary! What better way to celebrate than with a brand refresh? We would love you to check out our new look at www.propertymavens.com.au. Despite our new look, our services remain the same – our new brand just represents our everlasting values of communication, accountability and confidence. Property Mavens is always in your corner to help you make the best decisions in property. We are fierce when it comes to negotiating for our clients.
Market News - House Prices Up (slightly) National home values moved up 0.6% in March, according to CoreLogic, the first rise since interest rates started their dramatic rise last year. Peak to trough, national home prices have dropped 8.5% since April 2022, winding back around one-third of their massive 28.6% upswing during the “cash-splash”.
Market News – RBA on hold, Spring beckons. Two sets of good news for people interested in buying property this year. Firstly, we are hearing from many agents that they are receiving a lot of interest in listing properties for sale this Spring. That’s great news as one of the key factors for buyers at the moment is a shortage of stock.
Market News. 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.
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.
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 – RBA on hold (for now). The Reserve Bank of Australia has left interest rates on hold for the time being but many analysts are saying that there may be one or two more rises possible this year.
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.
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
Market News - the 2023 Federal Budget. This year’s federal budget was centred around a surplus of $4 billion and a $14.6 billion cost of living relief package aimed at low income households and small businesses.
Market News. National home prices accelerated their growth in October to 0.9%, but the rate has dipped a little over the last quarter.
Market News. Melbourne is moving ahead, recording a lift of 0.4% in September to take the median house value to $933,281 and units to a median price of $612,585. Last month Melbourne and Sydney both recorded an above-average number of homes on the market.
Market News – Spring blooms. Real estate has quietened the doubters with the market recording its sixth straight month of rises. CoreLogic found house prices in capitals cities were 6.3% higher than at the start of the year, while unit values rose 4.9%.
Market News. After being led by the upper quartile most of last year, the strongest growth conditions have migrated to the lower quartile in Melbourne, Sydney and most capital cities. Across all capital cities, lower quartile home values increased 3.1% in the first quarter of this year compared with a 0.7% rise across the upper quartile. We’re also starting to see some rebound in regional city prices. Geelong’s middle and upper price levels in particular are showing some strong results this autumn.
Welcome to Inner Circle for August. The busy spring market is just around the corner, so let’s take a look at what is happening in the property world.
Market News. It has been a typically uneventful summer for real estate with market figures showing not much change. The average Melbourne home now costs $777,250 after a rise of 3.9% over the last year. Agents report a solid uptick in listings at the start of 2024 and are generally speaking bullish about the year ahead.
Market News. Like many years, 2023 started with predictions of falls in property prices. Also like many years, that didn’t come to pass Australian house and apartment values had a solid year, increasing by 8.1% nationally over 2023, according to analysts, CoreLogic. As you can see below, perennial underperformer Perth turned the tables on an ordinary decade recording a 15.2% jump in prices
Welcome to the new financial year. While you’re getting your tax affairs in order and looking to the future, we’ll take a look at the latest property market stats and how some of our clients are making the most of real estate opportunities.
Market News. The release of property data for May 2024 confirms property remains a solid investment despite the cost of living increases and higher interest rates than we’ve seen over the last decade. CoreLogic’s numbers show a resilient national market, with Perth and Brisbane accelerating, and Sydney regaining ground lost in the great interest rates hike. Melbourne, Canberra and Hobart remain in the slow lane for now.
Market News. According to PropTrack, Melbourne home prices rose 0.3% in in February taking the metro’s median home price to $797,000. From Property Mavens perspective, that makes Melbourne a red-hot favourite to lead growth in 2024, especially towards the end of the year. With inflation already down to its level of 2021, investors are betting interest rates are likely to fall in the second half of the year and are coming back into the market in force.
Market News. Over the last 12 months, Sydney recorded growth of 8.7%, Melbourne 2.8% while Perth was the standout with growth of 21.1%. Across Australia, the lower value range of the market is recording stronger growth than the top quartile. Regional city prices are now growing with centres like Albury-Wodonga, Geelong and Ballarat performing well.
Welcome to Inner Circle for October. As south east Australia warms up ahead of summer, let’s take a look at what is happening in the real estate world and what it means for you.