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What can we do for you over lockdown? PHYSICAL real estate offices are closed in Victoria, but the real estate industry is still operating, and Property Mavens is open for business. Services allowed during this time are those required for the end or start of a lease and those related to completing a property settlement, as long as requirements are adhered to, including one person in a property at a time and the wearing of face masks. All other inspections to buy or sell property, including auctions, are online only.
Melbourne’s real estate industry is still open for business WITH the property industry now having experience working online, it has continued to operate seamlessly over the past few weeks with the return to Stage 3 restrictions in metropolitan Melbourne and the Mitchell Shire. Auctions continue to be conducted online, as well as inspections in those areas where face-to-face meetings cannot take place
What’s the latest for real estate Victoria during COVID-19? In case you missed it, the REIV released figures this week showing Melbourne’s property market reached a record high over the first quarter of this year. The city’s median house price rose by 3.7% to $893,000, while units rose by 0.6% to reach a median of $641,000, demonstrating the strength of the market pre COVID-19.
Have you noticed that the rise of the professional Property Advocate is here ? There are more and more people suddenly claiming to be a Buyer’s Agent, with many having NEVER worked in the real estate industry.
Victoria’s market is moving as restrictions start to ease Since we last brought you news a month ago there has been some lifting of COVID-19 restrictions in Victoria, with more to come, and the property market is picking up again.
While the market is experiencing the most unusual time I can recall, the business of life goes on, including the buying and selling of real estate. Property Mavens is operating, helping clients through our extensive network of contacts in real estate, legal and financial circles. Non-Residents lose CGT exemption on Australian real estate. From 30 June 2020, the government will remove the Capital Gains Tax (CGT) exemption on a Principal Place of Residence (PPR or main residence) for non-residents.
There is opportunity amongst the uncertainty It seems much more than a month has gone by since we last brought you news on Victoria’s property market, with the Coronavirus situation in Australia rapidly unfolding. As you read this we hope that you are safe and that your family stays that way for the duration.
Our state is an economic powerhouse. Victoria continues to have the best performing economy of all the Australian states, according to the latest Commsec State of the States report, with the state benefiting from high construction work and a strong job market. Tasmania comes in second, followed by New South Wales. This is followed by the ACT in fourth spot, followed by Queensland, South Australia, Western Australia and the Northern Territory. Tasmania is holding the second spot with strength in relative population growth supporting home purchases and starts.
We’re off to a flying start. The new year has started with a bang! There is plenty of activity around, with the market barely taking a break over Christmas. Over 200 properties sold in the first week of the New Year, according to realestate.com.au
2020 is here… and we’re happy about it! Happy New Year! Welcome to the first day of 2020. We’re excited for what lies ahead for the property market over the next 12 months. The outlook is certainly a lot more positive than it was at the beginning of last year, particularly for Victoria.
As we near the end of the year, Melbourne keeps clocking up wins. The city has been the best performing capital for price growth in Australia over the past quarter and month, recording a rise of 5.5% and 2.3% respectively in dwelling values, according to the latest CoreLogic data. Values have now recovered 6% since a low in May 2019 and CoreLogic expects prices to make a full recovery (rising a further 5.8%) from the downturn and reach a record high by January or February next year.
