With record low interest rates and stock shortages in Sydney and Melbourne, the market is heating up again, with a record number of property selling for $1 million or more.
But there’s a whole other list of potential dream homes you won’t even hear about if you’re focused on what real estate agents have to dish up.
Off-market sales are where savvy home buyers and investors avoid the pitfalls of buying at auction, where emotions run high and the quoted price is woefully unrealistic.
"First property buyers should look to entering the market as a town house owner in a well located property that they can potentially sell to families, couples, retirees and first home buyers. The aim is to build a portfolio of unique properties. Later, they can move on to a house. No two houses are ever identical. That is what creates demand. The rarity factor is the key. Unique aspects in terms of design and or location are what drives up the price."
Brunswick is long gone. Coburg, Thornbury, Preston too. And now the cafe brigade is continuing its march north.
Melbourne’s cool kid mecca – the inner north – has become increasingly expensive and, in turn, the trendy crowd is being forced to migrate above the long-understood hipster proof fence: Bell Street. One of Melbourne’s busiest roads has for years been the great divide of the north, and routinely held property prices back by hundreds of thousands of dollars.
But even Coburg North, a suburb well above the Bell Street threshold, has soared in price and cache, with the median house price now at $767,500. CoNo, as the trendy locals apparently call it, is now out of reach of many young buyers.
"Many people fear that interest rates will go back to 7%. However, not all areas of the Australian economy are firing and while the economy is stable it is not in the interest of the Reserve Bank of Australia to risk a recession by making it harder for businesses and people to borrow."
"Whether it is for owner occupier property or for an investment, interest rates are still attractive so people should use them for carefully selected properties in well researched locations."
RateCity has released a comprehensive report highlighting the issues facing home buyers and property investors when they apply for a mortgage.
1. Interest rates cut across all categories, largely led by a 0.25 per cent cash rate cut in August.
2. Home loans: Home loan rates have continued to trend downward after two RBA cuts in 2016, and a total of four cuts since February 2015, following a period of 18-months with rates on hold. Shorter-term fixed rates are sitting significantly lower than variable rates on average, suggesting there may be some room for rates to go lower in the easing cycle. Longer-term fixed rates are above variable, which suggests the low rates won’t last for ever.
Paul Bird from the REIV issued a media release that put a spotlight on those Melbourne suburbs where people should consider the economics of buying as opposed to renting.
Only two of Australia’s eight capital cities have a median house price that can be afforded by an average single income, new analysis by Australia’s leading financial comparison website, RateCity.com.au, shows.
“Our analysis reveals a reality that many young Australians are now living; the impossibility of affording a median-priced house on an average salary in most capital cities,” said Peter Arnold, data insights director at RateCity.com.au.
MELBOURNE property’s price growth doubled the national average in the year to June, a new report shows - and experts say there’s more to come.
Figures released today by the Australian Bureau of Statistics show Melbourne’s average residential price increased 8.2 per cent during the 12 month period - the most of any capital city.
Year after year, Melbourne has been named in the top ten most livable cities in the World. Does that make realestate less affordable?
Each year, the list of the most popular cities in the World, draws attention to the leading locations and that focus, affects realestate prices. More people wanting to live somewhere that is very popular, leads to higher demand and that extra stimulous, leads to higher property prices.
These questions can help you screen tenants before taking the time to check up on references and will give you an insight into each individual, letting identify potential issues before they arise.
In 2016, the median house price of properties with more than two-bedrooms in desirable public school zones is significantly higher than the median price of similar homes that border the zone.
Anyone can walk into a real estate agency and pick a property from the window. Anyone can pay full price, or pay high stamp duty, or pay high legal fees or buy in a location that historically has not seen strong demand. People who buy without advice may be wasting money and not even know it.
Do you know which suburb, street or project is available when buyers think location, location, location?
Buying off the plan involves a little bit of insight and a whole lot of imagination. At the end of the day, you might end up with a brand new property for a great price.
"Location, location, location" is an over used but often little understood summary of what to think about when buying real estate. What does "location" mean?
Most property buyers will need a bank loan to buy a home or investment property. Knowing how the banks work makes it easier to qualify for a home loan.
With a federal election looming, Australians are increasingly unsure about whether to use negative gearing as a PAYE taxation reduction strategy.
Tax depreciation can compensate you for natural wear and tear, or help you bear the brunt of maintenance, repairs and renovations. Both new and old properties can deliver you significant savings come tax time.