Melbourne’s controversial Fishermans Bend urban renewal precinct has been instrumental in making the city one of the top investment hotspots in the world, according to a new global report.
It joins the US cities of Austin, New Mexico, Miami, the Dutch city of Amsterdam, Germany’s Berlin and India’s Bengalaru on the list of cities identified in Knight Frank’s 2017 Wealth Report as presenting “exciting opportunities for private property investors in 2017”.
Melbourne’s growing population, projected to overtake Sydney’s by 2036, a 24 per cent increase in the number of workers based in the inner city in the past decade and consistently high performance in liveability indexes were other reasons for its attraction for investors, the report found.
Property expert Jeff Grochowski, suggests that the Victorian Government's upcoming changes to property taxes will lead to higher prices and a housing stock reduction.
The Victorian Government has announced that from the 1st of July 2017, first home buyers will not pay stamp duty on purchases less than $600,000.00. There will be a sliding scale of stamp duty up to a limit of $750,000.00.
Further measures, aimed at addressing a housing shortage, include, a 1% levy on housing stock including apartments and houses held by investors that are intentionally being kept vacant ( There are suggestions that overseas buyers, especially Chinese residents are the main target )
A clearance rate of 79 per cent was recorded this weekend compared to 81 per cent last weekend and 74 per cent this weekend last year. There were 1254 auctions reported to the REIV, with 992 selling and 262 being passed in, 124 of those on a vendor bid. The REIV collected 96% of auction results last week with a total of 1289 results including 14 postponed and 21 withdrawn
At $4 million Toorak has Melbourne’s highest median house price but South Melbourne and nine other suburbs command more by the square metre, new Real Estate Institute of Victoria data shows.
South Melbourne, which has grown in stature in the past decade, tops the list for land value city-wide – at an impressive $11,212 per square metre. The suburb also has an impressive median house price of $1.6 million, as of September this year.
Homes in Albert Park and Carlton North also attracted top dollar by square metre, at $10,495 and $9,966 respectively.
Sydney needs a better balance of new apartments, single dwelling homes and medium density developments, much like Melbourne has, according to the Real Estate Institute of New South Wales.
REINSW President John Cunningham said the NSW Government is currently reviewing its planning policies which he described as too convoluted.
“Everyone has an opinion on Sydney’s property problems, but there is a solution available which can help to create vibrant integrated communities,” Mr Cunningham said.
Residential vacancy rates have tightened across the Sydney market led by Middle Sydney, according to data released by the Real Estate Institute of New South Wales.
REINSW Deputy President Brett Hunter said the August 2016 REINSW Vacancy Rate Survey saw Sydney with an overall vacancy rate of 1.8 per cent, down 0.1 per cent.
Internet real estate websites assist people to find investment properties or a new home. Alongside the property listings, a new type of business has emerged " Real estate agent referral websites.
How do real estate agent rating and referral sites work?
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.
The property market for first home buyers is challenging. Prices are very high and incomes have not kept pace with the percentage rise in property prices.
Many young Australians and even older Australians, despair at ever getting into the property market.
In the article, written by Paul Bird, REIV Chief Executive Officer, Geoff White, said growth in Melbourne’s north was being driven by buyers seeking affordability.
The Reserve Bank of Australia has decided to continue with its policy of keeping mortgage rates law.
RateCity reported that the Reserve Bank may have left the cash rate unchanged at 1.75 per cent today, but market analysis indicates there’s still at least one rate cut still to come in 2016.
REIWA President Hayden Groves said that in the lead up to the Federal Election, it was important that REIWA, as an industry body, give the WA community a chance to be part of the conversation on negative gearing and property investment.
As of the 1st October 2014 and separate to a vendor’s obligation to provide a vendors statement changes to the Sale of Land Act now require estate agents to have the following document made available property purchasers.
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