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.
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 )
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.
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?
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.