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 so 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."
"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."
RateCity has released a comprehensive report highlighting the issues facing home buyers and property investors when they apply for a mortgage. Here are the key points.
1. Interest rates cut across all categories, largely led by a 0.25 per cent cash rate cut in August.
2. Home loans: Now more than a year since the emergence of investor pricing and the ‘ideal borrower’ and the rate gap has continued to widen. 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.
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.
Property prices on the east coast of Australia continue to rise to unattainable highs with a person looking to buy in Brisbane or Melbourne requiring an $80,866 and $96,706 salary respectively to afford a median priced house.
“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.
This week, 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.
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.
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.