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.
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 )
"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."
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.
Jeff Grochowski from Accrue Real Estate discusses the lifestyle and property investment potential of Black Rock.
Brighton is probably the most well known and affluent suburb on the shores of Port Phillip Bay. It is a really good place to live. It is close to the city. The beaches are popular for locals and visitors alike.
Hampton is fast gathering a reputation as the next generation's trophy property location and it is now starting to mirror Brighton in terms of lifestyle and in some cases, property value. Nearby, Black Rock offers lower prices in an area undergoing significant urban revitalisation. Access to a very interesting beach and foreshore recreation area have made more and more investors and home seekers look at buying into the suburb.
The REIV is advising buyers to look beyond the Melbourne CBD and inner suburbs for their first property purchase.
REIV CEO Geoff White said buyers are increasingly looking for value in regional Victoria.
“New growth areas provide buyers with the opportunity to enter the property market at a more affordable rate, yet still on a main VLine service into Melbourne.”
“Many of these areas, especially towns within commuting distance of the city, are also recording solid annual price increases and are poised for future growth.”
“Investment and infrastructure initiatives by both the state and federal government are likely to deliver further capital growth in these areas.”
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.
THE mortgage belt Epping precinct in Melbourne’s outer north has been dubbed one of Australia’s best “cheapie” real estate markets.
The report, by real estate guru Terry Ryder, labels these five areas smart places to invest in property, stating that each have been boosted by affordability, job opportunities and infrastructure spending.
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.
Australian capital city house prices continued to push higher in July, according to latest data released by CoreLogic on Monday.
The group’s Home Value Index rose by a further 0.8% last month, leaving capital city house prices up 6.1% from a year earlier.
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.
New REIV data shows that the outer north is especially solid - Craigieburn is leading the way, with auction volumes increasing 45 per cent and sales up a significant 88 per cent over 2015 figures.
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.
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.
We often read the property investment success stories in the media but there are mistakes that people who are looking to buy a residential property as an investment can make. What strategies do successful property owners use to accrue real estate?
Melbourne 1 August 2015. How can people get a better deal when buying real estate in Melbourne?
Melbourne 27 June 2015. RealEstate.com.au has released statistics that show that Melbourne real estate continues to be in high demand, even in the traditionally quieter winter months.
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.
We choose to source new properties for our clients because of the potential of obtaining higher rental returns, the lower vacancy rates ...
Further signs of a strengthening market were witnessed over the weekend with a strong clearance rate of 82 per cent recorded from 940 auctions. This is up compared to last weekend’s 77 per cent and 71 per cent for the same time last year.
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.