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.
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.
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.
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.”
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.
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 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.
We decided to visit Accrue Real Estate as it was the right time in our lives to secure something for our future. They showed us how to do it with property investment and it turned out to be easier than we first thought.
New REIV data shows there is a significant difference in the median house price of multiple adjacent suburbs across the state, despite similar characteristics and amenities.
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
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.
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?
Accrue gave us the methodology behind what to do and together with the finance consultants we felt confident. We hope to acquire a total of two or three investment properties through Accrue over a five to ten year period.
On our property tour, we did not feel any pressure to buy and therefore felt free to choose. We personally felt the available properties shown to us in Heidelberg Heights had more potential as it is in a great location, near the hospital and to date, we have been satisfied with our property’s performance.
Our most positive experience with Accrue Real Estate has been the proven capital growth in our investment property. We love being in control of our destiny with property and appreciate the areas of research done by Accrue – now more than ever. We have recommended our family and friends to Accrue.
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?
In a step that's rare in the real estate industry, all Accrue Real Estate clients are referred to independent experts before considering purchasing
real estate or putting in a written offer to purchase property.
We choose to source new properties for our clients because of the potential of obtaining higher rental returns, the lower vacancy rates ...
Here's your opportunity to learn from independent experts before making any permanent or potentially costly property purchasing decisions.
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.