Property Investors warned now is a ‘critical’ moment to secure an investment property before Christmas, while prices still remain affordable…
Dear Fellow Property Investor,
Melbourne home buyers have been warned it’s a “critical moment” with just days left to secure a home before Christmas.
Property experts are advising to “seize the opportunity now”, with Melbourne offering some of the most competitive deals nationally.
However, experts are warning a potential interest rate in the new year will bump up prices.
With 1369 properties slated for auction it is expected buyers will remain very much in control.
PropTrack senior economist Paul Ryan said Melbourne’s auction clearance rate from last week sat at a steady 58 per cent, “signalling a strong buyer’s market”.
“Buyers are feeling confident, playing sellers off against each other in hopes of securing favourable deals,” Mr Ryan said.
“As we hurtle towards the New Year, with over 1300 auctions set for this weekend, Melbourne buyers face a critical moment to get into the market now.
“Those buyers who capitalise on the current surplus of stock are likely to secure homes before the market activity drops over the Christmas period.”
Buyers advocate Cate Bakos said the amount of homes on the market presents a “golden opportunity” to wrap up the perfect pre-Christmas gift – a new home.
“We’ve had the most stock on the market since October 2012 – so from a supply and demand point of view it’s perfect for buyers,” Ms Bakos said.
“As we get closer to Christmas buyers will get wrapped up in their plans and their attention span won’t be focused on property shopping.
“From a vendors perspective they might want to sell their properties before Christmas for financial reasons.”
So let me ask you a question…
Do you have a game plan for 2024 and for 2025?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the recovery phase of the Melbourne property cycle (which, in my opinion, is RIGHT NOW!)
Or, will you join them?
The choice is yours!
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the final Real Estate Investing Fast Track Weekend for 2024!
Australian home prices have surged to new heights in October, marking the 22nd consecutive month of growth despite ongoing affordability challenges.
National home prices increased by 0.26 per cent in October, with the combined capital cities now up 5.85 per cent over the past year.
Melbourne emerged as the strongest performer among capital cities, with prices jumping 0.49 per cent after six months of decline.
REA Group Senior Economist, Eleanor Creagh said price falls have started to reverse in Melbourne, with buyers out in force for the peak of spring selling season.
Here are some of Melbourne’s best performing suburbs in the September quarter of 2024;
Interested in getting educated on Australian property investing?
Reserve your place and join me and 55 like-minded property investors for the final Real Estate Investing Fast Track Weekend for 2024!
Richard Swanson faced a tough choice: sell the South Yarra investment property he had owned for six years for a loss, or hold on and hope it recovered in value.
He chose to hold. That was five years ago and since then prices have only fallen further. After about 11 years, he has just sold the apartment for $156,000 less than he paid.
This is the puzzle at the heart of Melbourne’s housing affordability crisis: property prices have soared over the long term, but not for all properties. There aren’t enough homes, but there are too many of the wrong type of home. Young families have increasingly been locked out of home ownership, but there are few willing buyers for well-located, entry-priced apartments.
The Victorian government this week unveiled fresh plans to increase housing density in areas close to transport and amenities, along with a range of proposals to unlock land in the outer suburbs, speed up subdivisions and offer relief on stamp duty to address affordability.
Of the 25 new activity centres, eight are in the City of Stonnington, one of the most desirable areas to live in Melbourne.
And yet, that puzzle: of the homes that sold in Stonnington in the June quarter, 25.8 per cent traded at a loss, figures from research firm CoreLogic show. Stonnington runs second to the Melbourne City Council area, where 39 per cent lost money.
Split by property type, 32.4 per cent of Stonnington apartments that sold in the June quarter lost money. Only 2.1 per cent of houses met the same fate.
Since nearly one in three apartment sellers in Stonnington are losing money, stories like Swanson’s are not unusual, even if many owners are reluctant to speak publicly.
The Beechworth-based public servant, 63, and his wife bought their two-bedroom apartment off the plan about 11 years ago for $691,000. They will settle to the new buyer on Monday for $535,000.
Taking into account holding costs, he estimates conservatively they have lost $200,000.
The property is near South Yarra train station, where a cluster of high-density apartment blocks have been built. It was rented out but the tenant relocated after the COVID-19 pandemic hit. Then the apartment was competing for tenants with its similar neighbours.
Once interest rates jumped, the rent no longer covered the mortgage repayments. Then the Victorian government increased land tax on second home owners.
“It’s a lovely apartment in a lovely complex where we are in South Yarra but what we weren’t aware of is at the same time, there was a lot of other developers who were also building lots of apartments,” Swanson said.
“I think the apartment market is overcrowded. I know there’s a lot of people needing rental accommodation … it’s a catch-22 in a way.”
He sold through Woodards South Yarra, which handles sales of a mix of properties, from apartment towers and art deco unit blocks to multimillion-dollar houses. Director Luke Piccolo says large two-bedroom boutique apartments can cost close to $2 million.
There are much more affordable options in the Forest Hill precinct near the train station, where some towers have had cladding issues, water issues, or lesser-quality builds.
Buyers could associate some of these homes with uncertainty and risk if they had heard they might have to pay for cladding repair or they might face a drop in value, Piccolo said.
“Some first home buyers have bought a one-bedroom apartment for $450,000 to $500,000 and it’s now worth in the high $300,000s or $350,000,” he said.
“Losing $100,000 on your first purchase sets people back a long way, a very long way.”
Interested in getting educated on Australian property investing?
Reserve your place and join me and 55 like-minded property investors for the final Real Estate Investing Fast Track Weekend for 2024!
Are you thinking of buying Melbourne Investment Properties in 2024 whilst they are still cheap?
Remember that not all Melbourne property is created equal; you need to know where to buy, what to buy, and which suburb represents the best value for money!
Dear Fellow Property Investor,
Australia’s housing market has had a mixed start to spring, but PropTrack data has revealed a number of suburbs around the country that have seen massive growth over the past 12 months.
The data looked at Melbourne suburbs with at least 100 sales for the year, revealing that some areas had experienced boom-like growth cycles.
Melbourne’s housing market shows resilience with significant growth in suburbs like Ivanhoe, Diamond Creek, and Coburg North. Ivanhoe leads the housing growth, while Blackburn, Box Hill, and Surrey Hills witness strong unit growth driven by overseas interest and skilled migrants.
Melbourne’s market has faced unique challenges, including unfavourable investment taxation and changes to tenancy laws making investment properties less attractive.
Leading house price growth over the last 12 months was Ivanhoe (17.3 per cent), Diamond Creek (13.2 per cent) and Coburg North (12.8 per cent).
Blackburn (22.1 per cent), Box Hill (11.1 per cent) and Surrey Hills (11 per cent), led unit growth.
“With higher interest rates, we’ve seen sales at higher price points and a higher turnover in the top quartile.
“With units, Blackburn, Box Hill, and Surrey Hills have all seen significant overseas interest, especially since the Covid lockdowns – skilled migrants have been arriving in these areas and the hospital precinct.“
So let me ask you a question…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the recovery phase of the Melbourne property cycle (which, in my opinion, is RIGHT NOW!)
Or, will you join them?
The choice is yours!
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!
Melbourne renters are now paying almost $2900 more in rent than they were 12 months ago, new data has revealed.
According to PropTrack’s latest Market Insight Report, Melbourne rental prices have climbed by 10.6 per cent in the year to June 2024.
The median advertised rent increased by $55 a week over the last 12 months, meaning renters on average are having to pay $2860 more a year.
Across the board, the median weekly cost of renting a home in Australia’s capital cities has increased by 10.3 per cent.
Renters in Sydney are paying the most ($740 a week), followed by Perth ($650), Brisbane ($620), Darwin ($600) and the ACT (also $600).
Despite the sharp increase over the past 12 months, Melbourne is the third-cheapest city in Australia to rent in ($575 a week), with Adelaide coming in at a close second ($570)
The cheapest place to rent is in Hobart, which recorded a median rental price of $510 a week over the last 12 months.
“Sydney remains the most expensive capital city to rent a home, with the median advertised rent rising 2.8 per cent over the quarter and 8.8 per cent year-on-year to reach $740 per week,” PopTrack said.
“Over the past decade, Perth has transitioned from being the most affordable capital city to rent to the second most expensive behind Sydney, with the median advertised rent hitting $650 per week in June.
“Hobart and the ACT were the only cities which saw rents decline over the quarter, however Hobart remains higher compared to 12 months ago while the ACT’s rental prices have held steady.”
Let me ask you something…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?
Or, will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!
Melbourne homeowners are set for an up to $55,000 windfall that could usher in record house prices in the next year.
New PropTrack estimates have tipped the city for 3 per cent to 6 per cent home value growth, the biggest uplift in the past two years after multiple interest rate hikes since May 2022 put the Victorian capital’s housing market in the doldrums.
For Melbourne’s $921,000 median house price, the growth would mean a $27,630-$55,260 surge.
It would also add $18,500-$37,020 to the city’s $617,000 typical unit.
At the upper end of the forecast, the city’s home values would rise more than seven times the 0.8 per cent uptick they recorded this financial year.
PropTrack economic research director Cameron Kusher said Melbourne buyers have had more choice in stock than other states and the city was becoming more attractive to buyers due to its affordability.
“It’s the first time Brisbane is back in line with Melbourne in terms of affordability and the gap (of affordability) between Sydney and Melbourne, it’s one of the largest on record,” Mr Kusher said. “Although Victoria is still seeing a slightly greater loss of people to other states than it is gaining, housing affordability will drive people to want to come to Victoria.
“If you want to build your career you want to be in Sydney or Melbourne.”
Despite the scope for price rises, Mr Kusher said with the new financial year looming there were positive signs for buyers ahead.
“With the tax cuts coming next week we will see buyers borrowing capacity increase and then provided that we have interest rate cuts as well at some point, Melbourne will start looking more affordable and attractive,” he said.
“The state government in Victoria is still seeing investors selling out of the market which is creating space for first home buyers.
“It’s getting more expensive to rent and there is a lot of stock on the market.”
Ray White Craigieburn auctioneer and sales consultant Trish Orrico said 50 per cent of her sales lately had been landlords selling up due to tax hikes for investors, with first home buyers snapping up the residences.
“While these projected figures are positive, we shouldn’t be making assumptions on the property market, we don’t have a crystal ball,” Ms Orrico said.
“The market is the market we are guided by things that are happening within the economy now.”
The analysis from PropTrack revealed national home prices are expected to rise by up to 5 per cent in the new financial year in line with slowing price growth forecast for several capital cities, though more substantial price growth is still possible in Sydney as well as Melbourne.
Let me ask you something…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?
Or, will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!
Don’t miss out, CLICK HERE to get up to date video education from Konrad Bobilak.
Dear Fellow Property Investor,
The Melbourne real estate market is buzzing with potential at the start of 2024, offering a plethora of opportunities for savvy investors and homebuyers alike. So, what suburbs will boom in Melbourne this year?
A handful of Melbourne suburbs recorded double-digit property price increases over 2023, bucking the city’s wider trend of modest growth.
Melbourne’s median house price median rose 2 per cent to $1,047,000 over the 12 months to December, and its unit price grew 4 per cent to almost $580,000 in the same period, the latest Domain House Price Report showed.
With an eye on the future, identifying suburbs with the promise of growth, affordability, and lifestyle appeal becomes crucial.
We will look into the top 10 Melbourne suburbs set to boom in 2024, alongside other noteworthy areas that promise unique opportunities.
Who will be my No #1 Best Melbourne cheapie suburb with the best capital growth potential in 2024?
You will need to watch this video to find out...
Dear Fellow Property Investor,
A new report is forecasting Melbourne’s median house price will surge more than $110,000 to an almost $1.16 m record high in the next 18 months – the equivalent of $200 a day.
Oxford Economics Australia forecasts that the price recovery will drive Melbourne’s median $1.04 million median house to jump 110,000, or 5.5%, close to $1.157 million by mid-2026, driven by an expected resurgence in migration from both interstate and overseas.
And it’s not just house prices, unit prices will also reach a new record.
According to the report, Melbourne’s median unit is also anticipated to increase 6.5% to an all-time $726,900 high.
Let me ask you something…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which in my opinion by the way has already bottomed out in November 2022),
Or will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the next Real Estate Investing Fast Track Weekend!
Australia is facing two more years of house price growth, with two standout markets expected to jump the most, according to a bank expert.
Melbourne and Perth will clock the greatest increases in house prices this year, Bank of Queensland chief economist Peter Munckton found in his new year outlook report.
Depleted listings and few options for buyers will cap how far prices can decline, Munckton wrote in the BOQ's Housing Market Update.
Prices will go up this year but not by the margins seen in 2023, he predicts.
Munckton is not expecting interest rate cuts until the end of the year. Earlier rate reductions would result in more "aggressive" house price growth, he said.
Price rises will likely continue with gusto in 2025.
"Average house price growth Australia-wide is likely to be lower in 2024 than it was in 2023," he said in the report.
"The lack of new supply puts a floor as to how far house price growth can slow (at least without substantial changes in interest rates or the unemployment rate).
"Stronger house price growth is likely in 2025 as interest rates are reduced and the economic outlook improves."
Domain's latest House Price Report (December 2023), released in January, found record median prices were struck across several capital cities. It has never been more expensive to buy a house or unit in Australia.
At $1,094,539 for houses (up 2.1 per cent over the quarter, or 7.8 per cent over a year) and $638,372 for units (up 2.3 per cent over the quarter and 6.8 per cent over 12 months), the fresh levels inflict further challenges on those striving to get a foot in the market, but reflect capital gains and increased equity for those with mortgages.
Munckton said the bounce of prices in 2023 was a "surprise" to most analysts.
He said the "biggest rise" in standalone house prices in 2024 will be in Melbourne and Perth - markets which he regards as "best value" when comparing rental yield with the level of long-term interest rates.
"Melbourne price performance last year was modest by capital city standards," he wrote.
Let me ask you something…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?
Or, will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!
A handful of Melbourne suburbs recorded double-digit property price increases over 2023, bucking the city’s wider trend of modest growth.
Melbourne’s median house price median rose 2 per cent to $1,047,000 over the 12 months to December, and its unit price grew 4 per cent to almost $580,000 in the same period, the latest Domain House Price Report showed.
In the ever-popular inner north suburb of Fitzroy, however, house prices increased 16.4 per cent to a median $1.63 million last year. Unit prices in neighbouring Fitzroy North also shot up over the year, up 12.5 per cent to nearly $617,000.
Burwood (up 11.9 per cent to $1,411,000) and Maribyrnong (up 11.9 per cent to $1,031,000) had the next highest house price growth, and Notting Hill (10.8 per cent to $385,000) and Bayswater (10.5 per cent to almost $608,000) were the closest for units.
Domain chief of research and economics Dr Nicola Powell said the growth was out of character for Melbourne. “There are a handful of suburbs that have seen double-digit increases and declines, but the bulk of suburbs haven’t seen a lot of movement in the past 12 months,” she said.
Powell said Fitzroy and Fitzroy North had over-performed particularly when compared against blue-chip suburbs which typically lead market movements.
Nelson Alexander agent Jonathan West said sought-after suburbs tended to help boost prices of their neighbours, particularly if they held high-quality homes. Brunswick East, for example, recorded house price growth of 4.3 per cent over 2023 to a median of $1,249,000.
“It’s the connection suburb to Fitzroy North and Carlton North,” West said. “They will start coming out of Carlton North and Fitzroy North and look in Brunswick East to see what’s around, then they’ll hop to Brunswick and Brunswick West if there’s nothing there.”
Brunswick West had less spillover effect, however. House prices there fell 19.8 per cent to $923,000 over the year.
West said the Brunswick West neighbourhood included homes which needed more work, and didn’t attract the same premiums as turnkey properties.
“Brunswick East is more expensive, there’s no doubt about it. With Brunswick West, you get bigger blocks and wider streets,” he said. [The median price] is based on those older style double-fronts that need a lot of work.”
Prices fell the furthest in the unit markets of Clayton South (down 23.2 per cent to $460,000) and St Kilda West (down 20.7 per cent to $486,000), and for houses the biggest drops were in Elwood (down 19.8 per cent to $2,085,000), Brunswick West and Alphington (19.4 per cent to $1.55 million).
Westpac senior economist Jarek Kowcza said the demand for renovated homes was a common trend because of Australia’s high inflation, particularly in the construction sector.
“Properties that are ready for people to move into are really popular,” he said. “The cost of building a new home has been one of the main contributors to inflation.
“So that’s meant the cost of renovating the home has really increased. The availability of staff and materials are also a factor.”
Let me ask you something…
Do you have a game plan for 2024?
Or will you watch savvy, educated, market-ready investors snap up all the bargains at the bottom of the Melbourne property cycle (which, in my opinion, already bottomed out in November 2022), again?
Or, will you join them?
So, what are you waiting for?
Reserve your place and join me and 55 like-minded property investors for the first Real Estate Investing Fast Track Weekend for 2024!
Interested in learning more about property investing in Australia? Please visit our main website InvestorsPrime.com.au for loads of free resources, articles, videos and more to help you on your investing journey.
