What a year 2023 has been in property! Nationally and in Victoria we’ve seen property prices and interest rates escalate, a shortage of properties for sale, a lack of affordable rentals, and changes to legislation.
Of particular note are the changes to land tax laws that are coming into effect from 1 January 2024. We’ll see additional clauses in contracts apportioning and adjusting land taxes at settlement, and changes to the windfall tax means developers of green fields projects can no longer pass that expense onto the purchaser.
Reflecting on the year that’s been, let’s check out a few interesting stats provided by Domain:
- The most in-demand location in Melbourne during 2023 was Hampton East, followed by Middle Park, Albert Park, Carlton North, Toorak.
- Based on searches, overseas buyers were most interested in Melbourne, followed by Sydney, Mosman, Surry Hills, Chatswood.
- The Melbourne suburb where properties sold the quickest was Watsonia North, at 21 days.
- The most expensive suburb was Albert Park at a cost of $14,016 /sqm, followed by Fitzroy, South Melbourne, Carlton North, Port Melbourne.
- The least expensive suburb was Emerald at $418 /sqm followed by Romsey, Narre Warren North, Belgrave, Mt Evelyn.
If you’re planning to buy or sell in 2024, tap into the knowledge and experience of property experts like Chamberlain Property Advocates.
Chat to us about how a property advocate can help you sell or buy in the current market with confidence. Investment buyers can receive invaluable support and guidance through our Buyers Advocacy Service, and for landlords who are selling, our Vendor Advocacy Service helps vendors achieve outstanding results.
To book a free 20-minute consultation, simply click here and choose a time convenient to you.
By Wendy Chamberlain
Copyright 2023 | All Rights Reserved
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.