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.
