For the week ending the 11th February 2024, a total of 430 properties were scheduled to go under the hammer in Victoria. There were 259 homes sold at auction this week, with 85 homes passed in, 84 homes sold prior to auction and 2 homes sold after auction. According to data from the Real Estate Institute of Victoria, there was a clearance rate of 80%. If you have already found a property …
GSIP – The Program Designed To Help You Buy With Confidence
Remember when you bought your first car? Did it turn out to be a good buy or a costly lemon? Your answer is most likely because you did your research on reliability, fuel consumption, past maintenance and mileage... or you simply bought it because it looked cool and was a great colour! When you buy a home or invest in property, a "lemon" can be a very costly mistake - and something we would …
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2024 Kicks Off With A Cash Rate Hold
Mortgage holders welcomed today's decision from the Reserve Bank of Australia to hold the cash rate at 4.35 per cent after their first meeting of the year. Although CPI rose by 0.6 per cent in the December 2023 quarter, annual inflation fell from 7.8% in December 2022 to 4.1% in December 2023, reaching a two-year low. While some experts suggest that rates may stay on hold for a few more …
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Melbourne Weekend Auction Results
For the week ending the 4th February 2024, a total of 797 properties were scheduled to go under the hammer in Victoria. There were 499 homes sold at auction this week, with 139 homes passed in, 136 homes sold prior to auction and 23 homes sold after auction. According to data from the Real Estate Institute of Victoria, there was a clearance rate of 83%. If you have already found a …
Hot Prospects For Seaside Buying In 2024
Moving on from the fun-in-the-sun month of January and settling into February's work and school routine can be difficult. If you had a relaxing January holiday you might have spent it in short term accommodation at the beach - lapping up the sun, surf and sand with a good book and a cool drink in hand. And if the start of 2024 has you thinking about your property goals, you might be pondering …
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Rezoning Proposed To Facilitate High Rise Development
Concern regarding the consultation process surrounds the Allan government's proposal to rezone suburbs on the eastern Suburban Railway Loop in order to facilitate the development of high density housing. Proposals to develop multi-storey accommodation precincts in established eastern suburbs with railway stations have critics worried, with suggestions that new planning development laws mean …
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More Changes to Victorian Property Taxes
In an attempt to make the property sale process more transparent for buyers, amendments to the Victorian Government's Sale of Land Act 1962 came into effect on the 1st January, 2024. The changes affect the way vendors and purchasers currently share the cost of land tax and windfall gains tax. Presently, the contract of sale can apportion the vendor's land tax or windfall gains tax costs …
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New Commercial And Industrial Property Tax Reform
Following consultation between the Victorian Government, businesses and industry representatives during 2023, from the 1st July 2024 a new Commercial and Industrial Property Tax will replace stamp duty on commercial and industrial properties in Victoria. It is expected that key elements of the reform will bring the following benefits: The Commercial and Industrial Property Tax …
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Preparing Your Home For A Summer Sale
When selling Melbourne homes in January you can expect scorching heat during your open inspections. But the following tips will help your home to look and feel cool, fresh and enticing to prospective buyers: 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 …
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2023 In Review
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 …
