In the last 12 months, research has shown that house prices have sky rocketed three times faster than those of units. In a recent article written by the Domain's, James Robinson, it appears Melbourne's inner south and inner eastern suburbs have the most significant gap in pricing between houses and units. Thanks to Melbourne holding the unenviable title of most locked down city in the …
What’s happening with the property market?
With part of the traditional spring selling season experienced in lockdown, we still seem to have a few legs left in the Melbourne property market. The fundamentals remain the same - people need somewhere to live. If anything, the past 20 months have shown us that often our existing home is not adequate (not enough/no outdoor space, no place to home school, work from home or …
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Regional Victoria boom
Regional Victoria suburbs are experiencing a major price increase boom! Research shows that properties are earning four times more than the average income of regional homeowners. This is thanks to sea and tree change buyers accelerating their move to regional towns due to the pandemic. The boom is widespread and includes, but is not limited to the surf coast, Bellarine Peninsula, alpine …
Southeast rail line sparks housing boom
We will see an extra 7200 homes built in the outer south-east thanks to a major rail line extension and upgrade. It appears that the building of new train stations in Pakenham and Pakenham East is set to commence this year with this busy rail line to be extended 2km via an elevated sky rail and crossover. The plan is worth hundreds of millions of dollars and has already sparked a housing lot …
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Home office / study a priority for buyers
Amongst many other changes to our lives, the last two years have seen a re-evaluation of how much space and the type of accommodation we need. Considering the number of weeks in lockdown we have spent in our homes, particularly in Melbourne, a home office or study has become of key importance for buyers. For renovators and house flippers this should be a renovation priority right …
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Victoria’s new scheme for home buyers
On the 8th of October the Victorian government announced it is launching the Victorian Homebuyer Fund (VHF) - a $500 million “shared equity” scheme to try and help about 3000 people make their dream of becoming a home owner a reality. The VHF will be available to Australian over the age of 18 years who don‘t currently have an interest in a property and who meet the income …
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Whether renovating for resale or a mini facelift, small fix ups count!
Whether your home needs a facelift or you are considering a refresh to sell it, there are little upgrades you can make that don’t cost a lot. Don’t underestimate the power of small fix ups like a fresh coat of paint, upgraded door handles, tapware, lighting fixtures or new cabinet handles. If your kitchen or bathroom surfaces are laminate, replacing them with a good quality …
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Building and pest inspections should always be completed before purchasing property. Here’s why.
The importance of getting a property inspected for building defects and/or pests was profoundly illustrated last week when we received an inspection report for a property we were considering on behalf of a client. The Property and Timber Pest Report we obtained for this house revealed a number of defects - as well as the possibility of further substantial damage due to the presence of pests. …
Suburban rail loop and North East road link projects. How it may affect you?
There are currently some major infrastructure projects in the pipeline for Victoria. Exciting times! The Suburban Rail Loop will incorporate 90 kilometres of railway line and a number of new train stations. It will mean significant changes in relation to commuting times and accessibility to Greater Melbourne and to Melbourne Airport (finally!). Read about this project here. The other …
House prices set to increase by over 20% in the next 12 months
Despite the continued disruption of COVID-19 on the property market, house prices are set to increase by more than 20% over the next 12 months. This is the tip from the ANZ as reported by Kate Burke in a recent Domain article. This trend is expected to be encompass most States notwithstanding the lengthy periods of lockdown, particularly experienced both in Melbourne and Sydney. …
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