Buyers and sellers advocate Wendy Chamberlain from Chamberlain Property Advocates has spoken to Domain regarding what is currently on Melbourne downsizers' wish list. “I think there is a definite trend of downsizers buying a low-maintenance city base in Melbourne that offers them quick and easy access to freeways to escape down the coast as they please. They know the timings necessary to leave by …
Melbourne’s most expensive suburbs and where to look instead
It's well documented that Melbourne Property prices are dropping, however it doesn’t mean every suburb is offering the ultimate bargain. Wendy Chamberlain spoke to Domain regarding more affordable, alternative suburbs to the highly sought after suburb of Toorak. Local suburbs of South Yarra, Prahran and Armadale may offer a similar lifestyle. “Nowadays in Melbourne, you can get the lifestyle …
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Relisting for sale: Vendors change their approach as Melbourne house prices drop
As the Melbourne housing market weakens some home owners are dropping their asking prices or making minor updates in preparation to relisting properties that had previously failed to sell. Wendy Chamberlain has spoken to The Sunday Age regarding this topic. “I’ve been seeing this for the past 12 to 18 months where an agent will have a property on the market and they’re trying to sell it for an …
RBA rates on hold for 29th consecutive month
The Royal Bank of Australia yesterday announced that interest rates will remain at 1.5 per cent, where it has sat ever since August 2016. RBA governor Philip Lowe said the low interest rate would continue to support the economy: "Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual," "Taking …
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Is what the media is telling you the whole truth?
As I was preparing for my speaking spot on Midday Panorama (NorthWest FM radio) with Vilma Formosa, I found it interesting to compare how the different suburbs of Melbourne are faring. What I discovered, of course, is a slightly different picture to what the media feeds you. You're most likely reading that the Melbourne median house price is down 5.6% for the year and more doom and …
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RBA keeps rates on hold despite their less optimistic view of the Australian economy
After a 2 month summer break, the RBA has kept interest rates on hold at 1.5 per cent. In recent times the RBA has maintained a fairly optimistic view on the economy, however they did note in the post-meeting statement that “downside risks” have increased. Today’s meeting confirmed that the RBA hasn’t changed course, maintaining the key line that “further progress in reducing …
First Home Buyers Slowly Getting Back in the Property Market
Amidst the housing downturn in Australia, first home buyers have been noted to be getting back in the property market. Latest data from the ABS Housing Finance report showed that first home buyers have availed of new housing loans in more than six years. Specifically, 18.3 percent of owner-occupier loans were taken out in November 2018, an increase of 0.2 percent from the October figure. This …
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RBA keeps rates on hold at record low
The Reserve Bank of Australia (RBA) left the cash rate unchanged at 1.5 per cent at the December meeting of its board, the last meeting for 2018. This is the 26th consecutive time the bank has left the rate on hold, the lowest on record. This record period of inaction by the RBA has now extended beyond two years. For many months, the RBA has said the next change in interest rates is …
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Stricter Lending Criteria Affect Homebuyers and Home Sales
Houses for sale in Australia are now experiencing longer listing times now that banks have tightened their lending criteria for potential homebuyers. In Sydney alone, homes were taking 43 days on average to sell based on data from CoreLogic. Darwin had the slowest turnover with 93 days while properties in Hobart were selling the fastest. A mortgage shopping study showed that while investors …
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Important Renting Reforms Passed through the Victorian Parliament
The Residential Tenancies Amendment Act 2018 (Amendment Act) has been approved by the Victorian Parliament. This new law includes more than 130 reforms to the Residential Tenancies Act 1997. These reforms, however, will be implemented effective July 1st 2020 yet. While the new legislation is yet to come into effect, the consultation process will continue to formulate guidelines and other …
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