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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Soaring property prices in sought after school zones
The trend of paying a premium for properties in sought after public school zones is nothing new. However, due to the pandemic and continued harsh lockdowns, more and more disheartened families are yearning to abandon Melbourne for a sea or tree-change. This has seen a sharp increase in home prices within popular school zones. For instance, some parts of Mount Eliza have seen property prices …
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APRA tightens home loan rules
Australian Prudential Regulation Authority (APRA) announced on 6 October that it is introducing tighter mortgage serviceability tests, making it more difficult for some borrowers to get a home loan. The minimum interest rate buffer on home loan applications has been increased from 2.5 to 3 percentage points. Therefore, from November, new borrowers will be tested by banks to determine their …
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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Looming crackdown on the surge in house prices
As house prices continue to increase, there are whisperings of home loan crackdowns looming within the next 12 months. There have been discussions held between the Federal Treasurer, Josh Frydenberg and the banking regulator APRA (Australian Prudential Regulation Authority) to determine how to take control of the situation before it gets out of hand. APRA is an independent statutory …
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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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Live auctions and property inspections return to Regional Victoria as restrictions ease
As announced by Premier Daniel Andrews last week, the easing of lockdown restrictions in Regional Victoria, sees house inspections and auctions resuming once again for them. Unfortunately, Greater Shepparton must remain patient for a little while longer as outlined in a recent article by Nathan Mawby. This is welcome news for Regional Victoria's property market as well as for buyers, sellers, …
Property inspections return as Melbourne eases restrictions slightly
As Victoria closes in on its first dose vaccination target of 70 per cent, Premier Daniel Andrews has advised of some easing of restrictions in metropolitan Melbourne as of 11:59pm Friday 17 September. Of significant importance to the real estate industry, is that inspections will resume by appointment only. To ensure they’re COVIDSafe, only people from the same household can attend the …
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