As the 2023/2024 financial year closed, we saw plenty of movement in the real estate market throughout the previous 12 months. Across the nation home prices rose by 5.9% during the 2023/2024 FY according to a report by realestate.com.au, due to high demand and low stock in most capital cities. Melbourne saw 0.8% price growth during the period, with 3% to 6% growth forecast for the …
First Home Buying: Where to Look And What To Buy
Many believe that interest rates and house prices have made buying a first home unachievable in most Australian cities - without help from the Bank of Mum and Dad at least. But if you know where to look and what to buy - and you're prepared to compromise a little - it can be done. A recent report by LJ Hooker identified Melton in Melbourne's west as an affordable option for first home buyers, …
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Surging Mortgage Hardship Claims
With talk of a recession looming, it isn't surprising that the early warning signs of financial stress are being seen in surging mortgage hardship claims and quick home resales, as reported recently by the ABC. Data from CoreLogic shows a recent increase in homes reselling within a three year period, which many are attributing to mortgage stress. That theory is supported by a recent …
What You Need To Know About The Vacant Residential Land Tax
The amended Vacant Residential Land Tax comes into effect on the 1st January 2025. If your property has been vacant during 2024 for more than six months, you could be hit with a VRLT in 2025. Currently, the VRLT applies to vacant homes in Melbourne's inner and middle suburbs, but from January 1st 2025 it will apply across the state, to all Victorian properties. There are some residential …
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How To Showcase Your Property For A Winter Sale
Everyone says spring is the best time of year to sell property. But is it? In fact, every season brings pros and cons to selling a home. Spring sees flourishing weeds and windy days, but no temperature extremes. Summer days can be scorching, but homes with pools look extra cool and inviting. Autumn is picturesque but leaves can clog gutters and cover driveways. And winter... well it might …
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Victorian State Budget Fails To Incentivise Property Investors
The recent release of the Allan Government's first budget sees a missed opportunity to attract investors back into Victoria's struggling property sector. With housing supply and affordability issues at a crisis point and a disincentivising property tax regime sending investors away in droves, Victoria needed the 2024-25 State Budget to step up and encourage property investment. While …
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Could Build To Rent Projects Solve Our Rental Problem?
Chances are you've not heard about build-to-rent projects, which isn't surprising. While build-to-rent occurs quite significantly in foreign housing marketing such as the United States where it accounts for about 12% of the housing market and the UK where it is about 5%, in Australia BTR's account for just 0.2% according to a recent report by Domain. This means, of the 2.5 million rental …
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Statewide Campaign To Enforce Minimum Rental Standards
The Victorian government recently announced a statewide campaign to further educate landlords, agents and tenants on the minimum standards for rental properties. The move is applauded by the Real Estate Institute of Victoria, who have long been advocating for increased education and awareness of minimum rental standards in the property sector. In response to the government's …
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What REALLY Goes On Behind Closed Doors In Real Estate?
There's never a dull moment in the real estate world. Seriously, being involved in buying and selling property is a new and unpredictable experience... Every. Single. Time. There is so much happening behind the scenes that sometimes things get a little wobbly and go pear-shaped, which makes for interesting stories and great learning opportunities. Which is why hugely successful …
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Melbourne 2nd Most Searched For Location By Second Property Buyers
Real estate comparison site GetAgent has analysed global search terms by second-home property buyers to determine the most popular cities in the world for purchasing a second property. Australia featured strongly in the list, with four Australian capital cities ranked in the top ten locations. In first place was Gold Coast, loved worldwide for its sunny surf beaches, warm weather and …
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