Relief is in sight for home buyers purchasing off-the-plan units, apartments or townhouses with the Victorian Government's plan to offer uncapped stamp duty concessions to ALL buyers of off-the-plan strata properties in Victoria. REIV CEO Kelly Ryan hopes this is the first step in comprehensive stamp duty reform, with tax concessions introduced to incentivise investors and stimulate more …
Quarterly Update on Median House Prices
Victorian property prices haven't experienced the same level of significant growth that many other states have seen in recent years, in fact there has been a decline both in metropolitan Melbourne and regional Victoria property values since 2021 and and 2022 respectively. Metropolitan Melbourne reached its peak of $1,135,500 in Q4 of 2021 before declining to $910,000 in Q4 2023. Since then, …
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How Have Land Tax Increases Impacted Investors?
Recent data analysis featured in PropTrack Market Insights indicates the higher land taxes imposed by the Victorian government have impacted the Victorian rental market in several ways. New land tax thresholds were announced by the Victorian government in May 2023 and came into effect in January 2024. For perspective, the cost increase on unimproved land valued at $500K amounted to an …
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Update On Victoria’s Housing Crisis
The housing shortage, lack of affordable homes to buy and shortage of long term rental properties are hot topics Australia wide. Queensland's housing and homeless crisis is spiraling, and escalating house prices combined with record low vacancy rates in South Australia means low income earners are struggling to find affordable homes to rent, let alone buy. And New South Wales estimates a …
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Wages vs Interest Rates And House Prices: The Widening Gap
While house prices in Victoria haven't risen at the same rate as some Australian states, recent data from Canstar highlights the difficulty couples and single income buyers still face when trying to secure a big enough home loan to purchase a property. With property price growth outpacing wage growth across the country and mortgage interest rates remaining high, Victoria's …
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The 7 Most Important Things To Do In Your Garden This Spring
Have you recently bought a new home and the gorgeous garden that you fell in love with has suddenly become a jungle? Or are you planning to sell, and are wondering how to make the garden more presentable without creating a whole new landscape? Now is the time to start tackling the spring garden chores while the soil is still soft and manageable, the garden-munching insects haven't …
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REIV Commentary On The Short Stay Levy
The government's recent changes to short-stay accommodation regulations have the potential to create disruption far and wide, from the short and long term rental property markets to the wider tourism industry, as well as Australian and international holiday-makers. After reviewing the Short Stay Levy Bill introduced by the Victorian Government, and seeking feedback from their own members, the …
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Victoria’s Housing Shortage Blame Game
If you're struggling to find a home to rent in Victoria, you are certainly not alone. The Victorian government has imposed regulations and land taxes which have negatively impacted the property investment market causing rent hikes along with a mass exodus of investors, thereby creating a shortage of affordable rentals. A recent report by PropTrack refers to a study which suggests short term …
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Spring Is In The Air And Property Listings Are Ready To Bloom!
With spring just around the corner, the trees are beginning to blossom just as the real estate market is set for its seasonal bloom. So what should you do if you’re thinking about putting your home or investment property on the market this spring? Taking all the right steps to ensure you and your home are absolutely ready to sell is the best way to help the sales process run smoothly and …
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It’s Time Victoria Tightened Its Auction Bidding Rules
Melbourne might host the highest number of property auctions in the country but it has some of the worst practices, leaving sellers and buyers at risk of losing thousands of dollars. Real estate experts are calling on the Victorian government to tighten regulations around auction processes in order to protect buyers and sellers from disingenuous bidding practices. While bidders in the other …
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