Demand Continues Unabated In 2017
22 May 2017
Melbourne’s property market has continued to surge ahead in 2017. While some were predicting a slowdown on the back of a very strong 2016, fundamentals including low interest rates and a rising population (almost 100,000 people are moving to Melbourne each year!) continue to underpin ongoing growth.
As you will read in the following Glen Eira, Bayside and Carnegie market updates, highlight sales have been plentiful in recent weeks, with several examples of our team achieving results well in excess of vendor reserves. Auction clearance rates have also been high across our three offices, with 100 per cent clearance rates recorded on more than one occasion during autumn to date.
Of all property types, detached houses are proving to be particularly popular with buyers. As inner and middle ring suburbs are developed in line with new planning regulations introduced to accommodate a rising population, the value of a detached home with a garden and off street parking is only set to increase.
At the same time, the relatively affordable price of well located apartments is seeing this property class begin to grow again after a period of relatively modest capital gain. The Victorian government has introduced measures to help first home buyers enter the market, including abolishing or discounting stamp duty for first home buyers purchasing a property for under $750,000. In Glen Eira and Bayside, this may well see demand for one and two bedroom apartment’s rise, as many of these are currently priced under the $750,000 threshold.
Australia’s lending regulator, APRA, has recently introduced reforms aimed at cooling surging property markets in both Sydney and Melbourne. Chief among these reforms is the new requirement that banks cap the number of interest only loans on their books at 30 per cent of total borrowings. While this may slightly reduce investor activity, in Glen Eira and Bayside we predict buyer demand to remain high, given the large number of owner occupiers wishing to call this beautiful part of Melbourne home.
Following on from our wins at the 2016 REIV Awards, Gary Peer & Associates was thrilled to be nominated as finalists (Large Agency and Small Agency of the Year) at this year’s Real Estate Institute of Australia (REIA) National Awards for Excellence. Congratulations to our dedicated, professional and high-performing team on achieving national recognition!
Established in the early 1900s when the Frankston train line brought increased accessibility to the area, Bentleigh remains alive with the charm of an earlier era.in Market & Suburb Updates 6 June 2017
As Melbourne’s tree lined streets start to bloom and the temperature begins to rise, the Caulfield Carnival finds its way back on to the city’s social calendar.in Market & Suburb Updates 8 October 2016
Ormond, St Kilda East, Caulfield South and Murrumbeena experienced the most notable increases.in Market & Suburb Updates 1 October 2016