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Reserve Bank sits on the fence yet again
Melbourne values dipped 1.0% in February, a significant slowing from the 1.6% fall in January. CoreLogic note that the strongest conditions are found across the more affordable suburbs following a surge in first home buyer activity as first timers take advantage of the stamp duty concessions available in Victoria.
The latest market review by valuers Herron Todd White (HTW) confirms that Melbourne’s outer western suburbs have seen substantial growth since 2017, and even with the current correction these locations are still proving popular with buyers, especially young families and first home buyers.
Buyers in the western suburbs are attracted by the access to public transport, proximity to the CBD, shopping centres and community facilities. However, affordability is a key drawcard. Most properties are priced well below the metropolitan median of $840,000 and the $600,000 cut off for first home buyer incentives.
Elsewhere in Melbourne, the bay side suburb of Carrum has entered the ‘$1 million club’ for the first time, following a 10% increase in the median house price in the last quarter of 2018 according to the Real Estate Institute of Victoria. Another bay side locale, Elwood, also performed well, with the median house price increasing 19.6% from $1.73 million to $2.07 million in the last quarter of 2018.
HTW say regional locations such as Geelong are defying the downward trend, largely due to their affordability. Greater Geelong for instance has seen the median property value rise to $555,000 as at December 2018, up from around $400,000 in 2013.
Good news for off the plan buyers, including house and land packages, new laws have been introduced in Victoria that will make it tougher for developers to exercise ‘sunset clauses’. These clauses allow developers to ask original buyers for more money even when they have signed a contract. It’s a stunt developers can pull when property values rise during the construction process. But under new legislation, developers will only be able to exercise a sunset clause if they have the permission of land or apartment buyer, or the Supreme Court of Victoria.
Cooler market conditions coupled with low rates are making the current market very attractive to buyers. Take advantage of more affordable prices to start kicking your property goals today.
Softer values and low interest rates are the perfect combo for many metropolitan property buyers. Make 2019 the year you make the most of market conditions to achieve your property goals.
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Mortgage Choice was founded by the Higgins brothers over 25 years ago. They believed in giving Australians access to a choice of home loans, backed by expert advice to help them make the right choice. They were pioneers in mortgage broking and we've since helped over 600,000 people with their home loans.
Over the years, our passion for offering choice and advice has been extended to other areas of personal and business finance, including our industry leading financial planning service.
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