Property market forecast for 2023. In this market insight, we take the opportunity to share our perspective on what the year ahead will look like in the Melbourne/Victorian residential property market. What happened in 2022? The property market in 2022 commenced the first half strongly, with many suburbs entering the million dollar median house prices. Buying activity continued with demand heavily...
Property Market Update - December 2022. The property market has witnessed a number of big changes in the last 12 months. This has occurred for a number of reasons, but let's take a look at the numbers. According to CoreLogic, in the year ending November 2021, median property prices on a national basis increased by 22.2%. In the year ending November 2022, prices fell 3.2%. With unprecedented increases in...
Seven-star energy rating for new homes. The Victorian Government recently announced a set of new building standard that are to take into effect from 1st October 2023 with a transition strategy to occur from 1st May 2023. These new changes will mean, new home owners will find it cheaper to heat and cool your property all year round. It is anticipated to be more comfortable to occupy, particularly against...
How does the property market impact inflation? One of the biggest pressing economic circumstances right now in Australia is the impact of inflation. According to the Australian Bureau of Statistics (ABS), Australia has reached the highest annual rate of inflation in June 2022 in almost 32 years. It was last recorded at 6.1%. The Reserve Bank of Australia (RBA) expect the annual inflation will...
Home loan activity update. According to the recent research conducted by the Australian Bureau of Statistics (ABS), Australians are continuing to borrow funds to purchase a home. The latest data from ABS shows that its reached a historical high. During November 2021, Australians proceeded with new loan commitments of $31.4 billion. This equates to an increase of 6.3% higher than the previous month and...
Latest life expectancy is up. The latest figures released from the Australian Bureau of Statistics (ABS) shows that a baby boy and girl are expected to live to 81.2 years and 85.3 years. ABS demography director Beidar Cho said these new figures demonstrate that new born babies have the highest estimated life expectancy ever recorded in Australia. Life expectancy for males has improved at a faster rate...
Property market forecast for 2022. In this market insight, we take the opportunity to share our perspective on what the year ahead will look like in the Melbourne/Victorian residential property market. We continue to see optimism into 2022 and beyond. What happened in 2021? The property market in 2021 saw some very good returns, well above the average capital appreciation. The property market not only...
School zones push housing prices up. According to recent research conducted by Domain Group, prices in popular school zones witnessed dramatic increases as high as 46%! This is in just a 12 month period. Over the recent decade, many families have decided to pay a premium price tag to be housed within a school catchment. Parents are trying to enrol their children into high-performing...
Return of private inspections. In accordance with the Victorian Government's announcement, we're excited to confirm the return of private inspections. We can now offer buyers the opportunity to walk through display homes via private appointments. This took effect as of 11.59pm Friday 17th September. As we specialise in sourcing brand new and off the plan properties for buyers, we have hundreds...
Building approvals - update. As the Australia economy continues to persevere through the global pandemic, building approvals improve as we anticipate new build activity within the next 12-18 months. Courtesy of the Australian Bureau of Statistics (ABS), there are some tabular and graphical illustrations for you to see. Overall summary The seasonally adjusted estimate for total dwellings...