Weekly Market Update January 13 2016
By | 13th Jan 16

Your weekly insight for everything property related

As my family’s Annual Summer Peninsula holiday has drawn to a close I was happy to read in the Sydney Morning Herald that the costal property market has regained strength after a lull which remained from the GFC. For most, holiday homes are a luxury and when any financial crisis hits will be one of the first assets put up for sale. Properties within easy commuting distance from major cities have seen the best growth, such as Dromana which has seen 30% growth over the past 3 years. To read the full article, please CLICK HERE. Although many Melburnians migrate down to their costal properties the Melbourne property market has continued to see some strong results, including 14 Beatty Street Reservoir which sold for $920,000 proving the strength of the family home market shown in 2015 is most likely going to continue into 2016.

Many first home buyers find the process of finding and purchasing their first property to be overwhelming. Not only do they find saving the minimum deposit challenging but then they are left wondering what should they buy and where? I was recently interviewed by Domain about the most common questions buyers ask. I think one of the most important factors to remember as a buyer, regardless of if you are an owner occupier or investor, any property is an investment and should be treated as such. Make sure you purchase a property with a point of difference, do your due diligence and engage a professional to assist you with the process. To read the full article, please CLICK HERE.

Many inner city apartment developments have seen declining capital growth as overdevelopment has taken its toll on market value. Currently there are no minimum size requirements in Melbourne, with some apartments being as small as 20 sqm. Many of these apartments have no off street parking, no storage, some have no external windows in bedrooms and low ceiling heights. Many lenders will not lend to you if the property is under 50 sqm. I have long been an advocate of following in the footsteps of cities such London, New York and Sydney and establishing a minimum size requirement, as it would benefit the overall market place. To read the full article, please CLICK HERE.