First Home Buyers Seek To Take Advantage Of Melbourne's Rising Market As Prices Resume Soaring
Over the past year, Melbourne has led the national housing market downturn alongside Sydney – a drop fueled by tight credit restrictions and an impending election.
"In general, investors were caught in a perfect storm of 'fear of the unknown', with the federal elections at stake, continued tightening of lending policies and low interest rates Says Income2Wealth director Paul Wilson.
“From Sydney and Melbourne, the ripple effect of these two factors led to a drop in the number of buyers and the wind blew from the sails of the sellers, because less than properties have been listed and comments on all future convictions have become a self fulfilling prophecy. "
However, things are looking good overall for Melbourne as the market stabilizes and emerges from under the cloud of uncertainty. Conditions are perfect for first-time home buyers in particular, who have the opportunity to grab a share of the market before property values ??go up.
"The first buyers are already being born, hoping to find a good deal before prices pick up. If interest rates stay low, which, by all indications, and loan policies are becoming more flexible, then there is the desire and confidence of investors to continue to grow their portfolios. Adds Wilson.
The insufficient supply contributes to the increase in demand, as it stimulates competition between buyers.
"The current environment is fueled by the shortage of properties on the market, and we expect this trend to continue as demand is at these current high levels and sellers are in their hands Says Antony Bucello, general manager of National Victoria Home Buyers.
Outside of Melbourne, Geelong and Ballarat continue to stand out as solid alternatives to the capital, as the inner suburbs of Melbourne shouldn't be much cheaper despite some price declines over the past year, says Multifocus Properties & CEO of finance Philippe Brach.
"There is a substantial increase in housing and prices in Geelong and Ballarat, which is also supported by state government initiatives to move government jobs to these places and encourage businesses to # 39; install there, like tax breaks. "
SUBURB TO WATCH
LORNE: The surfing paradise breaks down
One of the destinations along Great Ocean Road, the suburb of Lorne is a big hit with vacationers looking to relax by the water and surfers looking for ; excellent waves. The suburb has an atmosphere reminiscent of the Mediterranean, with many natural attractions like the rock pools along Shelley Beach and the Great Otway National Park.
During the three years preceding August 2019, real estate prices experienced a positive sequence. However, the previous year saw house and unit values ??drop 7.9% and 9.9%, respectively. At the same time, the median home price fell below the million dollar mark, while units reached $ 661,121.
Tourism: Tourists are drawn to the famous Lorne surf beach and the neighboring national park
Location: Stop along the Great Ocean Road, Lorne is in a prime location
Main suburbs:
Homebush
,
Torrensville
,
Artarmon
,
Marrickville
,
miller
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