Melbourne Property Market Update – December 7, 2013

By Peter Sarmas on 7 Dec 2013
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Can you buy a home for under $1 million in Albert Park? Cate Bakos believes you can.
Photo: The Homepage

An unprecedented swell of activity will drive the Australian property market along until just days before Christmas. A recent property report has also confirmed that market activity will be solid in 2014, leading to a likely national median house price increase of 3 to 5 per cent.

• In his weekend market wrap, Peter Sarmas consulted several real estate experts around Melbourne to ask what they have been observing in the market.

• After attending an auction in Albert Park, Cate Bakos considered the sacrifices buyers must make to buy a house in the area for under $1 million.

• A recent study has revealed that first home buyers are suffering from mortgage distress, despite record low lending rates. This raises interesting questions about lending standards generally and the serviceability of mortgage repayments.

• Warnie has finally managed to sell his Brighton property. So what renovation plans does he have for his new UK residence with Liz?

• Finally, if you’re looking for some unique Christmas presents, the Big Design Market could be the perfect answer. The market will be held this weekend at the Royal Exhibition Building in Carlton. There will be fashion accessories, kid’s toys and homewares for sale, in addition to food and coffee stalls and a play area for the kids.

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About the Author

Peter Sarmas is a Certified Property Investment Advisor (PIAA) and Vendor/Buyer Advocate. Before becoming the founder of Street News, Peter completed a Degree in Applied Science (Chemistry) and a Graduate Diploma in Property Valuations (Hons). Peter believes property investing is a major and potentially risky undertaking. In his view, everyone should have an independent person acting on their behalf when seeking property investment advice.