Melbourne Property Market Update – March 14th, 2015
By Peter Sarmas on 14 Mar 2015
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Buying into a tightly held suburb of Melbourne
Some suburbs are easier to buy into than others because owners are less inclined to sell. That can be for many reasons, sometimes it is cyclical, for instance in the first few years after property is purchased the owners are less likely to sell. CoreLogic RP Data measures the ease of purchasing by comparing the number of homes advertised for sale in a given period with the number of properties in the suburbs. These suburbs are often described as ‘tightly held’. Robert Larocca talks about which are the top 10 most difficult places to buy a house.
Huge growth predicted in coming decades
Your Investment Property reports on the comparison between the cost of living in 1984 and 2014. Finder.com.au has revealed the average property value is eight times higher than 30 years ago. However, the upside for those looking to enter the property market is they can expect the average property of $580,000 to be worth $4.6 million in another 30 years time, based on current trends.
Top 10 coastal areas set to surge
Suburbs along the coast of the eastern seaboard are poised to see solid growth in 2015, according to a new report. Data released by Onthehouse.com.au showed nine out of the top 10 suburbs were located along the regional coast of New South Wales and Queensland. Only one suburb was located outside these regions in Western Australia. Alastair Lynn’s of Your Investment Property talks about why these properties are so desirable.
Mortgage sales surge to a record amid low interest rates
Property buyers took out a record number of mortgages in February, buoyed by the interest rate cut earlier in the month. According to the latest numbers from mortgage broking firm Australian Finance Group (AFG), a total of $4.3 billion mortgages were sold during the month, with $280 million mortgages selling in one day alone. Find out why variation of mortgage volumes is something to keep an eye on.
Narrowest house in the world ‘The Wedge’ is up for sale
Located in Millport, on Scotland’s Isle of Cumbrae, the eventual buyer will gain bragging rights for owning the world’s narrowest house, according to the Guinness Book of Records. Read more about “The Wedge’ to find out what it will cost you to own this unique house.
Apartment block with a stunning surprise
Find out about the new apartment building in Melbourne which reveals an intriguing image of Aboriginal chief William Barak on its facade. Barak was the last of the traditional Ngurungaeta (chief) of the Yarra Yarra tribe, belonging to the Wurundjeri Willam clan. A skilled diplomat and politician, he famously walked from Coranderrk to Melbourne to negotiate and fight for the social justice of his people.
