November Report
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November report
From our corporate director Dean O’Brien
In real estate, as in life, patience and balance are key. The decision to buy, sell, stay put, or rent is deeply personal and should be made after careful self-reflection and consultation with experienced advisors. It's crucial to think long-term and avoid impulsive reactions. As we approach the new year, supply will be a critical factor to monitor in the property market, potentially overshadowing the impact of interest rates. Current trends indicate that investors represent roughly 33% of property sellers, with those over 60 emerging as the primary age group among landlords. This shift suggests a reduced inclination among younger people to invest in property, a trend mirrored by a 21% drop in new dwelling approvals from January to August 2023 compared to the previous year. Demand is expected to significantly shape the real estate market in 2024. Despite high entry barriers, demand remains robust. Australia is projected to be among the top three OECD countries in terms of population growth through 2030, with a significant portion of this increase occurring in Victoria. Looking at 2024 trends, "Solar Panels," "Sheds," and "Furnished" are the top keywords in rental searches, offering valuable insights for property investors. It's also worth noting that government solar rebates will decrease from January 1, 2024, and energy prices are anticipated to rise by up to 25%, adding to the existing 35% increase experienced this year. An analysis of the 12-month change in dwelling prices in Metro Melbourne shows an average increase of 3%. This contrasts with Sydney's 10.2%, Perth's 13.5%, Brisbane's 10.7%, and Adelaide's 7.6%. In Regional Victoria, however, there has been a 2.2% decrease in home prices.
IThe rental market has cooled recently, attributed largely to seasonal trends, as people prefer not to move during the Christmas period. The 2024 forecast for Victoria's rental market suggests a continuing shortage of homes, leading to increased pressure on landlords due to higher mortgages and rising rents. As we celebrate the festive season, remember that the best gift is the joy of being with family. Wishing you a Merry Christmas and a prosperous New Year. Please remember that the information shared is general in nature, and it's always advisable to seek specific legal, financial, and tax advice tailored to your unique situation.
Thank You Dean O’Brien Director & Co Founder
We sell more. A snapshot of last moths sales
Average sale price
$849,211
Sale price High
Low
$4.9M
$485K
Address
Suburb
11 Enfield Drive
Bayswater
3
2
10 Susan Street
Bayswater
3
38 Fieldstone Boulevard
Beaconsfield
15 Pioneer Court
Average days on market
28 Days on Number market of buyers
Price range
Sale price
1
$760,000-$835,000
$889,000
22
57
1
3
$820,000 - $890,000
$911,500
26
59
4
2
2
$1,050,000 - $1,130,000 $1,070,000
29
23
Berwick
3
2
2
$720,000 - $770,000
$765,000
20
47
116 Golf Links Road
Berwick
3
2
2
$740,000 - $810,000
$816,000
9
30
11 Rosewin Court
Berwick
3
2
2
$740,000 - $810,000
$760,000
21
23
2 Hillman Court
Berwick
3
2
2
$740,000 - $810,000
$768,000
15
28
49 Meridian Circuit
Berwick
3
2
2
$790,000
$790,000
0
1
15 Edwardes Street
Berwick
4
2
2
$1,000,000 - $1,100,000 $1,050,000
56
46
1 Konac Court
Berwick
3
2
2
$695,000 - $764,000 $680,000
27
36
21 Howitt Court
Berwick
3
2
2
$750,000 - $825,000
$775,000
13
52
2/16 Manuka Road
Berwick
3
2
2
$810,000 - $890,000
$890,000
49
14
1/226 Boronia Road
Boronia
2
2
1
$590,000 - $649,000 $632,500
21
45
169 Dorset Road
Boronia
3
2
1
$690,000 - $759,000
$707,177
21
62
167 Dorset Road
Boronia
3
2
3
$720,000 - $792,000
$775,000
12
53
32 Western Road
Boronia
3
2
2
$830,000-$903,000
$900,000
26
47
4 Ghost Gum Court
Botanic Ridge
4
2
2
$1,100,000 - $1,200,000 $1,130,000
23
24
50 Stringyleaf Street
Botanic Ridge
4
2
1
$599,000 - $640,000 $620,000
8
9
2 Belvista Way
Botanic Ridge
4
2
2
$800,000 - $880,000
$915,000
20
5
4 Bronze Wing Court
Cannons Creek
2
2
2
$970,000 - $1,015,000 $895,000
14
15
24/15 Balmain Drive
Carrum Downs
2
1
1
$460,000 - $506,000 $485,000
13
20
5/51 Thames Promenade
Chelsea
2
1
2
$495,000 - $544,000 $500,000
153
139
3
2
2
$600,000 - $660,000 $630,000
16
18
30 Grande Belmond Avenue Clyde
We sell more. A snapshot of last months sales Address
Suburb
50 Elmtree Crescent
Clyde North
4
2
16 Viewbright Road
Clyde North
4
23 Kunlun Crescent
Clyde North
13 Lensing Street
Days on Number market of buyers
Price range
Sale price
2
$680,000 - $740,000
$710,000
21
11
2
2
$680,000 - $740,000
$720,000
22
14
5
3
2
$840,000 - $900,000
$870,000
91
28
Clyde North
4
2
2
$600,000 - $660,000
$660,000
7
65
1/34 Clairmont Ave
Cranbourne
3
1
2
$485,000 - $530,000
$540,000
7
12
22 Criterion Way
Cranbourne East
3
2
2
$599,000 - $658,000
$640,046
23
21
11 Cassius Circuit
Cranbourne North
3
2
1
$470,000 - $510,000
$505,000
48
61
45 Elizabeth Street
Cranbourne North
3
1
4
$680,000
$680,000
22
14
37 Chantenay Parade
Cranbourne North
3
2
2
$710,000 - $780,000
$745,000
19
11
66 Waverley Park Drive
Cranbourne North
4
2
2
$715,000 - $785,000
$785,000
12
15
4 Meditate Lane
Cranbourne North
4
2
2
$650,000 - $695,000
$655,000
73
57
7 Rathdowne Street
Cranbourne West
4
2
2
$760,000 - $810,000
$799,999
20
11
34 Browns Road
Devon Meadows
4
2
10
$1,950,000 - $2,145,000 $1,950,000
9
2
76 Helen Road
Ferntree Gully
3
1
2
$720,000 - $790,000
$840,000
28
83
143 Burke Road
Ferntree Gully
4
2
2
$970,000 - $1,067,000
$1,170,000
28
71
6 Birtinya Court
Frankston
3
2
2
$620,000 - $680,000
$660,000
16
64
52 Clarks Road
Lang Lang
3
2
2
$700,000 - $770,000
$749,999
11
5
15 Westbury Way
Lyndhurst
4
2
2
$730,000 - $803,000
$785,000
15
14
Unit 1/1 Argus Court
Narre Warren
3
2
1
$550,000 - $600,000
$570,000
12
15
8 Victoria Road
Narre Warren
4
2
3
$805,000
$805,000
27
37
11 Beverly Court
Narre Warren
3
1
2
$620,000 - $660,000
$657,000
35
42
18 Juncus Street
Narre Warren
3
2
1
$590,000-$649,000
$620,000
49
56
10 Franleigh Drive
Narre Warren
3
1
2
$595,000 - $650,000
$646,000
36
53
10 Trafalgar Court
Narre Warren South 4
2
2
$1,000,000 - 1,100,000
$1,055,000
13
16
7 Somerset Court
Narre Warren South 4
2
2
$870,000 - $957,000
$900,000
20
13
4 Brownfield Drive
Officer
4
2
2
$895,000 - $984,500
$915,000
36
20
9 Kristina Court
Pakenham
4
2
2
$650,000 - $675,000
$650,000
36
17
42 Bluehills Boulevard
Pakenham
4
2
2
$630,000 - $690,000
$690,000
7
22
4 Viola Avenue
Pakenham
4
2
2
$700,000 - $770,000
$747,000
23
14
48 Eagle Drive
Pakenham
4
2
2
$750,000 - $795,000
$765,000
107
58
6 Marquis Court
Pakenham
3
2
2
$540,000 - $580,000
$570,000
51
49
2 Nathan Court
Pakenham
3
2
2
$585,000 - $625,000
$625,000
2
16
18 Dealbata Lane
Pakenham
4
2
2
$595,000-$640,000
$620,000
7
25
43 Rogers Street
Pakenham
4
2
2
$4,500,000-$4,900,000 $4,975,000
34
6
136 Third Avenue
Rosebud
3
1
1
$600,000 - $660,000
28
26
$625,000
We lease more. A snapshot of last months sales Average weekly rent.
$523
Average monthly rent.
$2,271
Rental price p/w. High
Low
$800
$320
Number of suburbs leased in.
23
Leased price p/w
Leased price p/m
2
$550
$2,389
3
2
$650
$2,824
4
2
2
$520
$2,259
Berwick
4
2
2
$650
$2,824
3 Petrel Place
Berwick
4
2
2
$650
$2,824
4 Pinnacle Place
Berwick
3
2
2
$420
$1,825
19 Marsh Grove
Berwick
3
2
2
$500
$2,172
68 Elgin Street
Berwick
3
1
6
$500
$2,172
1 Kingsmill Terrace
Berwick
3
2
4
$600
$2,607
12 Souhail Court
Berwick
4
2
2
$550
$2,389
61 Bellevue Drive
Berwick
3
2
1
$400
$1,738
228 Carnival Boulevard
Berwick
3
2
2
$510
$2,216
99 Golf Links Road
Berwick
3
2
2
$600
$2,607
420/11 Bond Street
Caulfield North
2
2
1
$700
$3,041
75 Clyde-five Ways Road
Clyde
3
2
1
$420
$1,825
18 Drummond Street
Clyde
4
2
2
$800
$3,475
15 Saltbreeze Circuit
Clyde
3
2
2
$460
$1,998
5 Ballarto Road
Clyde
3
2
4
$550
$2,389
3 Salvia Way
Clyde
4
2
2
$550
$2,389
22 Janessa Drive
Clyde North
3
2
1
$500
$2,172
26 Risely Road
Clyde North
4
2
2
$590
$2,563
33 Nunkeri Court
Clyde North
3
2
2
$460
$1,998
16 Cottongrass Avenue
Clyde North
4
2
2
$690
$2,997
7 Dame Avenue
Clyde North
4
2
2
$580
$2,520
6 Fleuve Rise
Clyde North
3
2
2
$500
$2,172
Unit 4/106 Clairmont Avenue
Cranbourne
4
2
2
$530
$2,302
24 Criterion Way
Cranbourne East
3
2
2
$520
$2,259
20 Gwenton Avenue
Cranbourne East
3
2
2
$500
$2,172
8 Sabel Drive
Cranbourne North
3
2
2
$500
$2,172
26 Beechtree Way
Cranbourne North
4
2
2
$590
$2,563
Address
Suburb
82 Homestead Road
Berwick
4
2
29 Fernwren Drive
Berwick
5
1 County Drive
Berwick
8 Bernly Boulevard
We lease more. A snapshot of last months sales Leased price p/w
Leased price p/m
2
$525
$2,281
2
1
$450
$1,955
3
2
2
$485
$2,107
Cranbourne North
3
2
2
$540
$2,346
7 Gillespie Court
Cranbourne North
4
1
0
$450
$1,955
6 Merlin Drive
Cranbourne North
4
2
2
$495
$2,150
6 Incana Court
Cranbourne West
4
2
2
$500
$2,172
Unit 11/31 Stud Road
Dandenong
1
1
1
$320
$1,390
7 Giles Retreat
Endeavour Hills
3
1
3
$440
$1,911
8 Cinerea Avenue
Ferntree Gully
3
1
2
$550
$2,389
2/66-68 High Street
Frankston
2
1
1
$450
$1,955
2/5 Candlebark Crescent
Frankston North
2
1
2
$460
$1,998
13 Heather Court
Hampton Park
3
1
4
$430
$1,868
Sybella Avenue
Koo Wee Rup
3
1
2
$550
$2,389
1/60 Sunnyvale Drive
Langwarrin
2
1
1
$435
$1,890
18/80-84 Potts Road
Langwarrin
2
1
1
$440
$1,911
1A Avisha Way
Narre Warren
3
2
1
$520
$2,259
49 Summerlea Road
Narre Warren
3
1
2
$550
$2,389
5 Murdoch Avenue
Narre Warren
3
2
0
$500
$2,172
11 Hermitage Rise
Narre Warren
4
2
2
$500
$2,172
10 Hansen Court
Narre Warren
4
2
2
$600
$2,607
23 Madison Avenue
Narre Warren
3
2
2
$500
$2,172
6 Broadacres Court
Narre Warren
5
2
2
$650
$2,824
109A A\'beckett Road
Narre Warren North
3
2
1
$495
$2,150
19 Ardenne Court
Narre Warren South
4
2
2
$575
$2,498
39 Denton Drive
Officer
3
2
2
$520
$2,259
2 Levens Way
Officer
4
2
2
$450
$1,955
143 Mary Street
Officer
2
1
1
$440
$1,911
23 Azalea Avenue
Pakenham
4
2
2
$480
$2,085
123 Sovereign Manors CrescentRowville
3
2
1
$550
$2,389
4 Arbroath Road
Wantirna South
3
2
2
$540
$2,346
35 Pentlowe Road
Wantirna South
3
1
1
$480
$2,085
Address
Suburb
11 Dalziell Crescent
Cranbourne North
4
2
35 Freshfields Drive
Cranbourne North
3
9 Malmesbury Road
Cranbourne North
12 Agathis Alley
Melbourne housing affordability: Most undersupplied markets revealed, calls to reform on ‘investor-bashing’ policies Almost half Melbourne’s most undersupplied housing and rental markets are in the city’s east. New research from data-led buyer’s agency InvestorKit has revealed the postcodes across Victoria with the highestgrowing demand and worst shortages in both rental and housing supply amid calls for reforms on the state government’s “investor-bashing” policies. It comes after PropTrack’s Housing Affordability Index released in September showed the state’s housing affordability had reached its lowest level in more than three decades, while the rental vacancy rate plummeted to a record low of 1.07 per cent in October. ‘Rental catastrophe’: Victoria’s vacancy rate plunges to a record low Victoria’s housing affordability hits worst level in more than three decades InvestorKit’s data shows areas in Melbourne’s east including Heathmont, Mooroolbark, Croydon North and Scoresby were all among the most undersupplied markets in the city. Founder and head of research Arjun Paliwal said Victoria’s “investor-bashing policies” were scaring property investors away, leading to less available rental homes and as a result, higher competition among renters and worsening affordability.
“With the ever increasing interest rates, a lot of those renters are people who thought they would be in a position to purchase but are going to do another year of renting instead,” Ms Molinaro said. “There’s a lot of lack of supply at the moment and we have a lot of renters on the market looking to lease properties but we don’t have enough to offer. We still have renters offering to pay higher than advertised prices and trying to negotiate due to the competition.” The recently released Victorian Housing Statement has flagged plans to fine agents and landlords who accept rental bidding. While this hasn’t come into effect, it is currently illegal to solicit rental bids in Victoria. Other suburbs where buyers and renters are feeling the pinch of low stock levels include Mulgrave in the southeast with a median house price of $1.04m, and in the northeast, Rosanna and Macleod — where the typical house costs $1.2m and $1,136,500, respectively. Mr Paliwal added that Melbourne was now a “second-last choice” as an investment destination among capital cities, according to a Property Investment Professionals of Australia (PIPA) survey. He said a decline in investors would also lead to lower stock mobility. “Owner-occupiers tend to hold stock longer than investors, leading to less available supply in the long term, ultimately hurting housing affordability,” he said.
“Victoria already has the highest stamp duty rate in the nation,” Mr Paliwal said. “The government’s decision to increase land tax over the next 10 years will only make the situation worse — we’ve already seen the consequences.” OBrien Real Estate Blackburn auctioneer Anthony Molinaro echoed that new investment property taxes introduced this year were “double-edged swords’. “Investors are realising the money they’re getting isn’t covering their repayments and capital growth has started to slow down, so they’re getting out of the market and most of those properties are going to owner-occupiers instead of renters,” Mr Molinaro said. He added that state government first-home buyer policies such as the Victorian Homebuyer Fund, where buyers can enter the market with as little as a 5 per cent deposit, were also contributing to supply issues by increasing the number of purchasers in the market. “These are bandaid approaches,” the auctioneer said. The agency’s property manager Anna Molinaro added that the lack of housing supply was noticeably hurting renters in the eastern suburbs, with many copping $100 a week increases to keep a roof over their heads.
article source : www.realestate.com.au
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