October Report
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October Report
From our corporate director Dean O’Brien
According to a recent report by the government agency NHFIC, there's an anticipated shortfall of 175,000 homes by 2027. To address this, the industry has taken an innovative approach. A study by CoreLogic, in collaboration with Archistar and Blackfort, has pinpointed 230,000 potential sites in Melbourne suitable for granny flats. This solution presents both an accessible and rapid option to address the housing deficiency. The report highlighted Mornington Peninsula as the top locality for such developments with 23,870 sites. Following closely are the City of Casey, Monash, Knox, and Manningham with 16,861, 13,960, 13,741, and 13,063 potential sites respectively. For prospective buyers, Melbourne stands out. As per CoreLogic's October figures, home values rose by a modest 0.5%, the least among the major five capital cities. However, a broader view reveals that Melbourne's growth over the past year is only 2.4%, as opposed to Adelaide's 6.5%, Brisbane's 7.8%, Sydney's 9.0%, and Perth's 10.8%. In the regional Victoria market, there's a silver lining as home value dips seem to be plateauing, with a slight 0.1% hike in the last month. Melbourne witnessed a bustling auction scene in October. 2023 has so far favored auctions over private sales, as indicated by the latest REIV research. For sellers aspiring for optimal outcomes, it's prime time to consider auctions. The season remains vibrant, expected to last until 23rd December. Anticipation is brewing as the Reserve Bank's decision looms on Melbourne Cup Day. Homeowners are gearing up for a potential rate hike, echoed by forecasts from all major banks. However, as with weather predictions, it's always prudent to be prepared—so keep that umbrella at hand during the Melbourne Cup. A favorable interest rate decision by the US Federal Reserve on Thursday might send some positive vibes Australia's way. The property investment realm seems steady, with minor rental price hikes in October. After 36 months of back-to-back increases, the market momentum seems to have normalized. The ABS's October data reveals a 7% surge in building approvals, the first in a long while. However, approvals are still lagging by 22.9% based on year-on-year figures.
The property investment realm seems steady, with minor rental price hikes in October. After 36 months of back-toback increases, the market momentum seems to have normalized. The ABS's October data reveals a 7% surge in building approvals, the first in a long while. However, approvals are still lagging by 22.9% based on year-onyear figures. Thank You Dean O’Brien Director & Co Founder
We sell more. A snapshot of last moths sales
Average sale price
$757,357
Sale price High
Low
$1.8M
$295K
Average days on market
33
Price range
Sale price
Days on Number market of buyers
Address
Suburb
8 Wembley Drive
Berwick
3
2
1
$700,000 - $770,000
$760,000
19
42
19A Neill Street
Berwick
3
2
2
$790,000 - $850,000 $840,000
22
20
34 Meridian Circuit
Berwick
4
2
2
$750,000 - $800,000 $755,000
60
145
17 Sharpe Court
Berwick
4
2
2
$750,000 - $825,000 $785,000
7
29
177 Soldiers Road
Berwick
4
2
2
$760,000 - $825,000
$799,999
34
16
3/44 Pine Crescent
Boronia
2
1
1
$590,000 - $640,000
$617,500
35
61
77 Olive Grove
Boronia
4
2
2
$850,000 - $920,000 $850,500
26
69
105/8 Bambury Street
Boronia
1
1
1
$350,000 - $380,000 $370,000
13
20
4/36 Woodmason Road
Boronia
2
1
1
$590,000 - $649,000 $579,000
76
71
77 Limeburner Grove
Botanic Ridge
4
2
2
$975,000 - $1,050,000 $998,000
69
16
63 Riverwood Drive
Botanic Ridge
4
2
2
$1,150,000 - $1,220,000 $1,180,000
38
19
17/79 Greenwood Drive
Carrum Downs
3
1
2
$520,000 - $572,000 $550,000
7
16
8 Athletic Circuit
Clyde
4
2
2
$680,000 - $725,000
$715,000
7
13
1 Hurdle Street
Clyde North
3
2
1
$570,000 - $600,000 $593,500
34
55
8 Anfield Road
Clyde North
4
2
2
$640,000 - $660,000 $646,000
26
48
1 Pamplona Way
Clyde North
4
2
2
$630,000 - $690,000 $655,000
111
145
2 Hacienda Lane
Clyde North
4
3
2
$585,000 - $643,500 $625,000
12
20
1/10 Bowen Street
Cranbourne
2
1
2
$420,000 - $460,000 $460,000
30
17
2 Barkly Street
Cranbourne
4
2
2
$600,000 - $660,000 $650,000
14
23
18 Thomas Crescent
Cranbourne
3
1
4
$595,000 - $650,000 $646,000
10
25
We sell more. A snapshot of last months sales
Address
Suburb
28 Trafalgar Way
Cranbourne East
4
2
156 Lineham Drive
Cranbourne East
3
154 Lineham Drive
Cranbourne East
27 Kellett Street
Days on Number market of buyers
Price range
Sale price
2
$650,000 - $700,000
$670,000
18
18
2
1
$560,000 - $615,000
$620,000
11
50
3
2
1
$625,000
$625,000
0
11
Cranbourne North
3
2
2
$620,000 - $680,000
$655,000
10
28
9 Noorat Place
Cranbourne North
5
2
2
$870,000 - $930,000
$880,000
70
44
3 Marsden Court
Cranbourne North
3
1
1
$600,000 - 660,000
$645,000
8
15
13 Frances Crescent
Cranbourne North
3
2
2
$580,000 - $630,000
$640,000
8
33
64 Waterways Drive
Cranbourne North
3
2
1
$495,000-$535,000
$543,000
6
72
1 Warwick Place
Croydon North
4
2
2
$800,000 - $880,000
$845,000
49
70
21 Cross Road
Devon Meadows
3
1
2
$1,300,000 - $1,380,000 $1,300,000
39
15
24 King Parrot Boulevard
Drouin
5
3
2
$660,000 - $710,000
$680,000
62
13
3 Pickersgill Court
Endeavour Hills
4
2
4
$840,000 - $880,000
$869,000
37
30
9 Chantell Avenue
Endeavour Hills
3
2
2
$765,000 - $815,000
$782,500
18
30
28 Dorothy Grove
Ferntree Gully
2
1
1
$720,000 - $792,000
$755,000
9
9
6 Birtinya Court
Frankston
3
2
2
$620,000 - $680,000
$690,000
8
57
56 Jefferson Road
Garfield
4
2
2
$795,000 - $845,000
$825,000
155
13
2/43-45 Belgrave Hallam Road Hallam
2
1
1
$470,000 - $515,000
$440,000
27
7
35/4 Paydon Way
Hampton Park
3
1
2
$500,000 - $550,000
$570,000
11
16
1 Redwood Court
Junction Village
3
1
2
$495,000 - $544,500
$530,000
68
45
7 Silver Way
Koo Wee Rup
3
2
3
$685,000 - $750,000
$560,000
15
11
7 James Street
Lang Lang
4
1
4
$600,000 - $660,000
$630,000
14
3
45 Hance Lane
Lang Lang
3
1
6
$1,195,000- $1,300,000 $1,150,000
216
15
221 Mcdonalds Track
Lang Lang
3
2
4
$750,000 - $795,000
$745,000
8
5
24 Pindara Boulevard
Langwarrin
4
2
2
$1,150,000 - $1,250,000 $1,185,000
10
9
23 Warrenwood Place
Langwarrin
3
2
2
$620,000 - $660,000
7
33
$670,500
We sell more. A snapshot of last months sales
Price range
Sale price
Days on Number market of buyers
Address
Suburb
310 North Road
Langwarrin
4
2
6
$1,499,999 - $1,600,000 $1,545,000
5
11
17 Sunridge Drive
Mernda
3
2
2
$550,000 - $605,000
$590,000
15
19
8 Angus Court
Mount Eliza
4
2
2
$1,775,000 - $1,875,000 $1,825,000
7
9
25 Kent Road
Narre Warren
5
2
2
$690,000 - $750,000
$783,000
19
31
62 Sandalwood Drive
Narre Warren
4
2
2
$780,000 - $830,000
$830,000
35
43
21 Norman Place
Narre Warren
3
2
4
$665,000 - $695,000
$700,000
8
23
3 Pirra Place
Narre Warren
3
2
2
$780,000 - $840,000
$735,000
0
33
11 Vance Court
Narre Warren
4
2
2
$870,000 - $920,000
$910,000
18
23
1 Lemon Tree Lane
Narre Warren North 4
2
2
$1,550,000 - $1,650,000 $1,580,000
104
16
10 Billabong Place
Narre Warren North 4
2
2
$1,150,000 - $1,220,000 $1,735,000
80
27
7 Addison Close
Officer
4
2
2
$670,000 - $720,000
$690,000
70
45
14 Kaduna Drive
Officer South
4
2
2
$760,000 - $830,000
$804,000
8
11
13 Expedition Circuit
Pakenham
3
2
2
$550,000 - $605,000
$560,000
15
8
1 Fantail Lane
Pakenham
3
2
2
$590,000 - $635,000
$625,000
5
8
9 Stanhope Place
Pakenham
4
2
2
$600,000 - $640,000
$626,500
44
46
29 Grice Quadrant
Pakenham
3
2
1
$560,000 - $610,000
$570,000
6
7
94 Murphy Road
Pakenham
3
2
2
$560,000-$610,000
$610,000
9
34
80 Superior Waters
Pakenham
4
2
2
$750,000 - $795,000
$780,000
0
26
14/11 Hawk Avenue
Pakenham
3
1
2
$495,000 - $525,000
$460,000
47
16
23 Yellow Gum Drive
Pakenham
3
1
1
$500,000 - $550,000
$561,000
6
39
30 Jamie Court
Pakenham
4
2
2
$690,000 - $740,000
$720,000
16
22
56 Armidale Drive
Pakenham
3
2
2
$550,000 - $590,000
$570,000
63
15
105 Baxter-Tooradin Road
Pearcedale
3
1
2
$720,000 - $780,000
$740,000
118
16
405/400 Burwood Highway
Wantirna South
1
1
1
$305,000 - $335,500
$295,000
55
19
7/1401 High Street Road
Wantirna South
2
1
1
$548,000 - $602,000
$590,000
13
43
We lease more. A snapshot of last months sales Average weekly rent.
$533
Average monthly rent.
$2,316
Rental price p/w. High
Low
$890
$310
Number of suburbs leased in.
30
Leased price p/w
Leased price p/m
1
$420
$1,825
1
2
$500
$2,172
4
3
2
$580
$2,520
Berwick
4
2
2
$525
$2,281
58 Grices Road
Berwick
4
2
2
$560
$2,433
17 Bangalay Place
Berwick
3
2
2
$520
$2,259
5 Sunview Place
Berwick
5
3
2
$785
$3,410
4/17B Hazeldene Court
Berwick
4
3
2
$560
$2,433
40 Caravan Parade
Berwick
4
2
2
$710
$3,084
1/13 Maryn Close
Berwick
3
1
1
$430
$1,868
32 Chirnside Road
Berwick
4
2
2
$530
$2,302
28 Stefan Drive
Berwick
3
2
2
$530
$2,302
343A Centre Road
Berwick
4
3
2
$585
$2,541
1 Adelaide Close
Berwick
3
2
2
$570
$2,476
3/72 Boronia Road
Boronia
4
4
2
$680
$2,954
4/72 Boronia Road
Boronia
3
2
2
$620
$2,693
2/72 Boronia Road
Boronia
4
3
2
$680
$2,954
408C/58 Kambrook Road
Caulfield North
2
1
1
$560
$2,433
1 Ember Street
Clyde
4
5
2
$750
$3,258
26 Broadbank Crescent
Clyde North
4
2
2
$480
$2,085
84 Burnbank Parade
Clyde North
4
3
2
$650
$2,824
8 Trainers Way
Clyde North
3
2
1
$460
$1,998
4 Emery Drive
Clyde North
4
2
2
$570
$2,476
10 Mabillon Way
Clyde North
4
2
2
$550
$2,389
16 Leghorn Way
Clyde North
4
2
2
$520
$2,259
7/40 Hudson Street
Coburg
2
1
1
$425
$1,846
63 Jamieson Street
Corinella
4
2
2
$450
$1,955
Unit 2/17 Russell Street
Cranbourne
3
3
1
$460
$1,998
8 Valerie Drive
Cranbourne
3
1
2
$470
$2,042
39 Camms Road
Cranbourne
3
1
2
$490
$2,129
Address
Suburb
3/3 Wallace Avenue
Bayswater
2
1
13 Carramar Court
Bayswater
3
5/241 Soldiers Road
Beaconsfield
8 Sarah-Louise Place
We lease more. A snapshot of last months sales Leased price p/w
Leased price p/m
2
$550
$2,389
1
1
$430
$1,868
4
2
2
$500
$2,172
4
2
4
$530
$2,302
116/211 Mount Dandenong RoadCroydon
2
1
1
$430
$1,868
Unit 2/32 Railway Avenue
Drouin
3
2
1
$420
$1,825
Unit 7/6 Byron Street
Elwood
1
1
1
$400
$1,738
7/164 Napier Street
Essendon
2
1
1
$450
$1,955
Unit 3/256 Cranbourne Road Frankston
3
1
1
$420
$1,825
4/147 Neerim Road
Glen Huntly
2
2
1
$570
$2,476
3/43 Carroll Crescent
Glen Iris
1
1
1
$320
$1,390
Unit 2/68 Barkers Road
Hawthorn
2
2
1
$700
$3,041
9 Bower Vine Road
Junction Village
4
2
2
$600
$2,607
33 James Street
Lang Lang
3
1
2
$450
$1,955
97 Darling Way
Narre Warren
3
1
0
$470
$2,042
1/105 Springfield Drive
Narre Warren
3
2
2
$490
$2,129
57 Gledhill Street
Narre Warren South
3
2
2
$500
$2,172
105 Robinswood Parade
Narre Warren South
4
2
2
$620
$2,693
Unit 2/13 Joy Parade
Noble Park
2
1
2
$310
$1,347
100 Cornishs Road
Nyora
3
1
8
$890
$3,866
82 Dodson Road
Officer
4
2
1
$520
$2,259
22 Cherrington Avenue
Officer
3
2
2
$490
$2,129
61 Timbertop Boulevard
Officer
4
2
2
$680
$2,954
11 Chesney Rise
Officer
4
2
2
$580
$2,520
9 Adler Street
Officer
4
2
2
$550
$2,389
17 Bronte Boulevard
Officer
4
2
2
$560
$2,433
Unit 6/1 Village Way
Pakenham
3
1
1
$420
$1,825
49 Bluehills Blvd
Pakenham
4
2
2
$470
$2,042
9/5 Melissa Way
Pakenham
3
1
2
$400
$1,738
7 Ascot Park Drive
Pakenham
3
2
1
$450
$1,955
32 Glenvista Road
Pakenham
3
2
2
$440
$1,911
11 Ivory Crescent
Springvale South
3
2
0
$560
$2,433
8 Rylands Place
Wantirna
3
2
2
$480
$2,085
1B Mint Street
Wantirna
4
3
2
$850
$3,693
Address
Suburb
24 Criterion Way
Cranbourne East
3
2
33 Villager Street
Cranbourne East
2
18 Amburla Drive
Cranbourne North
5 Abrus Circuit
Cranbourne North
Australians face the world's highest mortgage stress: here's how to manage it
Australians are now officially under the most mortgage stress in the world, according to a new global study. They are putting 15 per cent of their income to servicing their mortgages according to new analysis by the International Monetary Fund (IMF). That puts us in more mortgage pain than Canada, high-cost Nordic countries such as Norway, Netherlands and Sweden - along with the UK and US.
Millennials are the generation that are facing the most mortgage stress with 64 per cent of borrowers in this group looking to refinance because they're struggling with the cost of living. They also face the biggest refinancing amount of $412,581 on average, compared to $240,22 for baby boomers. "Millennials struggling the most out of all the generations is a concern because they are the generation which has bought most recently," said Graham Cooke, head of consumer research at Finder. "This could be a sign that they jumped in when rates were at record lows and were unprepared for an environment where rates and repayments increased." However when it comes to the crunch many Australian consumers lack the knowledge to refinance their home loans. "The best thing you can do is take the time to review and compare your home loan options to ensure you're getting the most competitive rate," said Mr Cooke. "Refinancing your mortgage is a great way to improve your financial situation.
Australian are facing the highest rate of mortgage stress as interest rate rises kick in. Pic: Shutterstock
The finding was based on mortgage costs in December 2022, when Australians had endured eight months in a row of rate hikes. Since then the RBA has risen rates a further four times. And while there has been a slight reprieve with interest rates on hold for the last four months many economists and property experts are predicting further rate rises. So it's not surprising that another Australian study of 1016 people surveyed, 60 per cent of those were stressed about their mortgage before refinancing. That dropped to 49 per cent after refinancing. "Australian borrowers report higher levels of financial stress and cite home loan repayments specifically as a major issue," said Richard Whitten, home loans experts at Finder, commenting on Finder's Housing Market Report.
"A reduction of even half a per cent can be the difference of thousands of dollars a year." The first step is making refinancing a priority. "You should be looking at your home loan and whether you should refinance every 12 months," says
As interest rates have risen many more Australians are refinancing with banks other than their own, and the average refinancing amount has also gone up. Just over half, or 52 per cent, of refinancers were moving from another financial institution, otherwise known as "external refinancers" in July 2019, according to ABS data. However by July this year, almost three-quarters or 74 per cent, were "external refinancers". Not surprisingly the amount that people are refinancing has also gone up post interest rate rises. In July 2019 the average balance left on a refinancers home loan was $395,000. By June this year this figure had jumped to $507,053.
article source : view.com.au
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