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25 JANUARY, 2022
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Ready, set for school Five-year-old twins Tilly and Tyler are all set to start their first year of school at Melton Primary School. Mum Michelle said they are both excited for their first day and the opportunity to make new friends, play and learn. The two will join siblings Amy (grade 2), Jack (grade 3) and Maddison (grade 6) on the first day of term one on Tuesday, February 1.
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Housing market booms By Sarah Oliver Melton and Moorabool are the most reliable profit making markets in Victoria, with every home sold in those areas in the September 2021 quarter getting more than the original purchase price, new research has revealed. CoreLogic’s head of research, Eliza Owen, said data shows that of the 59 house sales in Moorabool through the quarter, and the 345 house sales across Melton, 100 per cent resold at a nominal gain through September. The median profit for house sales across
Melton was $216,000 while in Moorabool it was $247,500. Ms Owen said stock levels are low across both local government areas as new supply added to the market has not kept pace with demand. “In December of 2021, total advertised stock was 7.2 per cent lower year-on-year across Melton, and 15 per cent lower across Moorabool,” she said. “Another growth factor for areas like Melton and Moorabool is that we are at a point in the housing cycle across greater Melbourne where
more demand pressure is being put on more affordable markets toward the fringe of the metropolitan” A factor to consider is how the pandemic has affected the profit margin, according to Ms Owen. “The pandemic has not directly had much impact on the rate of profit-making sales, but rather the number of transactions,” she said. “When cities were in lockdown, people just physically weren’t as able to go out and inspect property, list their property or commit to purchases. In spite of this, low interest rates
and a sense of buyer urgency meant that properties that did sell through the September quarter sold well.” Looking ahead, Ms Owen said rising rates of profitability are likely to continue, but may peak in line with prices peaking some time in 2022-23. “The idea that capital growth, and the chances of making a profit making sale, should peak over the next couple of years is based on the expectation that interest rates will rise, and affordability constraints are setting in for buyers across the market.”
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