Spring Property Guide 2017

SPRING

PROPERTY GUIDE

Meet your local real estate experts, learn about buying and selling property, finance, investment properties, growth regions, renovating, decorating and a whole lot more.

Giving you the edge in local real estate Welcome to Star Weekly’s 2017 Spring Property Guide.

I am proud to say this is now the third year we have produced this publication, which continues to go from strength to strength.

Once again, we have collated the best local information from real estate agents and experts across Melbourne’s western and northern suburbs to provide you with the information you need to buy, sell or renovate.

Coupled with Australia’s leading online real estate website Domain.com.au you have everything at your fingertips to access the best and most affordable properties across Melbourne’s west and north.

The housing market continues to grow strongly and shows no sign of easing this spring.

Our resident property market expert Dr Andrew Wilson says the market has remained strong throughout the winter and the property boom, particularly in the north, looks set to continue (pages 4-5).

On page 7, we take a look at the new property growth area in the suburbs – apartments.

Once primarily the domain of those living in Melbourne’s inner city, apartments have begun to spring up across the suburbs from the inner west of Footscray all the way to Werribee. We take a look at why apartment living is becoming more popular.

On page 14, we also explore the new trend that has emerged in the west – auctions.

Barry Plant’s James Hatzimoisis – with more than 3000 auctions under his belt – explains how auctions are now delivering home owners with great results in areas such as Wyndham and Melton, previously areas that were confined to private sale listings.

“Anyone selling today could be doing themselves an injustice if they don’t consider taking their property to auction,” he says.

On pages 8-9, Carole Levy looks at how good planning can help optimize your garden space, while on page 12, we tell you why it’s important to make a great first impression on buyers.

On page 13, Sam Freestone looks at the importance of interior design and the latest in fashion and styling.

To help guide you through the western and northern suburbs, we have all the latest information, including key statistics, from our key municipalities.

Star Weekly is proud to present you with this latest edition of our Spring Property Guide.

Please enjoy.

Jack Gillespie, Real Estate Sales Director

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SPRING

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P7

APARTMENT LIVING Fall in love with smaller spaces

P8

SMALL BACKYARDS Planning vital for a gorgeous garden

P13 DESIGN TRENDS In-and-out fashion P14 AUCTIONS Get the best out of the market P15 HOME LOANS Consider the benefits of a fixed rate loan P16 WYNDHAM Agents gearing up for a busy spring P24 MARIBYRNONG & HOBSONS BAY The inner-west lifestyle continues to inspire P34 BRIMBANK & NORTHWEST Brimbank shining brighter P44 MELTON & MOORABOOL Bargains to be found way out west P52 SUNBURY & MACEDON RANGES Macedon a magnet for tree changers P60 NORTHERN Demand heads north as buyers hunt bargains

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DR ANDREW WILSON Market on the rise into spring as the north booms

P12 PROPERTY STYLING Making the best first impression

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Melbourne’s west and north set to Market on through the riseaas the spring suburbs boom keep rising strong Dr WilsonDomain Chief Economist Dr Andrew Andrew Wilson, Senior Economist for the Domain Group

The Melbourne housing market has energised over winter despite the usual mid-year distractions with the clear prospect of another robust Spring selling season ahead.

Melbourne reported a winter clearance rate of 70.9 per cent over the three months ending August which was similar to the 71.7 percent record over the same period last year.

Last year’s Melbourne winter market however was supercharged by interest rate cuts in May and a follow-up in August to record low levels. Rates have been on hold since then, with the local market now driven by other factors – particularly record-level migration.

The ABS reports that last year Victoria recorded net migration – the difference between those leaving and those arriving – of a remarkable 92,038 persons which was the highest ever recorded over a calendar year by the state. The Victorian total was also well ahead of NSW in second place with net migration of 72,013.

Solid results for sellers over winter have been achieved despite a surge in listings this year with the number of auctions conducted up by 24 per cent or an increase of 1910 listings compared to winter last year.

With demand clearly ahead of supply, it’s no surprise that median house prices are rising with Domain reporting a sharp increase over the year ending June of 15.1 per cent to a new record high of $865,712.

Asking prices for Melbourne houses listed for private treaty sale have soared over winter increasing by 6.4 per cent compared to autumn and up by 23 per cent over the year – an extraordinary result.

Melbourne’s budget to mid-priced regions, particularly to the north of the city, have been clearly the strongest suburban performers this year driven by positive affordability advantages, rising investors and recently by increased activity by first home buyers thanks to a significant cut to the stamp duty payable by this group.

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Winter asking prices for property in Melbourne’s volumes have translated into significant winter home price growth northern suburban region have boomed in the west and north. The median price of a home sold at auction by 28.5 perin the centwestern compared to winter last year increased by 14.2 suburban region of Melbourne with the northper east justpast behind an increase centregion over the year –with up from $576,000 over July 2014 to of 26.7 percent overover theJuly same period and the both $658,000 this year.

Similarly, median price of homes clearly the sold top inperformers of all the Melbourne the northern suburbs increased by 12.9 percent over the regions. same period– up from $497,500 to $561,500.

Melbourne sellers can anticipate strong springsuburbs selling have clearly revived Melbourne’s westerna and northern season ahead with a solid provided bylow theinterest rates and an over autumn andplatform into winter driven by improving local economy.

With solid market winter market – particularly in the middle and outermomentum and rising confidence clearly evident, the prospects are positive that these northern suburbs. are set for their best spring selling season performance for With surgingregions migration, increased activity from first home buyers, more investors and no prospect of Prices growth is also set to toremain continue, driven by rising investor interest rate increases, demand is set ahead attracted by relatively yields and emerging capital of supply fornumbers the foreseeable future with high Melbourne growth, growing first home buyers particularly in new home and land emerging as the nation’s strongest and most consistent packages in outer areas and changeover buyers taking advantage of capital city housing market.

Dr Andrew Wilson is Domain Group Chief Economist Continued growth in the rapidly gentrifying inner western suburbs Twitter@DocAndrewWilson join on LinkedIn and spring resurgence in what will also be a key factor of a sustained Facebook at must MyHousingMarket. be Melbourne’s best value suburban areas.

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Fall in love with smaller spaces

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SPRING property guide

Apartments look to be the way of the future. Between soaring house prices, populations booming in major cities and the rapid increase in dwelling approvals for units, flats and townhouses, it stands to reason that higher density living will become a reality for more Australians.

This won’t be a happy thought for some, given the great dream of our nation centres on home ownership and a quarter-acre block, but perhaps it’s time to say goodnight to that particular reverie, and wake up to some of the truly great advantages of living in a smaller space.

After all, if apartment living is good enough for so-hip-it-hurts cities such as New York and Berlin, why shouldn’t it be good enough for us, asks Erin Munro from domain.com.au Affordability This is a big one. As the average house price continues to increase, younger buyers are being pushed out of the market and a traditional home just isn’t a realistic option for many people. Apartments tend to be more affordable than houses, especially for first-home buyers. A smaller floor plan can also equal reduced gas and electric bills.

Community Lots of Australians barely know their neighbour beyond a nod and a raised hand in greeting upon accidentally seeing each other while putting out the bins. Sharing a building with others, however, enhances the possibility of getting to know those living around you, and hopefully making new friends.

Amenities The bigger apartment developments can have some pretty enviable perks these days, including swimming pools, gyms, rooftop hangouts and communal gardens. Lots of apartments come with secure car spaces and lovely things like balconies.

Less gardening This will come as no surprise: gardens are a lot of work. This is one chore that’s eliminated in an apartment. You can still grow some herbs to add to cooking, and if you still want to get those hands in the soil, that’s what community gardens are for.

Cleaning Apartment dwellers can clean their homes in a fraction of the time that it takes those living in a large house, and less time spent cleaning means more time for more enjoyable activities.

Security Apartments are harder to burgle. There are intercoms, secure entrances, and often alarms inside individual apartments.

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Not only do apartments have less upkeep in general, there’s also a body corporate there to handle the building’s bigger issues that need fixing.

STARWEEKLY \ SPRING PROPERTY GUIDE 7

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Minimum purchase $7,000 offer dates 01/08/17 to 31/10/17 – Reverts to cash advance rate. $59 annual fee.

By Carole Levy One of the biggest mistakes DIY garden designers can While many people opt for a pergola roofed in Laserlite make is overestimating what can be successfully squeezed or the like, an often better and more attractive solution is a deciduous vine which lets the winter sun filter in and in and still maintain the right feel you want to create.

Most people will want some kind of deck or pergola so tames the harsh summer rays. This choice can have a measure that out first – using spray paint to mark out direct bearing, too, on how much natural light is admitted into the house if a pergola is built against VIC it. A vine also Bayswater, Ballarat, dimensions on the ground – and work out what you have VIC adds greenery to summer gardens and costs a lot left over. This method also allows you to play403 with different Dorset Rd 106 Sutton Stless than roofing material. positions in the yard and these can be observed during the 03 9720 0082 03 5336 0748 day to see when shade and full sun fall on the spot.

A backyard, even when small, also needs soft landscaping materials such as pavers, Once the site has been selected, the question is then to act Campbellfield, VICas counterfoil to hard Moorabbin, VIC whether to cover the deck or not. An uncovered deck, stones and bricks. A small wedge of lawn is the easiest 4/490 Mahoneys Road 447takes South and a quick whipper-snip care Road of seasonal whether in timber, concrete or other material such as solution growth with little effort. Another way to 7223 introduce soft 03the 9359 2186 03 9555 slate, bricks or pavers, will remain open to blazing summer sun so choosing a sun-friendly spot becomes elements is with dense cottage-style planting, along with a or gravel walkway which leads somewhere,VIC such as to Pakenham, super-important. Consider when the deck isCarrum most likelyDowns, to brick VIC a medium-height specimen tree with seating beneath.

This be used and whether shade cast from the house or fence 2/700 Frankston Dandenong Rd 10 Station St occurs at the right time of day to keep the temperature at a also helps divide a small garden into “rooms” and creates a 03 8787 7061 03 5941 6402 greater sense of space. more comfortable level.

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Bayswater, VIC 403 Dorset Rd

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MELBOURNE WILLIAMS LANDING

WYNDHAM VALE STATION

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SPRING

Making the best first impression

By Carole Levy

(istock)

As expectations of top-notch presentation have rocketed in the past decade, more and more people are turning to professional property stylists to stage their homes during the selling period.

When the art of home staging first hit the market, it tended to be just the higher-end properties that took advantage. But, according to Sia Chishty and husband Shez, that’s all changing.

The couple have run Decor2Sell styling business since 2014 and are finding that even vendors in the lower prices ranges are quick to recognise they need help to maximise buyer interest and to potentially increase their selling price.

“Vendors, whether they have a $3 million or $300,000 expected selling price, are becoming more aware of the importance of immediate impact on buyers and naturally want to achieve the best price,” Sia said.

“Studies show that a buying decision can be made in the first three seconds of a viewing, and another eight seconds can seal the deal.

“Our aim is to achieve maximum impact throughout the house.

The process starts with a walk-through to determine needs, large and small. If a house is empty, we do a ‘full staging’ where we select furniture and accessories from our warehouse that best suit the target market.

UP TO

% 0 5 E D I W E R O T S

“With a full staging, we can also adopt feng shui principles in furniture placement, which is important to many people, especially the Chinese.”

About half of the homes Sia and Shez style are still occupied by the family.

“In this case, we do a ‘partial staging’ where we utilise existing furniture and accessories – although we can bring some statement pieces from the warehouse – with any spare or unnecessary family items stored in the owner’s garage or facility. By the time house sellers have agreed to use our services, they’re more than ready to sell, with hopes of a top price. This means they’re very open to style suggestions.”

In July this year, Sia and Shez styled 22 properties, 100 per cent of which sold quickly. Sia lays claim to achieving a minimum of $14,000 and a maximum of $77,000 above expected price following their work.

“Vendors, as well as real estate agents, no longer believe styling is a waste of money. We carry out a full staging for $2200 for a two-bedroom home through to $3000 for a four-bedder.

Partial staging is much cheaper. And for just $100, we do a walk-through only, helping vendors choose the best way to display their homes for sale.”

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12 STARWEEKLY \ SPRING PROPERTY GUIDE

In-and-out fashion

Fashion and interior design icon Iris Apfel says fashion and interior design are one and the same. In many ways, she’s right.

The accessories we use in the home can be as throw away as fashions that come in and out every season.

By Sam Freestone So if home interiors are the fast food of fashion — best to keep the hardware simple and the accessories easy to update.

With this in mind, updating the look of your home can be easy and relatively inexpensive.

NEW TRENDS Pastel pink is becoming a new power-colour, as are dusty blues. Yellow is still a great entertainer (best used sparingly in outdoor spaces), and each looks best juxtaposed with minimalist architecture.

These colours also work really well in period homes, when set against modernised spaces.

Black tapware and window frames Taps are inexpensive way to incorporate this trend, and repainting aluminium frames is a great summer project.

Aztec patterns Used quite sparingly, this pattern can look great. It’s been seen mostly on woven rugs and cushions, adding a point of

difference and breaking up the white-washed feel previous seasons have created.

EASY WAYS TO UPDATE ANY ROOM Use the whole spectrum of blue and play with textures such as velvets and silks, using throws and pillows to create a contemporary feel to your living space.

Dusty pinks are great for feature walls (easy to paint over when the fashion passes) and when used for accessories such as frames, vases and platters.

Ferns set in string or macrame hanging baskets can be easily hooked on walls and, dotted between frames photos and artwork, create a contemporary montage-style feature.

These are the big takeaways from the new wave in fashion: add a hint of the new colour trends to each room, add some indoor plants and watch your castle transform ... until it needs transforming again.

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SPRING property guide James Hatzimoisis has called more than 3000 auctions (supplied)

Get the best out of the market

By Carole Levy “Anyone selling today could be doing themselves an injustice if they don’t consider taking their property to auction. An auction nowadays ‘tests the market’ and, even if the property passes in, it’s likely a great price will be negotiated post-auction.

“Auctions are a very transparent way to sell and purchase.

Clearance rates stand at 75-80 per cent, and the 20 per cent that get passed in will almost certainly sell quickly post-auction.

It’s actually the strongest market we’ve ever seen.”

So what makes a good auctioneer?

Jim says, more than anything, an auctioneer needs empathy with the bidding crowd – even if that ‘crowd’ is two people.

“We need to make people feel comfortable, create an understanding that we know how stressful it can be. We need to ‘read’ people and give encouragement when we sense (or know) it’s a house they really want.

“My suggestion is that anyone thinking about putting their property up for auction do the rounds of local auctions, take note of how sales people in attendance interact – or not – with potential purchasers. There’s unlimited information around these days, but seeing a real auction can provide insight into successful bidding practices.”

Jim believes, while interest rates are historically low and supply is lower than demand, the number of auctions will continue to grow throughout the western region.

12363087-CG37-17

He’s been calling auctions for 31 years and is widely acknowledged as one of the best and most experienced auctioneers around, so it’s fair to say James Hatzimoisis knows a thing or two about how the auction market rolls.

Jim – as most people know him – is a joint director of seven offices in the Barry Plant network, including Wyndham and Melton where the auction scene has dramatically changed in the past 12-18 months.

Jim says that, while Brimbank and Maribyrnong areas have long accepted auctions as a viable way to sell a home, the Wyndham and Melton areas have been longer on the uptake.

“Part of the reason for this is generational,” he says. “Young people these days have watched TV shows, such as Hot Property and The Block Block, which show the whole auction process. They’ve grown up with the idea of auctions and seen the benefits, so can be more open about the concept.

“But the major driver of auctions in areas through the western corridor has been housing demand exceeding supply. This creates very strong competition for nearly every property and sellers have seen expected sales prices exceeded by, sometimes, more than $100,000.

“In earlier years, if there were 10 houses of more or less the same ilk on the market, vendors knew which price range their house fitted. But now, every house is a standalone, competing on its own merits in a very hot market.

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National home loan approval data released by Mortgage Choice shows fixed rate home loans represented nearly 30 per cent of all loans in July. Demand for fixed rate hasn’t been this high since December, 2013, but in an interview with Canstar, Mortgage Choice chief executive John Flavell says he wasn’t surprised.

However, Mortgage Choice data also shows that variable rate loans are still the most popular, with 40.71 per cent of all mortgages on the variable rate.

“Looking ahead we will have to wait and see whether borrowers continue to choose the perceived safety of fixed interest rates on their home loans, or ride the changes in the market by selecting variable rate products,” Mr Flavell said.

“Borrower demand for certain products will be dictated by what happens in the market.”

He also said consumers should be aware that, despite current market conditions, home loan rates are still hovering around historically low levels.

“Whether you’re looking to buy your first property, upgrade, refinance or even renovate, now is a great time to make your property goals a reality,” Mr Flavell said.

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“Considering what’s taken place in the housing market recently the surge in popularity of fixed rate loans is no surprise,” Mr Flavell said.

“A few of Australia’s lenders have lowered the interest rates charged on some of their fixed rate products, with some trimming up to 10 basis points from their four- and five-year rates.

“As a result, many of the fixed rate home loans now on offer are very competitively priced.

“Lenders have also been increasing rates across their investment and owner-occupier products, as well under regulatory pressures, further contributing to complex market conditions.

“If we continue to see added complexity in the market – with lenders making changes to their pricing and policy – I would expect to see more borrowers opting for the security of a fixed rate loan.”

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Wyndham

Agents gearing up for a busy spring See

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* Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

There’s never been a better time to sell in Wyndham.

The municipality’s real estate agents are gearing up for what’s set to be a sizzling spring property market, following 1st what Greg Hocking Lawson Partners director David Lawson * dubbed one of the busiest winters on record.

“There has been such a hot property market for the past six to 12 months,” Mr Lawson said.

“I think it will still be a .com.au strong market [in spring], due to the area’s proximity to the city – we’re only 20-something kilometres away and we’ve got good roads and public transport access, although they are getting busier – and you can still buy real estate here under $500,000, which .com.au is affordable.

“It’s a good time to sell.”

YPA Estate Agents Werribee director Bassam Tofaili anticipates the Wyndham market will become flooded with listings over spring.

1 strip of waterfront houses 6 miles from the CBD 0% chance of bad fish and chips last year

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“In the last couple of weeks, I’ve seen a lot of listings come on, and we haven’t even hit spring yet. We’re seeing more listings in the last few weeks than we’d normally see around this time,” Mr Tofaili said.

“Buyer activity at the moment is very strong. There’s a lot of competition, the buyers that we’re dealing with that come to open-for-inspections are ready-to-go buyers, astute buyers, they’re not monitoring the market, they’re acting.”

He said investors from Sydney and Melbourne’s eastern and northern suburbs were helping to drive house prices up. “[In Sydney], they’re looking at $900,000 to $1 million for the western suburbs, and in Wyndham they can buy something for $450,000 to $550,000 that’s got good rental return.”

Mr Lawson concurred, adding that some interstate investors had even bought properties “sight unseen” after getting a friend or relative to check out the homes for them.

Wyndham

Suburb Watch

Separate house DWELLING STRUCTURE

HOME OWNERSHIP

PEOPLE

MEDIAN AGE

And it seems auctions are the way to go in Wyndham, with both Mr Lawson and Mr Tofaili estimating that about 80 per cent of properties on the market were going under the hammer. Mr Tofaili said the clearance rate for auctions was as high as 92 per cent.

First National Westwood director Rob Westwood believes Hoppers Crossing will continue to be the suburb of choice among buyers, due to its proximity to Pacific Werribee, public transport and freeway access.

“I think what we will see is certainly continued growth through spring and into the summer,” Mr Westwood said.

“This year, I would say, will be a record-breaking spring, in terms of prices and number of homes sold.

“It’s an absolute sellers’ market today, it’s a great time to sell. Maybe it’s time for some people to consider cashing in on their investment or home, and making that tree-change or sea-change.”

55,956 83.6%

SUBURB

MEDIAN PRICE

YoY CHANGE

Semi-detached, terrace house or townhouse 9,298

13.9%

Hoppers Crossing

$458,000

18.6%

Flat or apartment

1,493

2.2%

Point Cook

$575,000

16.2%

Other dwelling

126

0.2%

Tarneit

$475,000

15.4%

Truganina

$460,000

15.0%

Werribee

$426,000

17.4%

Mortgagee

32,422

48.4%

Home owner

13,387

20.0%

Tenant

19,120

28.6%

Male Female

108,806 108,319

50.1% 49.9%

Source: APM Pricefinder

32

STARWEEKLY \ SPRING PROPERTY GUIDE 17

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Maribyrnong &Hobsons Bay

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By Benjamin Millar WILLIAMSTOWN W Y N D H A M VA L E

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The inner-west’s buoyant property market is tracking towards a bumper spring, according to the area’s real estate agents.

Maribyrnong and Hobsons Bay are proving increasingly desirable for buyers looking for a community feeling just a WILLIAMSTOWN t* stone’s throw from both1sthe city and the bay.

Agents say houses in the area are still being tightly held, but the market will open up with warmer spring weather.

Real Estate Institute of Victoria figures show a number of strongly performing suburbs in 2017 – Williamstown, Newport, .com.au Altona, Kingsville, Seddon, Yarraville and Maribyrnong – have all topped the million dollar median mark.

Raine & Horne Williamstown director Nathan Smith said the past two years in particular had shown strong gains in property values, yet further rises remain likely.

“We are just coming out of winter and there is strong buyer .com.au demand in the area,” he said.

“In the past, there has been a lot of local movement, with people looking to upgrade or downsize in the area, but lately we have seen a lot of people being priced out of places like St Kilda and Port Melbourne looking over here.”

Mr Smith said that despite recent steep rises in value, buyers * Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

year

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* Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

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.com.au

* Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

me of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

list their properties 1st on reviewproperty.com.au

new to the area were still surprised by how far their money will go.

“The family home market is by far the strongest, particularly in that $1.1 million to $1.6 million price bracket,” he said.

“That said, I’ve never seen as many $2 million-plus sales as I have in the past couple of years.”

Mr Smith said lifestyle was a large part of the area’s appeal, shaped by the area’s community feel and proximity to the water and the city.

While buyers have long appreciated what Williamstown and Newport have to offer, interest has been growing in suburbs such as Spotswood.

“Spotswood is a really interesting area,” he said. “A real cafe culture is starting to come into Hudson Road – it’s becoming a cool little strip down there.”

Mr Smith expects record low interest rates, coupled with the growing appeal of the area among professional couples and young families, to keep the market lively this spring.

That view is shared by Williams Real Estate director Michael Harvey, who says there are no signs of a slow-down.

“There is definitely still a lack of real estate for sale here compared to demand, underpinning the strong sales results,”

Maribyrnong & Hobsons Bay Separate house DWELLING STRUCTURE

HOME OWNERSHIP

PEOPLE

MEDIAN AGE

21,470 66%

he said. “People hibernate a little in winter, but we are hoping and expecting the spring market does bring some more property on to the market.”

Mr Harvey said the area was still very family oriented, with strongest buyer interest in three-bedroom homes with two bathrooms and some yard space.

“There are other demographics, too – we’re seeing more professional couples or downsizers,” he said.

“The majority of people buying are locals upgrading or downsizing, but we’re also selling to people from all over Melbourne and beyond – we’re definitely starting to see more out-of-towners.”

Mr Harvey said proximity to the city and the beach, along with good train services, would keep the area high on the agenda for many buyers.

“Low interest rates mean a lot of people are looking to upgrade,” he said. “Because it is so tightly held, I tell people if they see a property they like they should act because it could be some time before anything like it comes up again.”

Suburb Watch SUBURB

MEDIAN PRICE

YoY CHANGE

Semi-detached, terrace house or townhouse 8,538

26.3%

Altona

$827,500

14.1%

Flat or apartment

2,266

7%

Footscray

$812,000

19.2%

Other dwelling

128

0.4%

Maribyrnong

$900,000

10.4%

Williamstown

$1,350,000

21.1%

Yarraville

$990,000

19.3%

Mortgagee

10,743

33.1%

Home owner

11,117

34.2%

Tenant

9,595

29.5%

Male Female

43,631 45,146

49.1% 50.9%

Source: APM Pricefinder

38

STARWEEKLY \ SPRING PROPERTY GUIDE 25

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Brimbank &Northwest

Brimbank shining brighter as stamp duty cuts, infrastructure boosts kick in

By Ewan McRae Brimbank continues to be one of the hottest real estate markets in Melbourne, attracting local and interstate buyers alike, according to Brimbank real estate agents.

With large numbers of interstate investors looking towards Melbourne’s west, and more young families looking for value outside inner-Melbourne, Brimbank is proving to be an attractive proposition.

Agents say buyer demand is as high as ever and that – with the busy spring season upon us – there has never been a better time to get into the market.

Barry Plant Taylors Lakes director Jim Hatzimoisis said his agency was coming out of its busiest winter for some years.

“The market in winter is one of the strongest we’ve experienced,” Mr Hatzimoisis said. “That’s right across the board and really has kept flowing on from the momentum of the past 12 to 18 months. Demand is certainly outstripping supply.”

Mr Hatzimoisis said new stamp duty laws, which came into effect on July 1, combined with the proximity of Brimbank

properties to the city, made the area an attractive proposition, especially for first home buyers.

“With no stamp duty for first home buyers on properties under $600,000 we’ve noticed a real lift from the bottom end of the market from first home buyers getting out of the rental market,” Mr Hatzimoisis said.

“Many people are being priced out of the inner suburbs, so Brimbank has become more attractive, being still within that 20-kilometre radius of the CBD. “The fact is that Melbourne continues to sprawl, so areas like Brimbank, which were once considered outer suburbs or on the fringe, are now quite close to the city relative to other areas.

“It’s far more accessible now with better roads and infrastructure, and if you are within 30 minutes of the city it is very enticing for buyers looking to the west.”

Harcourts Deer Park director Cameron Vurovecz said interstate investors and young professional couples were increasingly looking into the area.

Brimbank & Northwest Separate house DWELLING STRUCTURE

HOME OWNERSHIP

PEOPLE

MEDIAN AGE

“There’s such a diverse range of properties in Brimbank that we do get a lot of interest from those interstate,” Mr Vurovecz said. “The whole western corridor is growing in popularity, with more schools, shopping, and public transport and all close to the city.”

He said spring would likely see property trends continue on an upward path.

“Typically, in spring we do see our inventory increase, and with more options hitting the market that is a good thing for buyers,” he said.

YPA chief operations officer Nancy Crupi said the Brimbank-based agency had seen many more buyers come into the market recently because of stamp duty changes.

“Numbers at our open for inspections have been very strong,” she said. “The majority of buyers are from within Brimbank, with lots of people who have grown up here looking to stay and looking at newer suburbs like Taylors Hill and Hillside.

“It is still affordable compared to other parts of Melbourne, but it is growing in price.”

Suburb Watch 50,486 82%

SUBURB

MEDIAN PRICE

YoY CHANGE

Keilor

$823,000

13.5%

Semi-detached, terrace house or townhouse 8,060

13.1%

Flat or apartment

2,754

4.5%

St Albans

$550,000

22.5%

Other dwelling

153

0.2%

Sunshine

$714,000

19.0%

Taylors Lakes

$660,000

12.6%

Mortgagee

21,054

34.2%

Home owner

21,740

35.3%

Tenant

16,016

26%

Male Female

97,239 97,079

50% 50%

Source: APM Pricefinder

35

STARWEEKLY \ SPRING PROPERTY GUIDE 35

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Melton &Moorabool

Bargains to be found way out west

By Esther Lauaki Melton remains one of Melbourne’s most affordable pockets to buy, where home buyers can still purchase a property for under $400,000.

Latest Real Estate Institute of Victoria data showed the median house price in Melton’s south was $342,500 for the year to June 30, while the median in Melton West was about $397,000 – among the top-five most affordable suburbs in the state.

Jason Ryder, of Professionals Ryder Real Estate in Melton, said that the performance of the housing market across the municipality in recent months had been “quite spectacular”.

But he said that home buyers could still pick up a three- or four-bedroom home for under $400,000, which was a rarity in other parts of the state.

Mr Ryder said the area’s long-held reputation for affordable housing was primarily because of its location, about 23 kilometres from Melbourne’s central business district.

The Valuer-General’s latest A Guide to Property Values report, released in June, showed other affordable suburbs

in the region are Melton central ($280,000), Kurunjang ($310,000) and Rockbank ($347,000).

“As the other suburbs have increased in their median ranges quite significantly, so has Melton,” Mr Ryder said.

“The value of properties in Kurunjang are very similar to those in Melton West and the growth rate is also comparable.

“There are parts of Kurunjang that have premier larger properties so that can lift the median in that suburb a bit … if we are comparing similar homes then both areas are performing similarly.”

YPA Melton director Shane Spiteri said houses in Melton have recently been selling within the first two weeks of being put on the market.

“For the value that you’re getting, Melton is the most affordable and best suburb in the state for buyers,” Mr Spiteri said.

“People are getting a dream home for under $400,000. The market is crazy.

Melton & Moorabool DWELLING STRUCTURE

HOME OWNERSHIP

PEOPLE

MEDIAN AGE

Separate house Semi-detached, terrace house or townhouse Flat or apartment Other dwelling

Mortgagee

21,877

52.5%

Home owner

9,399

22.5%

Tenant

8,942

21.4%

Male Female

66,890 68,549

49.4% 50.6%

“We’re centralised as a suburb, less than 35 minutes from Melbourne city. There are blocks of land selling for $330,000 just down the road in Woodlea, Rockbank and Caroline Springs but in Melton, you can purchase a whole established house for that price.”

Mr Spiteri said the agency expects to get busier coming into the warmer months.

“Spring time is the best time of year for buyers … people have more time to browse with daylight savings hours and the gardens start to look great.”

He said investors are also actively buying in Melton and experiencing a good return.

REIV acting president Richard Simpson said earlier this year that despite Melton West’s 14.1 per cent growth in the most recent quarter, property there was still priced well below the metropolitan median of $822,000 (up 2.9 per cent).

Mr Simpson said the 14.1 per cent growth in Melton West’s property market was the result of population increases, record low interest rates and strong buyer demand.

Suburb Watch 36,502 4,646 343 124

87.5% 11.1% 0.8% 0.3%

SUBURB

MEDIAN PRICE

YoY CHANGE

Bacchus Marsh

$447,500

5.9%

Caroline Springs

$555,000

11.0%

Kurunjang

$340,000

10.0%

Melton

$322,000

18.4%

Melton West

$367,000

8.1% Source: APM Pricefinder

33

STARWEEKLY \ SPRING PROPERTY GUIDE 45

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• Kirsteen was reliable, friendly and confident. Within 24 hours we had an offer better than expected. Best Agent we have ever dealt with. Cam & Chloe.

• We are very pleased we chose Jayson and his team at Professionals Melton to sell our home. All the friendly and helpful sales staff took an interest in the property, and we had good communication. I have no hesitation in urging other potential sellers to consider listing their property with Professionals Melton. Mark

• Just a quick email to let you know that both your professionalism and empathy towards my situation yesterday was above and beyond any Real estate I have ever dealt with. You are an asset to any company you choose to work for. Naomi

• Your photographs of the house were wonderful, they looked amazing on the Professional’s website slide show. I wish you all the best for the future. You certainly help the customer feel at ease. Maryanne

• I would just like to thank you for your very efficient and professional engagement in handling rentals of both of ours and Katie’s properties recently. It has been a pleasure to deal with you and your staff Beata

• Jarrod has been absolutely supportive and has gone above and beyond. His customer service is the best I have ever experienced. Helen

• We took Kirsteen’s words and advise to receive the great result we got for our property Thank you again Kirsteen and would certainly use Kirsteen again in the future Bill & Jenny

• Thank you for another great year of wonderful and professional service. We appreciate and acknowledge how well our property is being looked after and it allows us to relax and enj n oy being landlords! nj Allan and Anne • Jayson Ryder has a good understanding of our investment requirements and provides an excellent choice of properties that meet those needs.

He remained extremely helpful with advice on maintenance issues after our purchase Con and Erika

• We sincerely appreciate all your hard work and feel confident our property is being well looked after. You have put in the effort to ensure that our custom was important to you and that we were not just another number on your books. Kyle and Joann

• I would recommend you to anyone needing an honest, caring and very professional agent. Once again many thanks and my very best wishes for your future success. Margaret

Jasmine Mullan

LucasBourke

Mark Mordaunt

Melissa Johnson

Property Manager

Senior Sales Consultant

Senior Sales Consultant

Property Manager

• Thank you for your ongoing help & support we really appreciate your hard work. Michelle • We have found Jasmine to be quickly responsive to any questions or concerns and she takes immediate action regarding anything we need done. She is polite, friendly and seems very dedicated to doing the absolute best for us as owners. This is typical of the service of the Professionals Melton.

• Thank you Jayson, Jasmine and the team We are very pleased with the property and your agency has been a pleasure to deal with. We appreciate your assistance throughout the process. Mark.

• I found Lucas professional, contactable and honest It was a pleasure working with him, not only did he take stress out of selling my property he also got me a great $$ Kylie • I was very happy with Lucas from the start he was motivated optimistic and able to see the extra value in our property. Overall the result was fantastic with the sale price achieved above our expectations or the figures suggested by various other real estate companies. Daniel • We chose Lucas because of his honest, open and frank assessment of our property. He is very knowledgeable, provided good advice and achieved a great outcome for us in a very short time. I would recommend Lucas to anyone selling a property.

• Mark has an honest and valuable approach to real estate Mark’s approach to selling my property was excellent. He was very direct and to the point with what price and time frame he could achieve for my property which he did also deliver on Janet • We found Mark Mordaunt honest in his approach and after his suggestion of an auction, in his opinion a prudent way in which to sell, our trust in him achieved a brilliant result. Mark not only met but exceeded our expectations in the sale of our property. Brooke and Chris • Mark was very approachable and professional in the way he carried out his work and expressed his knowledge through the advice he was able to give. I would highly recommend his service to future house sellers.

• I have been fortunate enough to have

• I have both bought and sold properties through Kirsteen and have found her to be extremely reliable and helpful. She knows her stuff, communicated everything clearly and I absolutely cannot fault her service Rosemary

been able to utilise Melissa as my property manager. She is helpful, polite and is always accommodating. Couldn’t be happier. Danielle • I would like to thank Melissa for all her hard work. She has made renting out my property stress free. Manpreet • Melissa leased my property in under 5 days to an excellent tenant. Couldn’t be happier.

Would recommend to everyone. Shaun

Our Professionals advice will make your property STAND OUT above the rest.

So if you are considering selling your property call our experienced, friendly staff on 9743 6400 for a complimentary market appraisal.

professionalsmelton.com.au

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Sunbury &Macedon Ranges

Macedon a magnet for tree changers

By Serena Seyfort It’s a sellers’ market in Sunbury and the Macedon Ranges.

That’s the word from local real estate agents, who say the “value for money” area is increasingly appealing to more Melbourne buyers.

Experts report a shortage of properties for an excess number of buyers.

Sunbury’s Brad Teal Real Estate director Craig Teal said the competition was sending prices up.

“With little properties on the market and a number of buyers, it’s creating that perfect storm for the vendors when they do list their properties,” Mr Teal said.

“Prices have gone up probably 10 per cent in the last three months, which is an astronomical increase.”

Sunbury was the fourth most affordable suburb across Melbourne, as of June 30, with a median house price of $452,000 – almost half the citywide median of $822,000, according to Real Estate Institute of Victoria (REIV).

But the suburb’s median house price has risen about $67,000 since December 30, 2016, up from $412,500.

Mr Teal said he would expect prices to continue to rise.

He attributed the increased number of buyers to the area being “value for money”.

He said Sunbury’s appeal was that it was not much further than Taylor’s Lakes and more popular suburbs from the CBD, but houses cost about $200,000 less.

Mr Teal said Sunbury had “all the facilities,” especially since Metro trains were introduced.

“The electric train has meant a hell of a lot,” he said.

Chess Property director Liz Dormontt said the Macedon Ranges was also benefiting from many Melbourne buyers looking to “make the tree change”.

“Macedon Ranges is an easy commute to Melbourne,” Ms Dormontt said.

She said Macedon Ranges was “absolutely a sellers’ market”, with fewer properties than buyers.

And while spring is traditionally the season for property sales, she said she had “a nasty feeling there still may be a shortage” of properties.

Sunbury & Macedon Ranges Separate house DWELLING STRUCTURE

HOME OWNERSHIP

PEOPLE

MEDIAN AGE

14,735 93.7%

“People love the area – they don’t want to leave,” Ms Dormontt said. “I don’t think there’ll be the huge spring rush that we normally get.”

North Western Estate Agents director and property valuer Nicholas Walsh said Melbourne buyers were grabbing properties in Lancefield.

“We’re seeing buyers fleeing Melbourne to enjoy the charms of the Macedon Ranges and the price point,” Mr Walsh said.

“And there are no traffic lights between here and the Bolte Bridge.”

He said properties were not staying on the market for long but the competition shouldn’t deter buyers.

“Anything selling at the moment is snapped up quickly,” Mr Walsh said. “It’s always a good time to buy if you plan on holding it for years.”

Craig Teal also advised buyers to bid for properties now.

“History shows the properties don’t go down over time, they go one way,” Mr Teal said. “Ultimately properties do rise over time.”

Suburb Watch SUBURB

MEDIAN PRICE

YoY CHANGE

Semi-detached, terrace house or townhouse 688

4.4%

Gisborne

$652,500

11.0%

Flat or apartment

152

1.0%

Kyneton

$490,000

4.5%

Other dwelling

87

0.6%

Mount Macedon

$840,001

12.0%

Sunbury

$425,000

10.4%

Woodend

$575,000

1.8%

Mortgagee

7,203

45.8%

Home owner

5,725

36.4%

Tenant

2,331

14.8%

Male Female

22,685 23,415

49.2% 50.8%

Source: APM Pricefinder

42

STARWEEKLY \ SPRING PROPERTY GUIDE 53

Sunbury & Macedon Ranges

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Nicholas M. Walsh AAPI AREI Certified Practising Valuer REIV Sworn Valuer Certified Practising Valuer providing Valuations for: • Family Law • Capital Gains Tax • Building Construction • Insurance • Rental Determinations • Landlord/Tenant disputes • Pre-sale / Pre-purchase valuation advisory North Western Valuation Services provides concise reports for Residential, Lifestyle/Acreage, Commercial and Industrial Property.

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12362557-JV35-17

8 High Street Lancefield 3435

Experience

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No matter which way you look at it, Keatings has the Macedon Ranges covered Our experienced team are committed to providing professional personalised service with brilliant communication. Keatings reach to Melbourne and local buyers through proven marketing results ensures maximum exposure and the very best result for your property.

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Sunbury

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9744 6334 5428 4007 5427 3200 5422 2678 rh.com.au/sunbury rh.com.au/gisborne rh.com.au/woodend rh.com.au/kyneton

rh.com.au

STAR

(istock)

Northern

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Real estate in the outer north is in hot demand, with buyers flocking to Hume and Whittlesea in search of affordable property, Sthe area’s agents are reporting.

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* Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

says Broadmeadows and Jacana have seen a significant shift in prices in the past two-three years, rising 30 per cent.

However, the area is still very affordable.

“The City of Hume is doing quite well … it is a very sought-after area,” Mr Imbesi says.

The Real Estate Institute of Victoria (REIV) lists Broadmeadows as one of Melbourne’s top-10 growth suburbs.

“Buyers are looking at Broadmeadows and Jacana as it is the next suburb to Glenroy and the next best thing.

Prices in Broadmeadows soared 17.4 per cent between March and June, with the median house price now $540,000.

“There are a lot of amenities close by. Everything you need is there.”

Jacana’s median house price sits at $549,000.

Buyers are also reportedly turning their attention to Coolaroo, Dallas and Meadow Heights – areas Mr Imbesi says saw little

* Some of Melbourne’s leading Real Estate Agents list their properties 1st on reviewproperty.com.au

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movement in prices for a very long time.

Buyers can still snag a bargain in Coolaroo, with the median house price under $400,000, while in Dallas, the median price is $408,500. In Meadow Heights, the median price is slightly higher, at $492,000.

Ray White Glenroy principal Ziya Koksal is expecting spring to be a busy time in Hume, particularly in Broadmeadows and Jacana.

“It is shaping up to be a massive spring,” he says. “With a shortage of stock and a lot of interstate investors coming into our marketplace, I believe property prices will increase a lot more during spring.”

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HOME OWNERSHIP

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MEDIAN AGE

.com.au

51,768 86.1%

SUBURB

MEDIAN PRICE

YoY CHANGE

Semi-detached, terrace house or townhouse 5,764

9.6%

Bundoora

$681,000

8.1%

Flat or apartment

2,114

3.5%

Craigieburn

$461,000

9.8%

Other dwelling

329

0.5%

Epping

$510,000

17.2%

Glenroy

$582,000

16.3%

Roxburgh Park

$475,000

9.4%

Thomastown

$572,000

26.1%

.com.au Mortgagee

27,298

45.4%

Home owner

15,904

26.4%

Tenant

14,788

24.6%

Male Female

98,273 99,102

Source: APM Pricefinder

49.8% 50.2%

33

STARWEEKLY \ SPRING PROPERTY GUIDE 61

THREE OFFICES SERVICING THE CITY OF HUME.

When you appoint Stockdale & Leggo Glenroy, Craigieburn or Gladstone Park to sell or manage your valuable property, you get the expertise & professionalism that only comes with over 240 years of combined experience that our team offers.

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MARK IMBESI Director & Auctioneer

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Sales Consultant

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Office Manager

RICK GOODMAN Director

STOCKDALE & LEGGO CRAIGIEBURN (03) 9303 8222 38/10 Craigieburn Road, Cragieburn stockdaleleggo.com.au/craigieburn

GLADSTONE PARK

LILIAN FARRUGIA Director | Officer in Effective Control

STOCKDALE & LEGGO GLADSTONE PARK (03) 9039 5533 Shop 158, Gladstone Park, Shopping Centre, Gladstone Park stockdaleleggo.com.au/gladstonepark

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eet TheMeet Number One TeamOne Of Harcourts RoxburghRoxburgh Park The Number Team Of Harcourts Park Property Management

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Aras Sadik Con Lonigro Con Lonigro Managing Director Associate/Sales Manager/L.E.A Executive Associate/Sales Manager/L.E.A

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Aras Sadik Con Lonigro Aras Sadik Aras Sadik Michael Abbas Volkan Gediktas n Yousif Con Lonigro Michael Abbas Michael Abbas Volkan Gediktas Managing Associate/Sales Director Managing Director Senior Sales Managing Director Sales Support ior Sales Executive ales Manager/L.E.A Associate/Sales Manager/L.E.A Manager/L.E.A Executive Senior Sales ExecutiveSales Support Senior Sales Executive

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Con Lonigro Associate/Sales Manager/L.E.A

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52/250 Somerton Road, Roxburgh Park VIC 3064

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