The Government’s first homebuyer initiatives are likely to skew citywide values in the June quarter, the Real Estate Institute of Victoria said today.
While temperatures cooled across the city, Melbourne’s auction market remained hot with the highest number of homes selling under the hammer this autumn.
The number of million dollar suburbs in Melbourne has quadrupled in the past five years, new data from the REIV shows.
Regional Victoria is delivering dividends for investors with every property type in regional Victoria recording a higher rental return than metropolitan Melbourne.
Two-bedroom houses are outperforming the typical family home in Melbourne’s inner and outer rings as buyers look to enter the market below the suburb’s median house price.
Unsurprisingly housing affordability has been a key focus of both the state and federal Governments in the lead up to this year’s Budget announcements, particularly given the strength of the Melbourne and Sydney markets.
The Real Estate Institute of Victoria has welcomed significant road and rail infrastructure investment by the State Government, which will drive growth in areas further from the city.
As of May 1 2017, new price quoting legislation – the Estate Agents Amendment (Underquoting) Act 2016 - will regulate how residential property is quoted and marketed in Victoria.
Melbourne’s median house price has recorded its strongest quarterly price growth since 2013 to smash the $800,000 barrier for the first time, new data from the REIV shows.
Melbourne is gearing up for the biggest auction weekend so far this year with more than 1,500 homes set to go under the hammer.