The desire for space is driving demand for larger homes in Melbourne – a trend reflected in capital gain in the busy December quarter of last year and across 2014.
Baby boomers looking to stay close to home – after selling the family house - have driven up apartment prices from bayside Melbourne to key eastern locations in the past year.
Most of us are time poor and juggling priorities at the best of times. So the prospect of preparing a home for sale is daunting, especially as the expectations
Despite the trend in some suburbs such as Brunswick for a reduction in car parks in new developments and incentives such as share car spaces and bicycle racks to encourage residents to abandon car use, car parks remain big business.
Victoria's rich history has left a legacy of beautiful homes. These range from impressive mansions to lace-fronted terraces and even former workers' cottages. Most are in Melbourne's inner suburbs, but regional centres such as Bendigo and Ballarat also have their share of historic homes.
Real estate agents are reporting greater interest by investors, including self-managed superannuation funds, in homes in regional Victoria.
Melbourne lived up to its reputation as Australia's auction capital with a record-breaking year in 2014. About 40,000 auctions were held – a new record, up from 34,500 last year and beating the previous record of 34,619 set in 2010.
When looking at approvals data, trends will emerge that inevitably reflect real-world outcomes in the property market. As Victorian demographics continue to shift, it is interesting to see where approvals are higher or lower relative to the market. These trends aren’t always predictable; whilst approvals ebb and flow across municipalities, there are certain areas that align whilst others behave very uniquely within their cohort. This becomes even more apparent when you’re comparing units with houses as the REIV’s data demonstrates.