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Tips to get into Melbourne’s property market

September 15th 2017

Tips to get into Melbourne’s property market

It’s no secret that the Melbourne property market is going from strength to strength. Median house prices are on the up, and affordability is…not. Particularly if you’re looking for property in Melbourne’s most sought-after suburbs.

If Melbourne’s five year property forecast is anything to go by, there’s no certainty that the market is going to weaken anytime soon. So, how do Melbourne’s eager first-home buyers get into the market without moving to Timbuktu?

Other than being wealthy, here’s a few tips to get you into a fast-moving market (hint, planning is key!):

Take note of your spending, and adjust where you can

First thing’s first; make a list of what you’re already spending your money on. Every time you spend, write it down—and don’t forget those morning coffees and smaller spends as they all add up!

Then decide, what is a necessity? What could you cut down on? This way you can figure out how much you need to live comfortably, and how much you could afford to pay a week to the dreaded “M” word… mortgage! Budget, budget, budget until it comes time to sign the papers. Remember that the loan isn’t going to disappear for a long time, so you should still be able to afford doing the things you love!

Borrow the least amount you can

The more you have saved, the less you have to borrow and the less interest you will have to pay. Although the upfront cost will be ‘more’, running costs will be easier to manage.

Understand the costs involved

Conveyancing, owners corp., builder’s insurance, content insurance, utilities (such as gas, water and electricity) and council rates. This will allow for a much more transparent budget, and you know upfront whether you need to lower your search bracket to accommodate for the costs involved.

“Once you’ve saved that deposit, the next step is to chat to your bank or, better yet, a reputable broker to establish your borrowing power – this means how much you can afford to spend on a home in line with all of your other living expenses,” advised Property Consultant, Harley Toyle.

Figure out your exact price bracket

After the above steps and estimating your interest rate, you will know exactly how much you can afford. Don’t assume ‘a little more will be fine’, as once you have the loan, you NEED to be able to pay it.

Research, research, research

“Shortlist a handful of suburbs you’d love to buy into. These could be area you enjoy visiting, that are close to work or maybe even close to where you grew up,” continued Harley.

After you have narrowed down a list of potential suburbs, investigate the type of properties available and the price range. Do they match up with your requirements? If not, try searching a suburb out!

“In your favourite suburb you may only be able to afford an apartment, where as you might be able to secure something larger in a suburb you’ve only ever driven through to get to work,” said Harley.


Buying your first home is not something that will happen overnight! You may even have all your finances sorted, but in a competitive market, rarely will your first offer on a home be your final offer. You also need to find a home that you will be happy in.

“When thinking of things to compromise on or sacrifice, it’s important to understand what you value, not what others value. How important is it that you’re close to public transport, local cafes, schools or parks? Is a garage important to you, or do you ride a bike? Having a good idea of your must-haves, want-to-haves and love-to-haves will help you recognise when the right home comes up, and give you the confidence to secure it,” Harley explained.

Good luck, and don’t forget to share your favourite tips with us!

What impact does winter have on the market?

May 31st 2012

Melbourne Property TV, Season 3

Tim Fletcher appeared on the final MPTV episode for Season 3, joining host Des Dowling and the Property Panel to discuss the winter market.

With over forty years in the industry, Tim is one of the most respected and prominent members of his profession.

If you are thinking of buying or selling this winter, then you should definitely take a look!

Watch the segment here!

Next season, don’t forget that MPTV will be moving to TV4ME (Digital 74) in June 2012.

What are QR codes?

April 15th 2012

So, you may have seen some of these funny looking square barcode things on a magazine or newspaper article you have read lately, or even on a billboard.

QR code

Look familiar? They are QR (Quick Response) codes and they are the latest trend in mobile technology that allows smartphone users to quickly access videos, coupons, maps and other information by scanning the images with their phone’s cameras.

The reason why they are more useful than a standard barcode is that they can store (and digitally present) much more data, including url links, geo coordinates, and text.

The other key feature of QR Codes is that instead of requiring a chunky hand-held scanner to scan them, many modern cell phones can scan them.

There are a number of apps in the iPhone App Store that can read QR Codes, including the free QRReader. Most Android phones and BlackBerries are able to read the codes right out of the box, as can newer Nokia handsets. Windows Mobile users can download QuickMarks. All you need to do is launch the appropriate app, and point your phone’s camera at the QR code you want to scan.

QR codes are only bound to become more common in the coming months and years. We’re increasingly reliant on our mobile devices, and typing out URLs or other data on their tiny keyboards is still not very efficient. These squares of elaborately arranged boxes are a shortcut around that problem, can easily be integrated with various services, and incorporate geo-location data.

Fletchers are already using QR advertising in a lot of our print media and brochures to enable property searchers to gain quick, easy and instant access to the properties they want to know about.

With many of our properties offering the option to view a video tour, you can get more of the best, most comprehensive details at your fingertips even faster!

11 Toorang Road_QR codeExample of a Fletchers property advertisement featuring a QR code.

How have Melbourne property prices changed?

April 13th 2012

Melbourne Property TV, Season 3

Tim Fletcher appeared on the MPTV Property Panel this week to discuss how Melbourne property prices have changed over the past fifty years.

With over forty years in the industry, Tim is one of the most respected and prominent members of his profession.

Unsurprisingly, he was the most experienced person on the panel and is well-placed to talk about changes in real estate over such a long period of time.

It certainly is amazing to see how much prices have changed – Tim tells the panel about a home in 1962 which he sold for $13,400 (converted from pounds) which would now be worth $1.2 million for the land alone!

Watch the segment here!