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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.

Finally…

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!

Traci Stella: top 50 women in Real Estate

September 8th 2017

Traci Stella has been named one of Australia’s leading women in real estate in a national list of top-performing female agents.

Traci from Fletchers Manningham has secured a position in the Real Estate Business (REB) Top 50 Women in Real Estate 2017 ranking.

The list ranks female real estate sales agents across Australia according to a range of metrics, including the number of sales, the total sales volume and the average sales price.

Now in its second year, the REB Top 50 Women in Real Estate is a ranking initiated by leading industry resource Real Estate Business and is produced by award-winning media company Momentum Media.

“The REB Top 50 Women in Real Estate 2017 is the industry benchmark for success for women in real estate sales and an accolade all female agents aspire to,” said Tim Neary, editor of REB.

“In this year’s ranking, the calibre of entrants was exceptional, with the total sales volume across the Top 50 in excess of $5 billion worth of properties.”

The data collected for the Top 50 Women in Real Estate was verified by a senior member of the agency and its accountant.

Fletchers Maroondah Market Report – September 2017

September 1st 2017

Fletchers Real Estate Maroondah Director Reilly Waterfield and Rod Burton break down everything that’s happening in the market this month.

Auction Snapshot: Saturday 26 August

August 28th 2017

What’s happening in the market…

Fletchers achieved a clearance rate of 78% on the weekend, a strong finish to the season! The Domain Group stated that the average clearance rate for this winter was 75.1%.

Domain also reported that approximately $467.2 million of property was successfully sold on Saturday at Melbourne auctions, with the most popular area being the western suburbs.

The first auction weekend of Spring will take place next weekend, with 850 homes expected to go under the hammer – happy bidding!

Saturday 26 August
Number of auctions in Victoria: 732
Clearance rate: 74.8%

The same weekend last year
Number of auctions in Victoria: 878

Clearance rate: 77.9%

Auction highlights…

78 Argyle Road, Kew

This home is elevated to capture a sweeping vista of the Macedon, Kinglake and Yarra Ranges, which is complemented by the manicured gardens and an exclusive location close to Melbourne’s finest private schools. Other features include the beautiful conservatory, a ground floor master bedroom and a lift to access the three-car garage with workshop. Congratulations to the lucky new home owners of this spectacular home!

Number of bidders: 3
Sale price: $3,763,500

11 Western Way, Mooroolbark

This modern three bedroom home provides an opportunity to live in a family-friendly location near parkland, schools, transport and Chirnside Park Shopping Centre. The sustainable home includes a network of water tanks, fruit trees, vegetable patches, an extensive chicken enclosure, two covered alfresco areas and a solar-heated pool. With three bidders on the day, this home achieved a fantastic result!

Number of bidders: 3
Sale price: $760,000

9 Langford Crescent, Donvale

Highlights of this four bedroom, three bathroom, single-level brick home include a step-down lounge with gas log fire, covered alfresco deck and a period-styled granite kitchen. On a substantial 874 sq m approx. block with renovation or redevelopment potential (STCA), the new home owners will enjoy a convenient position zoned for Millauna College and Mitcham Primary School.

Number of bidders: 3
Sale price:
Undisclosed