One of the lessons learned in the property industry over the years is to be careful of who you listen to, don’t procrastinate and to trust the process. For the most part those lessons have stayed true!
Market Update Summer
One of the lessons learned in the property industry over the years is to be careful of who you listen to, don’t procrastinate and to trust the process. For the most part those lessons have stayed true, and 2024 has reminded us in many ways to look forward because the future should always be brighter.
There has been considerable discussion over the year when it comes to real estate, with the consensus being to forge ahead. Bouncing your ideas past experienced minds like ours will assist you to better understand market dynamics, refine stategy, timing, and other handy insights.
Upgraders took up opportunites this year and will be well served to see the fruits of their decisions when inflation and interest rates come back into line. Typically we see a lift in demand and prices when interest rates do fall. Across the inner eastern suburbs median prices lifted in some cases whilst others eased, an indication of where demand is currently highest. Over a five year period most suburb medians are ahead, some up to 15% (refer page 2). Like to transact in 2025, well let’s review and discuss your plans!
If you are planning a sale in 2025 demand is not going away and get in early with planning!
Investor Corner | Uncovering Value for Landlords
Market Update Summer | The real estate industry has undergone a lot consolidation over the years with the bigger is better approach, however at what cost to investors? The bigger is better business model in property management means less time on your management service, and is not beneficial when costs of owning an investment property have increased.
Continuity of the relationship between the landlord, agent and tenant are important simply for getting things done, avoiding disputes, and ensuring the maximum benefit of owning your investment.
In 2024 we have conducted a number of Investment Audits for owners unsure about their property management service, including others justifying ongoing ownership given the rising costs. In many cases we initiated corrective action, making increases on rent to market level, as well as other preventative maintenance measures to save owners expense. In other cases we found tenant outgoings charged to owners instead of tenants.
There are many areas that may be costing you, let’s find out!
Are you getting the right attention?
Watching the Numbers | Current Median Prices:
Market Update Summer
- Hawthorn | $2.587m
- Hawthorn East | $2.425m
- Kew | $2.77m
- Kew East | $2.117m
- Camberwell | $2.566m
- Balwyn | $2.786m
- Surrey Hills | $2.275m
- Canterbury | $3.065m
- Richmond | $1.374m
- Abbotsford | $1.207m
- East Melbourne | $3.192m
- South Yarra | $1.959m
- Toorak | $4.538m
- Glen Iris | $2.310m
- Malvern | $3.013m
- Armadale | $2.43m
- Prahran | $1.578m
- Brighton | $3.299m
- Sorrento | $1.838m
- Mornington | $1.097m
- Portsea | $2.748m
Source: CoreLogic ( Dec 2019 – Dec 2024) | 3 -15% Growth approx
Current Buyer Demand
- Family homes in school zones
- Land in Cities of Boroondara & Stonnington
- Houses to renovate & extend
- Exclusive lifestyle property
- Luxury apartments & villas
- Generational investing