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If you are a property buyer, whether you're a first home buyer, upgrading or downsizing, do it quick. Echoing Concierge Buyers Advocates' call a few months ago, Domain has published an article detailing how the Melbourne market had turned and the window to upgrade is closing very quickly. I was at an auction this morning. A property with great access to Melbourne CBD, was listed for auction with a price range of $750,000 - $825,000. Auction kicked off at $780,000, and the bidding frenzy between 5 bidders did not stop until it hits $940,000. Is the Fear Of Missing Out mentality back in the market, it definitely is, in this instance. Did you know? Buyers buying their own property is going to loose out more, as they are going to spend 3 times longer to search for a property, compared to assisted buying from a buyer's agent. Read the facts here. To have a chat about this and some buying tips, get in touch. https://www.domain.com.au/news/melbourne-upgraders-warned-to-get-in-quick-as-housing-market-turns-880268/

Found this site in the Northern suburbs of Melbourne with planning permits for 3 x 3 bedroom townhouses. Asking price $850,000. Similar 3 bedroom townhouses in the area are sold for between $800,000 - $900,000. Tidy profit of between $400,000 - $700,000 awaits the astute developer. Get in touch for more details.

Probably the most positive news to come from an investment fund manager. Investment analysts at AMP believe Melbourne and Sydney property prices could rebound by as much as 10%! While that's good news for property owners and vendors, first home buyers might want to get in soon. Judging from recent auction results, the FOMO (Fear Of Missing Out) monster might be coming back soon, especially for properties in in-demand areas. We're starting to see properties being sold for $100,000 to $200,000 over the reserve. With typical DIY buying taking over 6 to 9 months, buyers could be missing out on the good deals now. Getting a buyer agent to help with your property purchase is a quick way to land the property your dream home faster. Studies have shown that buyer agenst typically secure a property for their clients within 2 to 3 months. That's half your buying time. That's primarily because they are always researching properties, and are able to spot a good property or a good bargain in split second. They also have access to off-market properties where there are less competition and where you chances of landing a good buy is higher. Still not convinced? Have a complimentary consultation with us. Try us out. Let us help secure your property before prices run away. https://www.businessinsider.com.au/sydney-melbourne-prices-auction-clearance-rates-2019-7

The Sale of Land Amendment Act 2019 amends the Sale of Land Act 1962 (the Act) to require developers to obtain the purchaser's consent, or the permission of the Supreme Court of Victoria, before exercising a sunset clause. Sunset clause amendments apply from 23 August 2018 and: The legislation applies retrospectively from 23 August 2018 to protect purchasers who have existing residential off-the-plan contracts, or whose contracts may have been rescinded after that date. As of 23 August 2018, a vendor (the developer) must have the purchaser’s written agreement to legally rescind a residential off-the-plan contract using a sunset clause. As of 4 June 2019, a vendor may also seek an order from the Supreme Court of Victoria to allow them to exercise a sunset clause. A rescission effectively unwinds the contract as if it never existed, and returns the parties to their original positions. If a vendor attempts to rescind a contract using a sunset clause, the rescission will not be valid unless it occurred with the purchaser’s consent or with the express permission of the Supreme Court. Residential off-the-plan contracts that were validly rescinded by vendors under sunset clauses prior to 23 August 2018 are not covered by the reforms. Concerned purchasers in these circumstances should seek legal advice about their options.

Today's special find: Asking $160,000 in a suburb with median of $230,000 Big block land - 1030 sqm, 3 bed, 1 bath Weatherboard home. Currently leased at $230 per week, ie, 7.5% rental yield Potentials: - Positive Cashflow Property - Reno-flip - Subdivision (subject to council approval) - many more.

Finally, after almost 2 years of declining value, Melbourne and Sydney property has started rising. This follows 3 weeks of rising auction clearance rates, and vendors pulling their properties off the market here in Melbourne. As we've been suggesting for the past 2 months, there's likely going to be a 3 to 5% rise by end of the year. Jump in before the FOMO monster jumps in. Get in touch. https://www.smh.com.au/politics/federal/sydney-and-melbourne-property-values-lift-for-first-time-since-2017-20190701-p522ut.html

With Melbourne property prices having fallen to 2016 levels, this article identifies where the affordable suburbs and predicts where the next growth suburbs could be. But that's not necessarily where the bargains are. Good bargains can be found across many metropolitan regions. But they would not be published in any articles as they pop up quite randomly are snapped up quickly. Have a chat with us, we will find one suitable for you. https://theurbandeveloper.com/articles/affordable-suburbs-forecast-for-housing-growth

Property development in Victoria will now attract stamp duties, even if you do not own the property. Speculations are that other states are likely to implement similar changes. https://www.afr.com/real-estate/commercial/a-massive-change-victoria-rewrites-stamp-duty-rules-for-developers-20190529-p51sbv

House prices reported the smallest fall in over a year. This is in line with improved sentiments. With the feared Labor Tax changes off the tables, confidence have already come back into the market. This is yet another sign that prices has bottomed. If you're ready to buy, get in soon. https://www.abc.net.au/news/2019-06-03/home-price-slide-continues-analysts-say-end-in-sight/11172556?pfmredir=sm

Finally, buying off-the-plan is made safer. But it is still risky. What is off-the-plan purchase? It's simply buying a property from a developer before it is being physically built. Such properties are often sold at a cheaper price to entice buyers. What are the sunset clauses? Very often, hidden in fine print within the pages of the sales contract are clauses which allows the developer to void the sales contract if it takes them too long to build. Sounds reasonable? Almost every developer sells this clause as a protection for buyers. As they "do not want to keep the buyers waiting, if their projects are delayed". Sounds totally reasonable. However, in a rising market, developers frequently delays the building intentionally so that they can void the contract. Buyers have the option to get the deposit back (often without interest) or purchase the property at a higher price. So the developers essentially received some interest-free loans for a few years. The good news is that it is now illegal, unless the court is convinced the delays are legitimate. So what else could go wrong with an off-the-plan purchase? Quality - yes, there is no guarantee that the quality meets your expectation. Like they say in investment "past performance is no guarantee of future performance". It applies here too. Quality of past projects does not guarantee the property which you've just bought will be built to similar quality. Yes, new properties do have a warranty on them. But a developer can get out of their business. Or what happens after the warranty expires? It is always a safer bet to stick with the reputable builder who has been around for ages. You'll need to weigh the pros and cons of an off-the-plan purchase. It is often cheaper to purchase, and the end product looks wonderful in the pages and pages of "artist impression" sales brochures. But do be wary of the risks. https://www.domain.com.au/news/victorian-developers-banned-from-using-sunset-clauses-to-rip-off-home-buyers-842982/