Melbourne Property Market Update – February 14th, 2015

By Peter Sarmas on 14 Feb 2015
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Inspections Up But Clearance Rates Floundering
In a year that might be remembered by some as a missed opportunity, 2014 did not enter any bubble territory as predicted but instead showed stellar growth – in particular the Eastern Seaboard states with Melbourne growing by 8.1% yoy (RP Data). Peter Sarmas reports that there is a certain buzz amongst consumers and the property market has not only picked up from where it left off last year but gone up another gear!

Mining Town Property Woes To Deepen
Louis Christopher takes a look at mining towns after a house in Port Hedland passed in at auction for $360,000 on the weekend. That same house was reportedly bought four years ago for $1.3 million. Even in capital cities, the mining downturn has fed through to property. The number of Australian residential property sale listings have jumped in Darwin and Perth as the commodities downturn hits home.

Government To Crack Down On Foreign Home Buyers
The Property Council expects the Government to release its response to the Review of Foreign Investment in Residential Real Estate within the next fortnight as the Government looks to talk up the economic prospects of residential development. Sourceable Industry News reports on how the Government is to Crack Down on Foreign Home Buyers.

Residential Price Growth Slowing
Martin North of Digital Finance Analytics reports on the latest ABS data. which shows that the price index for residential properties for the weighted average of the eight capital cities rose 1.9% in the December quarter 2014. The index rose 6.8% through the year to the December quarter 2014.

Investors Surge After APRA Warns About Investor Housing Lending In December 2014
The Australian Bureau of Statistics (ABS) released housing finance data for December 2014 earlier today.  The data showed an end of year surge both in the value and the number of loans.  The surge coincided with the Australian Prudential Regulation Authority (APRA) warning Australian Authorised Deposit-taking Institutions (ADIs) about risky mortgage lending practices during the month. Cameron Kusher of Core Logic RP Data reports that investors surge after APRA warns about investor housing lending in December 2014.

What Happens To The Block Apartments When Cameras Stop Rolling
Properties featured on The Block are the most-watched homes in the nation while the show airs, but how do they fare when the cameras stop rolling? Most buyers are still sitting pretty on their purchases, with the investors among them cashing in on rich rental returns, a review of the properties’ performance reveals. Read more about what happens to The Block apartments when the cameras stop rolling.

About the Author

Peter Sarmas is a Certified Property Investment Advisor (PIAA) and Vendor/Buyer Advocate. Before becoming the founder of Street News, Peter completed a Degree in Applied Science (Chemistry) and a Graduate Diploma in Property Valuations (Hons). Peter believes property investing is a major and potentially risky undertaking. In his view, everyone should have an independent person acting on their behalf when seeking property investment advice.

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