The We Find Houses team have been keeping a close eye on the Melbourne Property Market and want to share with you some of the great opportunities our research has found.
According to market statistics Melbourne is offering some excellent buying opportunities under $300K.
The Annual Return Index measures the capital growth of an investment property together with net rental income, to give an accurate comparison between Australia cities. Like any real estate investment, locating and purchasing the right property in the right suburb requires careful consideration and research. Buyers should look for suburbs that have strong positive attributes. For example overall appeal, good public transport, good schools, shops, close to arterials and above all, invest in areas that are consistently showing a growth in population.
The Melbourne residential and investment property sector is performing well and is predicted to continue doing so and has already shown a steady start to 2009.
Apartment prices in Melbourne have historically been approximately 20-25% more affordable than in Sydney, however the current price difference with inner city apartments is over 45%, which equates to plenty of upside for investing in Melbourne.
Melbourne home prices are rising from a lower base which provides a higher proportionate gain. Many leading economic forecasters believe there is an undersupply of new housing in Victoria.
Melbourne’s boundaries will be extended to accommodate an extra 1.8 million by 2036 as the city’s population continues to boom. With the Melbourne population predicted to hit 5 million in 20 years, urban growth boundaries in the north, west and south of Melbourne will be extended with up to 134, 000 new homes needed to be built.
Buying properties at the lower end of the market means the potential to lose capital is less in the event of a major fall and rentals are likely to fall less proportionately.
Monopoly fans will also remember that the path to winning lies not in snatching up the expensive Mayfair properties but the inexpensive properties that have a greater market at the cheap end of the board.
The following properties that we have researched are in high growth areas with easy access to the city under the 50km radius. The rental demand is strong and the prices are below average for real estate this close to the city.
This is a great time to be purchasing property – crisis creates opportunities for the well prepared and with the success of good negotiation we are achieving great deals for our clients.
Personal Property Consultant
We Find Houses