www.vicprop.com.au

Out with the old and in with the new The year 2016 saw Australia successfully shoulder a number of majoroverseas and domestic events. So it’s good to know that recentfigures from the Australia Bureau of Statistics (ABS) show that signs ofthe Australian economy are positive, with growth of 3.3 per cent overthe year to June. This is the fastest pace of annual growth in fouryears, with continued growth in household and governmentconsumption expenditure. These results also provide confidence aswe move into 2017.

As we take a closer look at today’s property market, recent figuresfrom the Real Estate Institute of Victoria (REIV) report that the marketdelivered excellent clearance rates with strong median prices. Duringthe September quarter, apartment prices across the city increased2.1 per cent to $545,000, while housing prices increased 3.2 per cent to$740,000 Melbourne wide. “Melbourne’s more affordable areascontinue to appeal to buyers seeking the value and space that theouter suburbs offer,” REIV CEO Geoff White said.

Conditions are also good for those looking to take advantage ofrecord low interest rates. The announcement to hold interest rates atthe November meeting of the Reserve Bank of Australia (RBA) waswidely anticipated, says CoreLogic. Its most recent results show a riseof 0.5 per cent in dwelling values across the capital cities, which havehelped improve the housing market. This is good news for propertybuyers seeking to jump onto the ladder.

As for forecasts for 2017, the experts expect house prices to rise overthe next 12 months. According to the NAB Residential Property IndexQ3, prices are expected to strengthen 1.3 per cent and 1.4 per cent intwo years’ time, with NAB Chief Economist Alan Oster reporting thatthe eastern seaboard is leading the charge. NAB’s experts added theywere expecting a more subdued environment from late 2017 as supplyconditions become less favourable.

P u l s e

Summer 2016

News and views from passionate property experts

Welcome As summer heats up and westart to wind down for the year,it’s an excellent time to reflect on a busy 12 months at Vicprop.

The year has created someexcellent opportunities withinthe business, which haveenabled us to create strongerengagement with our clients,successfully launch a range ofhigh quality projects and reportexcellent sales results acrossMelbourne.

We would like to thank you foryour support over the past year,and wish you and your family a fantastic festive season over the coming weeks.

All the best for achieving yourproperty goals!

VICPROP Pulse Summer 2016

Focus of Footscray

Alsop at Joseph PlaceWe are very proud to launch Alsop at Joseph Place, a new precinct development that is coming soon andset to redefine Footscray. Boasting resort-styleamenities on a scale never before seen in Melbourne,Alsop offers residents the opportunity to live, work andplay in a newly emerging vibrant precinct to be knownas Joseph Place. Akin to Melbourne’s popular lanewayculture, the precinct will afford residents a trulycosmopolitan and connected lifestyle, withrestaurants and cafes on its doorstep, and the bestamenities of Footscray just a stone’s throw away.

Alsop is close to the city’s best universities, medicalamenities and entertaining options plus it is also atthe heart of a variety of transport options, includingFootscray train station. It’s adjacent to theMaribyrnong River, surrounded by many native parksand gardens. Alsop showcases scenic waterside viewsthat will greet residents who can enjoy the closeproximity to Melbourne’s Docklands, or simply headinto the city effortlessly.

As part of this emerging residential and retail precinct,Alsop is coming soon and we’re very excited to be partof this premium development.

West of the city by only 5km, Footscray istransforming into a lively, multicultural andcharacter-filled hub. With excellent transportinfrastructure and a prime location on the banks ofthe Maribyrnong River, the suburb is filled with athriving retail and hospitality industry, as well as agrowing arts scene.

Footscray is also experiencing a property boom witha number of multi-residential projects underconstruction. The back streets offer Victorianterraces and period homes, while there is also aproliferation of modern apartment complexes aswell. As a result, demand is high due to Footscray’srelative affordability given its location withinMelbourne’s inner ring. Its increasing populationalong with further gentrification and improvedtransport infrastructure will continue to drive growth.

DID YOU KNOW?

www.vicprop.com.au

The 2017 market –sunny skies forecast Whether you’re in the market as a first-time buyer or aseasoned investor, it seems that everyone’s an experton real estate. Property has always been one of thetop barbecue conversations but it can be toughwhen everyone’s buying and you don’t want to missout. When it comes to making big decisions, it’s betterto take your time, not be rushed into anything, andseek the advice of property professionals. That wayyou’ll be perfectly positioned to better achieve yourproperty goals – especially if your aim is to buy in 2017.

If recent reports are to be believed, 2016 provedchallenging for first-time buyers to purchase their firsthome. And most agree that compared to buyingproperty in the past, the process today is becomingeven harder. However, an interesting development in2016 is that the difficult conditions led to an emergingmarket – rentvesting – where buyers invest first beforebuying their home.

The movement has been identified as one of themost common new buying trends, and can be agreat way for buyers to take their first property step. Infact, a Mortgage Choice survey found that one-thirdof investors in 2016 were first-time buyers who had notbought their own home. This is in stark comparison tofigures from two years ago when only about 20 percent of buyers were in this category.

Recently, it seems everyone’s been weighing in on thehousing affordability debate. Bernard Salt, KPMGanalyst and social commentator, found himself in hotwater by suggesting that Millennials could buy ahouse if they spent less on smashed avocadobreakfasts. Our approach is that you can do both –but it certainly pays to seek professional advice toensure that your financial plans are on track.

3 great benefits of buying off the plan Buying off the plan, or rather purchasing propertythat is yet to be built, continues to provide excellentopportunities for real estate hunters keen to enterthe market. While it may seem as though there’s anendless supply of property to buy, it’s important todo your homework to see if off the plan is the rightoption for you.

Some of the key benefits to buying off the planinclude:

The affordability factor. First-time buyers whowant an affordable property in a great locationcan achieve both by buying off the plan. Off-the-plan properties are typically apartments inkey inner-city locations in areas likely toincrease in value at a higher rate. This is greatfor buyers who don’t want to compromise.

A brand new home. Buyers seeking an easymove-in-ready lifestyle can benefit from off theplan, because the apartments are brand newwith nothing to add. With a balcony as the onlyoutdoor space and sometimes residents’amenities that you won’t need to clean, they’realso safe with a host of other securitymeasures, creating the ultimate lock-up-and-leave lifestyle.

Greater flexibility. Not only do off-the-planproperties allow buyers more choice when itcomes to selecting apartments, floor plans,views and colour schemes, but also thepayment terms are attractive too.Developments only require a 10 per centdeposit, with the balance due upon settlement,which allows more time to save for settlementand secure an apartment at today’s prices.Another bonus is the saving on stamp duty.

1

2

3

www.vicprop.com.au

Vicprop Melbourne CBD Office

Level 10, 179 Queen StreetMelbourne Vic. 3000E: admin@vicprop.com.auPh: 03 9602 1699

Vicprop Kew Office

1143 Burke RdKew Vic. 3101E: admin@vicprop.com.auPh: 03 9816 8442

4208/1 Queensbridge Square, Southbank

$945,000

86 Daley Street, Bentleigh

$1,390,000

2/543 Whitehorse Road, Surrey Hills

$2,247,000

41/106 Southbank Blvd, Southbank

$720,000

1001/1 William Street, Melbourne

$485,000

Recent Sales

8 Howard Court, Doncaster

$1,080,000