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 In Lifestyle

Long Term Property Trends

Buying a new home can be a stressful time and with the recent reporting on the property market being negative, it’s good to consider the long-term trends in owning property.

Buying a new home can be a stressful time and with the recent reporting on the property market being negative, it’s good to consider the long-term trends in owning property.

With most investments, you need to take a long-term view and this is especially true when considering buying your principal place of residence. You want to buy something you and your family love knowing you’re likely to live in the property for many years. With this knowledge comes the reassurance that your new property will weather any short-term market fluctuations.

NAB’s CoreLogic Report for September placed the Victorian market in perspective when it stated, “most home owners have seen a substantial wealth boost with values remaining 43% higher than they were five years ago and 77% higher relative to ten years ago.”

Personal Finance author, Noel Whitaker, was quoted in The Age this month stating, “Headlines about booms can lure inexperienced buyers into traps, and doom and gloom scenarios can scare people from making a good decision to buy. So, if you are serious about investing in property, stop reading the headlines and set yourself a specific plan. The first task is to find out exactly what you could afford, which means talking to a lender or mortgage broker, and laying all your cards on the table,” he said.

So, what about those who are considering selling? Most people selling in the premium end of the market are also buying so any minor rise or fall in the market will work both ways.

Many agents at Marshall White have decades of experience in various market conditions and know how to adapt to changing circumstances. Currently, we are seeing more homes sold after auction and also many sales occurring off-market. It’s the ability to be flexible and move with the market that ensures successful sales.

You want to buy something you and your family love knowing you’re likely to live in the property for many years. With this knowledge comes the reassurance that your new property will weather any short-term market fluctuations.

This past week saw Marshall White’s auction clearance rate at 78%, well ahead of the market clearance rate of 54%.

Here are some success stories from recent weeks:

4 Derby Street, Richmond
Sold at auction for $2.245m which was $320,000 above reserve.

4 Horton Close, Brighton
Sold at auction for $3.180m well above reserve.

121 Richardson Street, Albert Park
Sold for $3,090,000 setting a new record price for a single fronted home.

14 Margarita Street, Hampton
Sold for $2310,000 after strong competition from 5 bidders.

Many people have a story about a property they didn’t buy because they thought the market was at the wrong point of the cycle. As they say – don’t wait to buy property, buy and then wait.

To find out more about our off-market opportunities: https://www.marshallwhite.com.au/off-market/

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