Government Launches Campaign to Improve Rental Minimum Standards

The Minister for Consumer Affairs, along with the Director of Consumer Affairs, has unveiled a statewide initiative aimed at reinforcing the rights and responsibilities of rental providers, agents, and tenants. This campaign will focus on emphasizing the minimum standards required for rental properties across the state.

With resources allocated to this campaign, agents will be better equipped to communicate with both renters and rental providers, ensuring that properties meet the necessary standards outlined in state legislation. Effective communication and access to accurate information are crucial in safeguarding the interests of all parties involved.

The Real Estate Institute of Victoria (REIV) will play a pivotal role in advocating for increased awareness and understanding among renters and rental providers regarding their obligations. By collaborating with the Victorian Government and relevant agencies, the REIV aims to foster better educational outcomes for its members and the broader rental sector.

Through this concerted effort, the government seeks to enhance the quality of rental accommodations and promote a fair and transparent rental market for all stakeholders.

Incentivising property investment in 2024-25 Victorian State Budget

Incentivising property investment in 2024-25 Victorian State Budget the key to boosting housing supply

The Real Estate Institute of Victoria (REIV) has submitted its proposals to the 2024-25 Victorian State Budget, advocating for a thorough reassessment of the state’s property tax strategies to bolster investment in the property sector.

In its submission for the 2024-25 Victorian State Budget, the REIV urges the government to prioritize enhancing housing supply by restructuring property tax policies to encourage investors. It outlines three primary recommendations to achieve this objective.

Firstly, the REIV proposes the introduction of new tax incentives to encourage investors to contribute to the long-term rental market. For instance, this could involve offering a land tax concession to property owners who commit to maintaining their properties as rentals for a specified duration, such as five to ten years. These incentives aimed at long-term rental supply are anticipated to have a more substantial impact compared to recent measures targeting vacant land and short-term accommodations.

Secondly, the REIV suggests a comprehensive review of the state’s stamp duty regulations, including exploring alternatives to stamp duty that facilitate mobility and stimulate economic activity.

Lastly, the REIV advocates for maintaining negative gearing in its current form. According to the REIV, negative gearing plays a crucial role in incentivizing investment in the state’s rental market, and its elimination could lead to further instability in the rental market and reduction of available properties.

Jacob Caine, President of the REIV, emphasizes the need for the Victorian Government to revamp its property tax policies in a manner that enhances Victoria’s appeal to investors.

Albert Park: Melbourne’s Third Most Searched Suburb

Enthusiasts of high-speed thrills and those seeking a more relaxed pace of transportation find common ground in their admiration for Albert Park.

While it is widely known as the host of the grand prix, the other 360 days of the year paint a different picture. Situated three kilometers from the city, Albert Park transforms into a genteel, upscale neighborhood, earning its place as the third most-searched suburb in Domain’s year-end roundup.

Last year’s rankings placed it just behind Hampton East and neighboring Middle Park. The suburb boasts a perfect blend of walkability, swimability, and shopability. Its appeal lies in a fantastic village atmosphere, close proximity to the city, and the tranquility of its beach.

Strict heritage controls play a pivotal role in preserving Albert Park’s distinctive character and exclusive atmosphere. With a median house price exceeding $2.2 million, it’s not a haven for bargain hunters, but long-time residents who settled before the boom appreciate their stroke of good fortune.

Explore & Experience Albert Park Gasworks Arts Park stands out as a cultural hub pleasing all age groups with a lively mix of creativity, play, and caffeine. This former gasworks foundry hosts various performances and exhibitions, making it a perennial attraction.

Dine & Unwind in Albert Park Pipi’s Kiosk emerges as a unique gem in Australian dining, offering a delightful seafood experience with a waterfront view. While maintaining its humble kiosk exterior, this space along Kerferd Road Pier has evolved into an inviting spot to savor a creative menu while gazing at the vast expanse of Port Phillip – whether it appears in shades of blue or grey.

Exploring Opportunities in Victorian Suburbs of Melbourne in 2024: Seeking Value Beyond the Center

The search for more affordable properties further away from the hustle and bustle of central Melbourne is gaining traction among potential homebuyers, indicating potential growth in the suburbs for the year 2024, according to recent data from PropTrack.

Recent figures from PropTrack have highlighted regions such as Coolaroo and Meadow Heights, which experienced a significant number of property inquiries. Although price growth has been below average in the last 12 months, these areas could be poised to take off during the course of this year.

The rapid increase in rental costs has been a key catalyst driving demand for units outside the inner city ring. Suburbs in the northwest and southeast of Melbourne have become the most popular destinations for homebuyers.

Coolaroo tops the list with 25 inquiries per house for sale, featuring a typical price of $507,000. Despite a modest increase of $1385 in the last year, this price is only half the median price of a home in Greater Melbourne, which stands at $916,000

In North Melbourne, an average of 21 interested buyers have contacted agents for each listed house in Wandong, coinciding with a decrease of almost $22,000.00 in prices.

Meadow Heights has shown outstanding performance in units, with approximately 15 inquiries per listing. Apartments or townhouses in this area typically cost around $460,000 thousands below the city’s average unit price of $614,000

PropTrack’s Senior Economist, Paul Ryan, pointed out that the search for more affordable housing options, especially by first-time buyers and young families, has driven this trend towards locations farther from the CBD.

“The push towards affordability has been another major trend we’ve observed in the last six months to a year,” Ryan noted. “People have been exploring options further away due to affordability pressures across the city.”

Discovering the Best Options in Melbourne’s Outer Suburbs for Homebuyers

In Melbourne’s dynamic real estate market, outer suburbs are proving to be true gems for those seeking maximum value for their investment. According to Domain data, the suburb of Emerald, nestled in the picturesque Dandenong Ranges, stands out as the most affordable option in terms of price per square meter.

With an average price of $418 per square meter, buyers can acquire a property in Emerald with an average land size of 2140 square meters, all at a median price of $900,000. Romsey in the Macedon Ranges closely follows with a cost of $510 per square meter.

Other hidden gems in property size and price per square meter include Narre Warren North ($613), Belgrave ($701), and Mount Evelyn ($778). Data analysis focused on suburbs with at least 50 sales between January and November 15, considering median house prices and the size of the properties sold.

Outer suburbs feature larger properties at lower prices per square meter, while inner-city suburbs command a higher premium for smaller houses. Although traditional prestige suburbs did not top the ranking, Albert Park stood out as the most expensive, with a price of $14,016 per square meter and a median of $2,098,500.

In the case of Emerald, the majority of buyers are families looking to move to larger homes from smaller properties in the southeastern suburbs.

This analysis provides a fascinating insight into how buyers can get the best value based on property size in different Melbourne suburbs. If you are considering home purchase, this data could be the key to finding the perfect option that fits your needs and budget.

Embracing the Annual Influx: Inverloch’s Allure to Retirees

As the seasons change, the residents of Inverloch prepare for the anticipated surge in tourists. This charming coastal town in South Gippsland has become a perennial favorite on the summer holiday map.

The town owes much of its popularity to its strategic location, situated just under two hours’ drive from the bustling heart of Melbourne. What sets Inverloch apart is its unique geography, with one side peacefully nestled in the calm waters of Anderson Inlet, while the other faces the wild and surf-friendly Bass Strait.

A mere 15-minute drive back along the highway leads to Wonthaggi, a city that stands in contrast to Inverloch’s laid-back ambiance. Wonthaggi hosts well-known Australian brands like Bunnings and Kmart, and its growing regional hospital adds to Inverloch’s appeal, particularly for retirees.

Another notable group of property seekers in the area includes families in search of holiday homes. The town’s reliance on platforms like Airbnb for short-stay accommodations makes it an attractive investment for those considering a vacation property.

In the realm of culinary delights, Inverloch boasts a thriving cafe scene concentrated around Ramsey Boulevard and Williams Street. Notable establishments such as Beach Box Cafe, the Local Inverloch, and Bluette on Bear, an industrial-chic gem in the Bear Street arts precinct, offer a diverse range of options. Whether it’s a cold brew at Bluette on Bear to brighten a sunny day or a traditional and new-style sushi and sashimi experience at Tomo’s Japanese on A’Beckett Street for dinner, Inverloch caters to varied tastes.

For those seeking adventure, Inverloch holds a fascinating historical gem – the site of Australia’s first dinosaur bone discovery, the Cape Patterson claw, unearthed in 1903. Amateur paleontologists can explore Dinosaur Dreaming, a site at The Caves Beach, where over 15,000 dinosaur bones, teeth, and fossils have been discovered. Guided tours during holiday periods provide a glimpse into this prehistoric world.

Melbourne: A Prime Choice for Global Property Seekers

 

In the dynamic world of international real estate, Melbourne has emerged as the most sought-after destination in Australia, attracting the attention of offshore property seekers. Recent data from PropTrack unveils a remarkable surge in interest from international buyers and renters, with Melbourne, the capital of Victoria, shining as the beacon of choice, especially for those hailing from China and the UK.

Melbourne Takes Center Stage

Victoria’s bustling capital city, Melbourne, has taken center stage in the hearts of global property enthusiasts. According to the exclusive data from PropTrack, international buyers and renters have flocked to this vibrant city in the past quarter. Melbourne’s appeal is undeniable, making it the most-searched location across the nation.

Suburban Charms

The allure of Melbourne extends beyond its city limits. Suburbs such as Torquay on the Surf Coast and Mulgrave in Melbourne’s southeast have captured the imagination of overseas renters. Torquay, with its strategic proximity to Geelong, Deakin University, and Melbourne, stands out as a prime choice for those seeking rental properties.

The Global Impact

PropTrack’s comprehensive data paints a compelling picture. Searches for buying homes in Australia have surged by an impressive 36.9% year-on-year in China, showcasing the country’s keen interest in Australian real estate. What’s even more astonishing is the exponential rise in rental property searches from China, nearly doubling the volumes seen before the pandemic, with a 25% increase since September 2022.

Inner-City Favorites

For international buyers, the inner-city suburbs of Brunswick East and Carlton North hold a special place. These neighborhoods have emerged as the most popular search destinations, further emphasizing Melbourne’s cosmopolitan charm and the diverse range of properties it offers.

Melbourne’s magnetic appeal and its popularity among offshore property seekers are undeniable. With an array of urban and suburban options, Melbourne continues to be a top choice for those looking to invest or settle in this dynamic Australian city.

National Cabinet’s plan to ease Australia’s housing crisis

In the exciting realm of home construction and property prices, experts are divided on the impact of the solution proposed by the National Cabinet to address the housing supply crisis in Australia, which was agreed upon at yesterday’s meeting in Brisbane.

This comprehensive solution includes a $3 billion New Home Bonus, incentives for states to ease planning restrictions, and the release of enough land to build a new target of 1.2 million homes in five years, up from the original one million. Additionally, the agreed-upon package of measures encompasses greater tenant rights and a commitment to working towards a limit of one rent increase per year.

The community is eagerly awaiting these changes, and industry professionals are carefully analyzing their potential implications. What impact will this ambitious plan have on the housing market? Will it alleviate the pressure on the housing supply? These are some of the questions that are on everyone’s minds in the Australian housing industry.

Melbourne Suburbs with Affordable Extra Space for Homebuyers

Homeowners keen to upgrade from an apartment to a house with land would have an easier time in some northern suburbs of Melbourne and in growth corridors than in the city’s inner east, where the gap between unit prices and house prices is widest.

Even so, some upsizing hopefuls say the COVID-era property boom and rising cost of living have driven prices out of their reach even in more attainable areas, which has prompted bargain hunters to look further out for a larger home.

An analysis of data shows house and unit median prices are closest in Glenroy, where the median house costs $141,000 more than the median unit. That was followed by Carrum Downs and Pakenham.

At the other end of the scale was Toorak, which had the largest median gap of $3.95 million. That mark was followed by Malvern and Kew, some of the most expensive suburbs in Melbourne.

It costs almost twice as much to buy the median house in Melbourne than the median unit, a gap of about $475,000. Four years ago, the difference was $313,000.

The Victorian towns, now offering discounts!

In the post-lockdown era, the once-booming house prices in regional Victorian sea and tree change towns are now experiencing a decline as life settles into a new normal and interest rates begin to rise.

This stands in contrast to Melbourne, where house and unit prices are slowly recovering, as indicated in Domain’s latest House Price Report released on Thursday.

Victorian regional house price changes, by LGA

During the June quarter, the steepest drops in house prices were observed in regions that saw an influx of Melburnians seeking refuge during the COVID lockdowns. The Northern Grampians local government area, in particular, recorded a significant 11 percent year-on-year decrease, bringing the median price down to $325,000. Similarly, the Alpine and Colac Otway shires experienced double-digit declines of 10.4 percent, with medians of $750,000 and $540,000, respectively. The Surf Coast and Hepburn shires also saw prices fall by at least 8 percent.

However, it’s worth noting that not all regional areas experienced price falls. For instance, Swan Hill’s house prices rose by an impressive 15.2 percent over the year, reaching $413,500, and nearby Yarriambiack also saw a positive increase of 10 percent, with a median price of $220,000. Nevertheless, these gains still lag behind the peak prices seen in leading areas at the end of 2021.

Dr. Nicola Powell, Domain’s chief of research and economics, pointed out that the regions that initially benefited from the migration of Melburnians are now facing challenges in attracting buyers. As the dynamics in the real estate market shift, these areas are finding it more difficult to sustain their previous price growth.