As of the 1st October 2014 and separate to a vendor’s obligation to provide a vendors statement changes to the Sale of Land Act now require estate agents to have the following document made available property purchasers.
"First property buyers should look to entering the market as a town house owner in a well located property that they can potentially sell to families, couples, retirees and first home buyers. The aim is to build a portfolio of unique properties. Later, they can move on to a house. No two houses are ever identical. That is what creates demand. The rarity factor is the key. Unique aspects in terms of design and or location are what drives up the price."
The REIV is advising buyers to look beyond the Melbourne CBD and inner suburbs for their first property purchase.
REIV CEO Geoff White said buyers are increasingly looking for value in regional Victoria.
“New growth areas provide buyers with the opportunity to enter the property market at a more affordable rate, yet still on a main VLine service into Melbourne.”
“Many of these areas, especially towns within commuting distance of the city, are also recording solid annual price increases and are poised for future growth.”
“Investment and infrastructure initiatives by both the state and federal government are likely to deliver further capital growth in these areas.”
It's the last thing anyone wants - you purchase your investment property, and nobody wants it, leaving you out of pocket and forced to reduce your expectations.
You bought a dud.
While there's never a guarantee with any form of investment, there are some steps to take to maximise your potential and reduce the chance of ending up with the best house on the worst street.
Jeff Grochowski from Accrue Real Estate discusses the lifestyle and property investment potential of Black Rock.
Brighton is probably the most well known and affluent suburb on the shores of Port Phillip Bay. It is a really good place to live. It is close to the city. The beaches are popular for locals and visitors alike.
Hampton is fast gathering a reputation as the next generation's trophy property location and it is now starting to mirror Brighton in terms of lifestyle and in some cases, property value. Nearby, Black Rock offers lower prices in an area undergoing significant urban revitalisation. Access to a very interesting beach and foreshore recreation area have made more and more investors and home seekers look at buying into the suburb.
We have previously explored some myths that are still prevalent regarding property investment. Here we explore in more detail where you can get the best information, and more importantly what sort of information you should be looking for.
Gaining an understanding of property investment is challenging, not because of the lack of information, but because there is too much misinformation.
Melbourne is a difficult city to invest in; there are many 'up and coming' areas that are often perceived as opportunities to 'get in early,' and old and established areas where you can get the 'worst house on the best street.'
The thing is, ideal opportunities don't choose to appear at the most opportune moments.
One of the most frustrating things about investing in property, is not the shortage of information - but the plethora of misinformation.
Those seeking to learn online are confronted with numerous experts, gurus and thought leaders who confidently speak of having the secret to success. Again, the issue isn't that they don't have good information - it's that the relevant advice is lost in the noise.
For first-time landlords, your first investment and first tenants can create uncertainty and fear.
Have you done everything you can to ensure you have the right tenant? Have you purchased the right house for the area? What are your obligations?
And of course the old favourite - what happens if they destroy the place? This confusion comes from buying a house and not living in it. If you've never done that before and your natural inclination is to get into the place, make yourself comfortable and create something that's a bit more 'you'.
This brings us to the first tip for new landlords.
People looking to buy investment property in Melbourne have an opportunity to seek expert advice on what rental properties are on the market.
The federal Treasurer, Scott Morrison said today, that 30% of Australians rent their homes. That is a huge number people who will at some time look to find a new investment property to rent.
Jeff Grochowski provides a service to help to people who have made up their mind to hunt for a new apartment or unit to accommodate those 7,200,000 renters.
In Melbourne and Sydney, investment property is in strong demand. Fueled by immigration, low interest rates and the poor performance of stocks and shares, property is the preferred investment vehicle for Australians.
New REIV data shows there is a significant difference in the median house price of multiple adjacent suburbs across the state, despite similar characteristics and amenities.
We often read the property investment success stories in the media but there are mistakes that people who are looking to buy a residential property as an investment can make. What strategies do successful property owners use to accrue real estate?
Getting the right Home and Building Insurance can be the difference between being properly covered or barley covered at all.
In a step that's rare in the real estate industry, all Accrue Real Estate clients are referred to independent experts before considering purchasing
real estate or putting in a written offer to purchase property.
You should always take interest rates into account when choosing a home loan or mortgage. Be wary that lenders may attract consumers with low rates for the first few term of a loan, but may charge much higher rates thereafter.
Here's your opportunity to learn from independent experts before making any permanent or potentially costly property purchasing decisions.