“A lazy half million 2013” is the Theme of this month’s HTW Month in Review

HTW take a look at how the market stacks up in your locality and compare it against others from around Australia

Opinion on the Melbourne residential market begins at page 31. Here are some highlights:

•         With interest rates at record low levels it would appear that now is the time to buy residential property.
•         Properties with strong tenant demand and minimal holding costs will help to maximise your rental return; however homes with the potential for significant capital growth help to provide financial freedom in the long run.
•         The equity built up can be used to purchase another property.
•         This is particularly beneficial for those looking to expand their portfolio as one of the hardest obstacles to home ownership is coming up with the deposit.
•         Footscray, West Footscray and Maidstone show positive signs for strong growth in the detached/ semi detached market.
•         Footscray is expected to profit from the proposed and current development in the area including the Footscray Railway Station Redevelopment, Footscray Plaza redevelopment and the Whitten Oval redevelopment
•         The Melbourne apartment market is currently being watched very closely as evidence continues to emerge of an oversupply of apartments in the  development pipeline particularly in the metro area with approximately 25,500 expected to be completed by the end of next year.
•         Off the plan properties may be tempting with 10% deposits and reduced stamp duty, however a large portion of demand is coming from overseas.
•         The majority of foreign investors are only able to purchase new off the plan properties; so when it comes to selling years later, your market pool has shrunk considerably.
•         The Melbourne property market is currently a buyer’s market, giving potential purchasers the chance to shop around, negotiate and find themselves a bargain.

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Thanks to alphabroker for this summary