“Medium term growth for the medium priced buyer”
– With interest rates at record low levels it would appear that now is a good 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 Melbourne 2030 planning strategy has designated Footscray as one of the Major Activity Centres which are the preferred locations for future higher density residential and mixed use development.
– 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 Therese O’Neill from Alphabroker