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Market Report: VIC real estate update, October 2018

October 25, 2018

Suburbs in Melbourne’s popular inner north are continuing to attract owner-occupiers and investors, according to Mario Elezovic, Managing Director, Raine & Horne Brunswick. 

Mario adds, “The property market is still travelling along nicely, although at a steadier rate than previous years. As a result, auction activity has stabilised, yet values are holding up nicely. That said, vendors can’t expect to achieve the elevated prices of previous years.”

In the current market, to secure a relatively rapid sale in inner Melbourne, Mario advises vendors to price their properties sensibly. “To get a sale in this market, vendors have to be right on the money with their pricing.”

Considering the stability of the Inner Melbourne market, Mario says more significant numbers of first home buyers are fronting up to Brunswick open homes. An entry-level, single level Victorian terrace in Brunswick starts from $800,000, he notes. “We see a lot of first home buyers looking at apartments and townhouses in Brunswick.” One-bedroom apartments in Brunswick are priced from under $400,000, while two-bedroom apartments begin at $500,000, says Mario. 

Brunswick’s real estate appeal lies in its eclectic mix of cafes, bars, and restaurants against a backdrop of bohemian culture and plentiful retail choices. “The suburb is under eight kilometres to the Melbourne CBD, which is a big tick with buyers and investors. Mario says, “Moreover, Brunswick is more affordable than nearby Carlton, Clifton Hills, and Northcott.”

Investors gravitate to Brunswick because the suburb has non-existent rental vacancy rates and investment yields between 4-5%, according to Mario, whose firm, Raine & Horne Brunswick manages more than 2,000 investment properties. “If you’re looking for a home to live in, or an investment property, Brunswick will continue to withstand the test of time. It’s a very stable market.”