News & Current Events
November Newsletter
November 2008 Report
A market in several parts Continuing financial turmoil still dominates the Melbourne property market as uncertainty and tighter credit impact on buyer confidence. The impending US presidential elections are also proving to be a further cause for uncertainty suggesting any sustained improvement in confidence is still some weeks away, at best.
October Newsletter
October 2008 Report
World events take focus Property sales and price trends have taken second place to international financial events over the past month. No-one would have imagined over a year ago when the U.S. sub-prime crisis broke that the ramifications would be so far reaching.
September Newsletter
September 2008 Report
What a difference a month makes Just over a month ago petrol prices were approaching $1.70 per litre and most measures of consumer and business confidence were trending down. Now with the Olympics over and fuel prices stabilizing at around $1.
August Newsletter
August 2008 Report
What’s really happening to property? All the turmoil on the Australian stockmarket provides daily headlines, scary news and sometimes soothing words for the army of investors and superannuants with savings in shares. Unlike the stockmarket where identical assets are traded and may fluctuate in value daily the property market moves more slowly and
July Newsletter
July 2008 Report
May you live in interesting times This ancient Chinese proverb summarises the sentiment in Melbourne’s property market over the past 12 months where we have seen auction clearance rates start the year above 80% and close at around 63%. Although auctions represent only 20% of the total residential market they are an accurate and timely measure of market
June Newsletter
June 2008 Report
Budgets set the scene The recent State and Federal budgets give an insight into the future for property owners in Victoria. Both budgets were seen by commentators as being economically responsible yet some described them as lacking vision.
May Newsletter
May 2008 Report
Interest rates bite It’s now official, the series of recent interest rate hikes have slowed Melbourne’s property market and the Reserve Bank now faces the challenge of containing inflation without sending our economy into a tailspin. Next week Treasurer Wayne Swan will face an exquisite dilemma as he brings down a budget with potentially the largest
April Newsletter
April 2008 Report
Record numbers sold at auction An early Easter break this year drew record numbers of properties on to the auction market in March. The busiest weekend on record saw over 1300 properties go under the hammer on the 16th March for a clearance rate of 65% across Melbourne.
March Newsletter
March 2008 Report
Headlines can mislead Much has been said in the media about the impact of interest rate increases on Melbourne’s property market. It needs to be said that many of the headlines are designed to attract attention rather than inform. Property players also need to understand that generalizations cannot be applied to our market which comprises a variety of
February Newsletter
February 2008 Report
Inflation must be contained The impact of another official rate rise has the potential to force more Victorian householders to reconsider buying their first home and in some cases may push existing borrowers to the brink. Lack of affordability is also making it harder for tenants to secure housing, especially at the budget end of the market where the
January Newsletter
January 2008 Report
Sea-change or tree-change? Every year at this time the activity in the residential property market moves from the suburbs to the coast. Melbournians are fortunate to have plenty of options when seeking a coastal escape with properties on the Mornington and Bellarine Peninsula vying for popularity with Surf Coast and Bass Coast addresses.
November Newsletter
November 2007 Report
Solid growth underpins market The largest dollar increase in median house prices ever recorded underwrote continued growth in the band of suburbs within 15km of Melbourne’s CBD. Figures released by the REIV for the September quarter indicate median house prices rose by 3.
October Newsletter
October 2007 Report
Resilience is the key Only a month ago world financial markets were in turmoil, predictions of global meltdown were emerging and the drought was being pushed to the back of our minds by more topical issues. The Melbourne property market has demonstrated amazing versatility throughout the year and is now entering its busiest period in the lead up to
REIV Appoints Noel Jones CEO as President
At a gala function held at Crown Towers recently The Real Estate Institute of Victoria (REIV) inducted Noel Jones CEO Adrian Jones as its new President for the 2006/2007 year. In welcoming him to this prestigious role outgoing President Geoff Dobson said “Adrian’s experience and knowledge will stand the REIV and its members in good stead.
New Inspection Guidelines - Photo ID required
Media Release
New Inspection Guidelines – Photo ID required Noel Jones Real Estate has taken the lead among Victorian real estate agents by requiring buyers and prospective tenants to provide Photo ID before gaining access to any property. From 3rd June all inspections of rental and sales properties will be conducted only after Photo ID has been provided.