Victoria (Melbourne) - Mar 2024

📢📢 Investor Purchase : Melbourne, VIC (Mar 2024)

Negotiated at least $20,000 off the listed price.

Brief : The client who had already purchased a property with us in the Perth property market was looking to diversify and move into markets with long term growth prospects.

How we helped?

The Melbourne property market (as of Mar 2024) has been quite flat over the last few years however there were signs of activity picking up in the affordable segments of the market (500K-600K). It has to be noted that only a very small section of the Melbourne property market falls into this affordable price range.

Why Melbourne for this client?

- Melbourne under performing to the other capital cities over the last few years and will need to revert to its mean averages.

. - Rental market starting to pick up. Vacancy rates have dropped and rents have increased over the last 1-2 years. Yields have started improving.

- Low unemployment rates, strong economy (Victorian economy ranked 2nd out of all states in latest CommSec report - Jan 2024), and healthy population growth mean that the market cannot under perform for too long.

Note: Melbourne property market may not suit all investors. If you are after short term growth (1-2 years) then Melbourne is probably not the best market to enter right now. This market was chosen based on the client's risk appetite and long term goals.

Secured a property in strong family oriented suburb and within 25Km to Melbourne CBD.

The numbers:

👉Indicative price : 650K-680K

👉Purchase price : 630K

👉 4 bed, 2 bath (Free standing house)

👉Negotiated minimum 20K from the advertised price

👉Rent: 510/week

👉 25 Km of Melbourne CBD