Buyers are looking for bargains in their search for property in Melbourne.
The First Home Buyers market is opening up again. Currently there are 93 suburbs in Victoria with a median house price between $400,000 and $500,000. Most first home buying is affordable in this range.
The Whittlesea council has 7 suburbs, and the median house price in this council is around $430,000. The actual suburb of Whittlesea, 3757 is the stand out for rental return yield, for investment purpose at 4.7%. (Median price is $385,000) It is also a great option for first home buyers. The area is under expansion and has access to the city via public transport.
The indicators show that purchase offers are going to owners at the lower end of their quoting range. There are a few less properties on the market now. This is causing some of the price expectations to go higher, and even create bidding wars. Usually the selling agent will exaggerate (and encourage) the bidding war, and this will impact your confidence, even force you to overpay for a property. Having said that if the property suits you and it’s a long term investment, then a few thousand dollars will not make much difference. Be flexible with your options, because getting a good deal is always the outcome everyone enjoys.
Mortgage experts are recommending refinancing, and should you lock in the low rates. This is obviously a clever thing to do. Some say the economy needs some help, this is why the bank has shown low rates, and predictions are they may go lower again. The government is encouraging the public to pay down their debt. This is a good idea, it will open the opportunity to access equity and invest into property in Melbourne, Australia. Seek out the best properties on the Melbourne market with an expert buyers agent.