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10 Melbourne suburbs to recommend to investors in 2016

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10 Melbourne suburbs to recommend to investors in 2016

SQM Research’s Housing Boom and Bust Report 2016 predicts that Melbourne’s property market is poised to overtake Sydney’s in 2016, with a rise in housing prices of between eight and 13 per cent forecasted for Victoria’s capital.

If you have clients interested in trying their hand at property investment in Melbourne in 2016, now could be the perfect time to buy with an ongoing robust Melbourne housing market and with housing prices on the up tipped by respected property analyst Louis Christopher.

Here are 10 hot Melbourne suburbs, their key stats and major drawcards to pass on to investors or prospective buyers. 

Depending on your client's financial goals and investment strategy we’ve divided up our top Melbourne suburbs worth considering based on:

  • areas with solid rental yields for investors looking for income producing properties,
  • suburbs with good 12-month growth rates for investors looking for prospects with strong price growth
  •  and affordability, for investors looking to snap up a bargain.

The statistics presented, including median house price (MHP), 12-month growth and rental yield (RY), are from CoreLogic RP data accessible via Your Investment Property's Suburb Profile Reports.

10 Melbourne suburbs to recommend for investment in 2016:

Good annual growth

Mount Waverley

Stats: $1.96 million MHP, 45.28% 12-month growth and 1.95% RY.

Drawcards: Family-friendly, 16km from the CBD, large block sizes, golf club, cinema, good public transport, schools, parks and shopping centre.

Box Hill South

Stats: $1.10 million MHP, 32.12% 12-month growth and 2.08% RY.

Drawcards: Suited to young families, under 20km from the CBD, good for schools and childcare, golf course, healthcare facilities, close to parks and reserves.

Balwyn North

Stats: $1.70 million MHP, 21.41% 12-month growth and 1.68% RY.

Drawcards: Under 17km from the CBD, family-friendly, good schools and parks.

Solid rental yield

Melton South

Stats: $244,000 MHP, 4.72% 12-month growth and 5.65% RY.

Drawcards: Affordable, train station, family-friendly, schools, childcare, Victoria University campus, fast internet and golf course.

Wallan

Stats: $345,000 MHP, 1.47% 12-month growth and 4.97% RY.

Drawcards: Train station, suited to families with kids and retirees, small town feel and good schools.

Carrum Downs

Stats: $360,000 MHP, 5.03% 12-month growth and 4.91% RY.

Drawcards: Good schools and childcare, parks and dog parks, shopping centres, library, close to the beach and Peninsula Link.

Mooroolbark

Stats: $516,250 MHP, 10.29% 12-month growth and 3.88% RY.

Drawcards: Suited to young couples and young families, large block sizes, fast internet, close to the Yarra Valley and Dandenong Ranges, indoor swimming pool, good schools, parks, public transport, dining and shopping.

Affordability

Melton

Stats: $249,000 MHP, 3.75% 12-month growth and 5.43% RY.

Drawcards: Affordable, large blocks, public transport, shops, suited to families and retirees, schools, childcare, Victoria University campus, fast internet and golf club.

Officer

Stats: $380,000 MHP, 17.11% 12-month growth and 4.79% RY.

Drawcards: Affordable, good schools, family-friendly, public transport, close to shopping centres and freeway access.

Frankston

Stats: $405,000 MHP, 9.46% 12-month growth and 4.30% RY.

Drawcards: Affordable, beachside suburb, bay views, family-friendly, Arts Centre, shopping centre, restaurants and cafes, proximity to the Mornington Peninsula, parks, walking tracks, good medical facilities and schools.   

Do you have your eye on any other other growing Melbourne markets for investment in 2016? Please share them below.

 

Happy selling!

From the Homely Team

 

About Homely:

Homely is a new way to search for real estate for sale and properties to rent in Sydney and across Australia. With over 330K listings and 500K local reviews and insights, Homely is a faster and easier way to search for property to buy and rent in Australia.

Check out our suburb reviews and Q&A pages to see what everyone is talking about!

 

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How to sell a converted warehouse home

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How to sell a converted warehouse home

Predominantly located in the old industrial inner city suburbs of Melbourne and Sydney, warehouse conversions are becoming more popular than ever.

On June 18, 2015 Property Observer reported the sale of a Surry Hills, NSW warehouse residence for $7.5 million plus, smashing the suburb's previous warehouse record price of $5.7 million. Evidently, buyers are often prepared to pay a premium for that iconic industrial loft vibe of a good warehouse conversion. 

What are the top features to highlight?

We’ve come up with the top four features you should highlight in your converted warehouse listing to draw in buyers and get the best result for your vendor.

1) The ‘cool’ feature

To entice potential buyers and possibly insight a bidding war, do not under estimate the power of the ‘cool’ and ‘trendy’ factors associated with living in a converted space like an old warehouse. For example, pull buyer's attention to the edgy, raw industrial attributes like the exposed brickwork, soaring vaulted ceilings, exposed iron rafters and rustic concrete floors.

1/25 Cardigal Avenue, Pyrmont, NSW

how-to-sell-a-converted-warehouse-home-pyrmontwarehouse

2) The 'something special' feature

Probably the biggest ticket item when selling any converted residence is that the property is utterly unique and different from your average house or apartment in the Australian real estate market. The type of entrepreneurial buyer these properties often attract absolutely loves the idea that their new home is one of a kind and quirky. You should play this up by showcasing the distinctive elements that make this conversion a special and unique place to live.

252 Rosslyn Street, West Melbourne, VIC

how-to-sell-a-converted-warehouse-home-westmelbwarehouse

3) The 'historical significance' feature

Original brickwork, traditional facades and old rustic characteristics contribute to the warehouse’s nostalgic charm and the feeling of life lived in another time. Potential buyers are interested in the history of the converted building, so be sure to explain the warehouse’s heritage by building a story around its historical significance and the value in its preservation.

8 Lux Way, Brunswick, VIC

how-to-sell-a-converted-warehouse-home-brunswickwarehouse

4) The 'modern luxury' feature

Be sure to call attention to the modern finishes and sleek contemporary fit out of the home. Buyers want to be reassured that the conversion has not only turned the warehouse into a stylish place to live, but also a functional home with the modern creature comforts and essentials they need. To impress buyers further, emphasise the feeling of luxury afforded by the open plan layout, super high ceilings, grand proportions and expansive interiors.

3/50 Ann Street, Surry Hills, NSW

how-to-sell-a-converted-warehouse-home-surryhillswarehouse1
how-to-sell-a-converted-warehouse-home-surryhillswarehouse2
how-to-sell-a-converted-warehouse-home-surryhillswarehouse1

When promoting your converted warehouse listing it is important to cover our top four key features of 'coolness', 'something special', 'historical significance' and 'modern luxury'. Can you think of any others? Please share below in the comments section. 

 

Happy selling!

From the Homely Team

 

We'd like to hear from you!

If you enjoyed this blog please leave a comment below and share it with your friends. We're always on the look out for guest bloggers and would like to receive your feedback, so feel free to get in touch at marketing@homely.com.au.

 

 

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Top 5 Most Asked Questions About Shop Front Homes

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Top 5 Most Asked Questions About Shop Front Homes

In March 2015 Compton Green, the largest independent real estate agency in Melbourne’s inner west, sold a 110-year-old shop front Victorian terrace in Footscray for $735,000, a price that far exceeded the marketed value.

With highly valuable and sought after properties such as this it is essential that agents are prepared to answer specific questions that may arise from prospective buyers for these historic and unique shop front homes. 

To get you started we’ve generated a short list of five of the most commonly asked questions you should look into for shop front listings and some valuable advice to pass on to potential buyers.

1. Can I run my business from a shop front home?

Check your zoning with the local council’s building or planning department to clarify which approvals and permits are required to set up and run a business from the home. Specifically, it is important to see if there are any heritage overlays that might restrict what can be done.    

2. Are shop front homes a good investment?

Like any property the location is a very important factor in judging whether a shop front home will be a good investment or not. We recommend doing a bit of research and looking at the results of comparable sales, rental yield, auction clearance rates and even suburb reviews in the same area. 

CEO of The Real Estate Institute Enzo Raimondo suggests, shop front homes “can represent an investment gem — in that buyers with the right skill set can add significant value to properties.”   

3. Are shop front homes difficult to buy?

According to Managing Director of Compton Green and Auctioneer, Adrian Butera, shop front homes are popular in Melbourne’s inner west. “With interest rates at historical lows, buyers are likely to face intense competition at auctions for a shop front home,” Adrian said.    

4. Are there any restrictions to renovating or rebuilding a shop front home?

If you find your shop front home is heritage listed, there are strict guidelines and rules governing what can and can’t be done to the home. Advise buyers to contact the local council if they have their heart set on renovating the home to check what kind of restrictions, if any, are in place. They could also consider hiring an architect or builder who has experience with heritage projects to guide them.

5. What can you tell me about the history of this home?

One of the biggest drawcards of a shop front home is the rich history and the long term connection it has with the surrounding local community. Adrian Butera reports that “the historical value makes them a true treasure and they are a respected part of our streetscapes.”

Buyers love to hear about the background on the shop front itself, so it can be worthwhile to be well versed on the shop front’s past. To add to the charm and allure of a shop front you could talk about the age of the property, the type of businesses that have been run from there over the years and interesting stories about previous owners and residents of the home.

Compton Green recently listed a charm-filled shop front home at 142 Stephen Street, Yarraville, set to go under the hammer on the first of August at 12pm. View the full listing and take a video tour here.

 

Happy selling!

From the Homely Team

 

We'd like to hear from you!

If you enjoyed this blog please leave a comment below and share it with your friends. We're always on the look out for guest bloggers and would like to receive your feedback, so feel free to get in touch at marketing@homely.com.au.

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