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BOROONDARA suburbs used to be famed as members of the “million dollar” club but today you’d be lucky to get change from $2 million if you want to buy a home in the inner east. Canterbury, Kew, Balwyn, Surrey Hills, Camberwell and Glen Iris all have median house prices of over $2 million, the latest Real Estate Institute of Victoria figures show. And Hawthorn and Kew East looks set to join the club before the year is out. Real estate agent Mark Fletcher from Fletchers Balwyn said he couldn’t see growth slowing any time soon. “The supply and demand is just so strong,” Mr Fletcher said....

MELBOURNE’S property market has almost reached its peak. But a few pockets should continue to growth. That’s the view of property valuers Herron Todd White, which has declared the city’s housing market is approaching its peak in its latest property clock rankings. The three-monthly review released this week ranked major Australian cities based on their perceived potential for growth. Herron Todd White Melbourne director Perron King said Melbourne was close to fulfilling the potential of its current property cycle. Low numbers of houses for sale across winter had kept price growth buoyant,...

SMALL units in a host of Melbourne suburbs are cheaper to buy than rent, making them ideal targets for first-home buyers, new data reveals. Realestate.com.au research shows it would cost $2516 less annually to pay off the average mortgage for a two-bedroom unit in Travancore than it would to rent one. It’s a similar story in Albion, where buyers of two-bedroom units are $2463 better off yearly than renters. This property type is ultimately also cheaper to buy than rent in Melton, Melton South, Notting Hill and the CBD, according to realestate.com.au. Three-bedrooms units in Wallan and...

One in three first-home buyers are getting financial assistance from their parents to help them get on the property ladder, new research shows. But experts warn this could be fuelling inequality in the housing market and making property prices even more unaffordable. First-home buyers are increasingly tapping into the bank of Mum and Dad, with 29 per cent being provided help from their family in the form of cash hand outs, rent-free accommodation and guarantor loans, a survey by comparison website Mozo found. On average, a first-home buyer borrowed more than $64,000 — and 67 per cent of...

Don’t miss out, CLICK HERE to get up to date video education from Konrad Bobilak.   Here is what you will learn by watching this video; Ultimately, your internal dialog, or ‘psychology’ which in turn shapes your belief system, will determine your level of success or failure, not only in ‘Property Investing’ but in life in general. That’s why if you ever have an opportunity to speak to the most successful property investors, they will tell you that ‘Psychology’ is 80 per cent of achieving success, and the other 20 per cent is the strategy, or what I refer to as ‘Specialized...

Plans to sell off public housing land at nine sites across Melbourne to private developers have been opposed by six of the eight Melbourne councils where residents are affected. The Andrews government is fast-tracking plans to sell the nine sites, in some of the city's most exclusive locations: Brighton, Hawthorn, Clifton Hill, Ascot Vale, North Melbourne, Flemington, Brunswick West, Northcote and Heidelberg West. Developers who succeed in buying a site off the government will have to rebuild the existing public housing – with at least 10 per cent additional dwellings for the poor. This...

Melbourne’s auction market bounced back hard on Saturday after last weekend’s year-low result and recorded its highest clearance rate for the season so far. Melbourne reported a clearance rate of 78.3 per cent at the weekend, significantly higher than the previous weekend’s 71.7 per cent result and the highest recorded since June 10. Saturday’s result was also higher than the 77.7 per cent reported over the same weekend last year.   On Saturday 821 homes were scheduled for auction, similar to the previous weekend’s 823 auctions which was the highest number auctioned for nearly two...

HOUSE price records have been broken in suburbs on all sides of Melbourne this year, as the market kicks up to another level. Benchmarks have been beaten in battler suburbs on the rise, including St Albans and Sunshine North, as well as blue chip postcodes like Balwyn and Carlton North. And a divine Collingwood church conversion not only became the most expensive house to change hands in the suburb, but of in all Melbourne’s inner north last week. Advantage Property Consulting director Frank Valentic said a flood of new records had been set in 2017, especially at the start of the year,...

The number of million-dollar homes in Australia’s major cities continues to increase, the latest research from CoreLogic shows. CoreLogic analyst Cameron Kusher has run some numbers on Australian property sales for the 12 months to June 30, with a focus on the magical seven-figure mark. “Over the 12 months to June 2017, 23.2% of all houses and 10.8% of all units sold in capital cities were sold for at least $1 million,” Kusher. Not surprisingly, Sydney easily topped the standings for million-dollar home sales among Australia’s major capitals. According to Kusher, 47.8% of houses in Sydney...

Watching wide-eyed from the sidelines, Brisbane has witnessed Melbourne, and in particular Sydney, experiencing a housing boom of epic proportions. With Sydney’s median house price sitting at just under $1.2 million, week after week stories emerge that seem almost impossible – like the first-home buyer who forked out $915,000 for a one-bedroom unit in Kirribilli, or how the cheapest suburb within five kilometres of the CBDhas a median house price of $1,219,000. In Melbourne, house prices have jumped $100,000 in a year with the median now sitting at a record $865,712. Melbourne house...