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Melbourne’s median house price has surpassed $850,000 for the first time, as Victoria’s property market returns to growth after last year’s period of uncertainty.
The December 2019 quarter marks the first time that metropolitan house values have surpassed $850,000, according to data from the Real Estate Institute of Victoria (REIV), following two consecutive quarters of growth of more than 3 per cent.
Many of you will be thinking right now…”have I missed the boat?”
Well not really…
One of the most fundamental principles of property investing in Australia is to appreciate that the market moves in distinct cycles which are characterised by periods of strong capital growth and demand for properties, through to periods of a flat-lining market, following periods of distinctive falling median prices, lower demand for properties, and a decline in property prices.
The general rule of thumb is that these property cycles last 7 to 11 years, and can be segmented into 4 main parts, the ‘Peak of the Market’ being the shortest of the four;
- Peak of the Property Market – High capital growth, auction clearance rates of 85% plus.
- Declining of the Property Market – Declining capital growth, auction clearance rates dropping from 80% to 60% and 50%
- Bottom of the Property Market – Extended periods of low capital growth, auction clearance rates of 45 to 50%.
- Growth of the Property Market – Increasing capital growth, increase demand for property, increasing auction clearance rates, 55% to eventually 75%.
Would you like to know exactly where Melbourne and Sydney are located right now on the property clock?
I will be revealing the location of our major property markets on the property clock during this webinar.
You see, money is made by both the timing of the market, and of time in the market.
Plus, during this webinar I will show you the top ten suburbs in Melbourne that have consistently hit double digits in capital growth over the last 10 years, and more importantly, the top areas that will have the highest potential to outperform the rest of the property market in 2020 and over the next 5 years!
I will also show you the exact type of properties, i.e. house and land, townhouses or apartments to target in these areas, and why…
So what are you waiting for?
Watch this live webinar recording now!
REIV president Leah Calnan says that the last time this occurred was in June 2017.
Melbourne house prices are up by 3.7 per cent, according to the quarterly data, while units increased by 3.8 per cent.
“The latest REIV quarterly median price data shows that Victoria’s property sector has achieved new heights across most metrics with many price records eclipsed throughout the state,” Calnan said.
“For the first time Melbourne unit values surpassed $630,000, while new benchmarks were set across inner, middle, and outer rings.”
The data shows Melbourne’s eastern and south-eastern region dominated the top quarterly growth for both houses and units.
Suburbs Mitcham, Nunawading, Blackburn South, and Blackburn North recorded growth of more than 15 per cent for the quarter and surpassed the $1 million median house price mark.
So the million dollar question is…
Do you have the skills and knowledge to correctly identify the best performing suburbs in Melbourne in 2020 right now?
Or will you simply wait by the sidelines and see other savvy property investors snap up the best opportunities?
Watch this exclusive 1.5 hour live Webinar recording where you will discover advanced property investing strategies to use in the current market. You will also learn specific real estate finance and due diligence methodologies that will give you the confidence and skills to start building your property portfolio as soon as you leave the webinar.