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Property Report - December 2019

• Integrity holds 48.6% market share in the Kinglake Ranges • Integrity’s average days on market is 66 days.  • Kinglake’s median has grown by 30% since March 2019 • The Kinglake Ranges has 4,122 residents   In the last 10 months Kinglake’s median price has gone from $559,000 to $725,000 with Kinglake West’s not far behind at $700,000. This outpaces Regional Victoria’s median of $409,000 showing that the Ranges is now as expensive as Metropolitan Melbourne—Kinglake has a higher median than Hurstbridge.   According to some reports there are 20% more house in the Ranges, however the population has not grown exponentially. What has changed is the area’s demographics, seeing more young families reside in Melbourne’s scenic north-eastern green belt. This emphasises the lifestyle attributes of the region. Most buyers are coming from outer Metro areas including but not limited to Epping - Mernda corridor...

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Property Report - November 2019

HIGH ENERGY IN THE PROPERTY MARKET - SPRING / SUMMER UPDATE As we leave the last of the cold weather behind, and large numbers of properties come to market, buyers’ faith is restored in the property market  There has been some nervousness on the diving board lately—buyers have been dipping their toes for a couple of months, but without variety in the marketplace buyers have been reluctant to take the plunge. Now that scale is tipping, with a broader variety of properties available across the North East. We saw a good Spring coming, but didn’t expect conditions to be so good. Whether you are in a position to purchase your first home, invest, refinance, up-size, or down-size, you have a couple of months left in 2019 to achieve these goals. And I for one can think of no better time.   REFINANCE When was the last time you paid attention to your mortgage? Even if you aren’t ready or willing to sell, with the cash rate at an all-time low it is a great ...

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Property Report - October 2019

Have We Missed Spring? It is amazing what a change in the seasons can do. As soon as September starts it is almost as if the early buds on our trees are reminding us that winter is almost over. And although the chill of winter will still hold it’s icy grip for a few more days, it is expected that the warmer weather will hit fast. So if it is to be a short Spring, what is to be expected? How has this new market changed since 2018? There has been monumental change, so let’s recap:  Assessment rates have been reduced to around 6% when they used to be 7.25%. The Reserve Bank have cut the cash rate to 1% which has assisted in reduction in investment and principal home loans. Economists are predicting another 0.25% cut before the end of the year. Lending for some large banks is almost as low as 3.3% with deposits up to 30%. The First Home Owner Regional Grant still provides a $20,000 cash incentive available until 2020 as well as stamp duty exemption up to $600,000. ...

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Property Report - August 2019

DISPELLING MYTHS ABOUT BUILDING    It is probably the most interesting time to be in the real estate profession. I say this because of the amount of focus and pressure on the industry.  There is a lot of rumour and speculation about where the market is heading, but unfortunately this doesn’t always come from credible sources. People are tightening their belts, and although interest rates at their record lowest, there are still buyers who are hesitating  We find the actual problem is not what is happening but the fear of what might happen. While all of this talk is having a general affect, it is young people who are affected the most. I was reminded of this when a first home buyer couple dropped into the office the other day to ask questions about building. They had spoken to mortgage brokers and banks and had been turned away without any help. All they wanted were some answers. Having a discussion about the cost of building I realised a very important thi...

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Property Report - July 2019

WHY PEOPLE LOVE TO LIVE IN THE KINGLAKE RANGES I thought I would take a break from reporting on numbers and statistics to talk about some of the reasons why people come to live in the Kinglake area. Not too long ago someone said to me, “Knowing how the market moves is all good and well, but I’d love to read about what’s bringing people into the area.” So here are the top five most common reasons people give when we ask why they are looking in the Kinglake Ranges. None of these things will be a surprise to anyone already living in the area, but it is nice to reflect on the positives of living in such a beautiful pocket of Victoria. IMMERSED IN NATURE Visitors and residents alike comment on the breathtaking beauty of the Kinglake Ranges. Not only do we have extraordinary views and outlooks (I’m looking at you Frankie T), but wherever you turn there is a dusty back-country road, broken morning sunlight between the gums, or an old fern glade. Many peo...

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Property Report - June 2019

The Reserve Bank’s decision to spark an interest rate cut has had a positive effect on market conditions. While these cuts have not been passed on by all banks, now with the ability to secure finance on rates as low as 3.44% buyers have a lot more options. It is great to see a bit more oxygen in the market, in our local area especially. The months of June and July have seen great results at Integrity across the board, with a new record set on half an acre for one. In line with the trend of the last few months, regional Victoria has outperformed metropolitan Melbourne and continues to do so. In a recent report by the Housing Industry Association, Melbourne has been awarded 12 of Australia’s Top 20 building growth areas as well as 18 of the 19 regional Hotspots for Victoria. This is in keeping with the consistent interest in the Kinglake Ranges and Melbourne’s North East where buyers are desperate to relocate for a relaxed lifestyle change. However, despite positive ...

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