November 2022 Newsletter
HEY NEIGHBOUR!
With the erratic weather of the past few weeks, it's hard to know what to expect. It is getting warmer, but rain still starts without warning. The floods from the fierce rainfall have affected so many people, and our hearts go out to those tackling the ongoing challenges from it. We will all keep our fingers crossed for sunny days ahead.
It's election month and we are hearing a lot about the property market and rightfully so. Property is Australia's biggest industry, representing 13% of national GDP and employing more than 1.4 million people. Not to mention that most Australian's own or lease a home, or work within a building.
The REIV's CEO (Quentin Kilian) has invited politicians to voice how they will support the state's $76 billion property sector, following the increase in interest rates. Mr Killian said, "on behalf of our members and all sector participants, the REIV welcomes a discussion with Victorian political leaders of all parties to ensure these sector issues are well-understood and proposed solutions prioritised, in order to drive the necessary reforms that create a strong and healthier sector in years to come." A similar sentiment is coming from the Property Council of Australia.
We appreciate the challenge ahead of politicians. It will be no easy feat trying to balance ensuring a constant strain of supply and boosting demand, but our general philosophy is that we need to make it easy to transact and easy to do business. Sometimes, less is more, and it feels as though our governments have been overreacting in recent years.
If anyone feels like discussing, we'd love to hear your thoughts so we can put forward your voice to the REIV and Property Council of Australia as one of your local representatives in property.
It has been a year of re-adjusting to doing business in the open, instead of being closed doors or on zoom meetings. I think we are all grateful to have face-to-face operations back. You can stay connected with us online too through our social platforms. Join us in building our online community!
Finally, the countdown has begun for Christmas and 2023 is just around the corner. The wider economy appears to be showing significant cracks, but we are optimistic for what the new year will bring.
Thank you and enjoy your day, week, and month!
Speak Soon.
Carmela
MARKET INSIGHTS
We strive to stay up to date on the latest market trends. Here are a few articles we think are worth reading.
- Auctions have almost halved in numbers since this time last year.
Auction clearance rates provide insights into the level of desire among buyers, high clearance rates suggest a higher demand for local property. According to REIV, last week 671 properties went to auction with a clearance rate of 71%. However, this time last year there were 1,123 auctions and they were cleared at a rate of 81%. Both supply and clearance rate drops give us a clear indication the market is taking a downturn.
- A recent realestate.com news article discusses who will be most impacted by the financial increases in the market.
With interest rates and living costs climbing, some will find it increasingly difficult to keep up. RBA have outlined those most likely to be affected.
- Your data is safe with us.
With concern over the cyber hacks from Optus and Medibank, we want to assure you we store any information you provide us securely. We handle person information on the daily, so it is very import to us that it is secure. We use a program called PropertyMe which have released a newsletter explaining their multi-layered security technology. - REIV calls for necessary property sector reforms across four key areas in lead-up to 2022 Victorian State Election.
Addressing systemic industry governance issues, initiating a review into property taxation, initiating a review into Residential Tenancies Act (RTA), and strengthening the pipeline of new real estate talent. - Political promises as the election approaches.
Victorian Liberals pledge stamp duty cut for first-home buyers, Labor promises veterans' card. - "Property Industry ready to unleash Victoria's full potential".
Read the PCA's views on the election at propertycouncil.com.au
COMMUNITY BULLETIN BOARD
What's new in your neighbourhood? These are a few recent updates that are happening in some of our local communities.
- Get the kids (or your inner kid) inspired with the latest Lego exhibition.
Explore the interactive exhibit filled with a Lego master's dream. At Brick-tionary, you can build your own robot and test your skills at their earthquake zone.
- Visit Queen Victoria Market
Stroll through the market looking for the next addition to your home decor or eat your way through many different cuisines. They also have many events coming up including the summer night market and a retro market experience. Check out the classic and modified holdens on display at the Holden Car Exhibition (Sunday the 13th of November).
- Take the family on a day trip to enjoy the warmer weather.
Spend an afternoon picking cherries at the new Cherry Hill Orchard in Coldstream. (Open 14th Nov until 24th Dec). Enjoy a cherry ice cream and the onsite food trucks, then take a box of cherries home.
