It’s not hot…it’s ■■■■■■■ melting…and too many clowns buying for AirBnB or summer. Apparently there are 98 properties in PF that are only available for short-term rental.
The three estate agents in Port Fairy have full windows, but all but one or two are sold or under contract, and they’re pretty well all commercial.
Walked past Ludemans in Warrnambool the other day…same there.
If it were up to me, I’m limiting tax deductions for negative gearing to 2 properties max with all owners to be over-18 Australian taxpayers…and also putting a 5% margin between owner-occupier and investment mortgage rates.
There are now million dollar standard block properties in Malmsbury. Unfathomable. It’s total madness.
It’s going to be interesting to see if these regional prices crash back to earth once the desire to flee Covid Melbourne eases, or if the “country lifestyle” thing has some staying power. There’s only so much cafe culture you can cram into these small towns, so how many are going to be interested in doing some more laborious jobs that rebuilding regional areas will need? Otherwise, you’ll just see a reinstating of the young leaving for a big metropolis again.
Just can’t see prices coming down, at ‘best’ crabbing along for 8-10 years. There must be some good to have come out of this though, with some towns getting an ok balance of new residents that add value to the community.
What will be mental if councils begin to allow subdivisions in areas where they’re banned such as Lorne, thinking they can get some additional housing for locals and essential workers.
And people will just take advantage of it, and prices will take off again.
Things are definitely booming at the moment and a good time to make hay whilst the sun shines.
Shortage of both properties on the market and rental properties in Adelaide is showing no signs of abating despite builders being swamped with work and new subdivisions opening up everywhere. One of our rental units was vacated about a month ago by a nice couple that we had as tenants for the last 5 years but have started a family and needed more space, our agent had about 60 through the place in a couple of days and hundreds of enquiries with a few even offering to pay up to $250pw over the current price. We left it vacant for a couple of weeks whilst we had some standard maintenance done and spruced up the place for the new tenants and hoping the new ones the agent has chosen are as good as the last ones.
Placed my first ever bids today. Wasn’t successful, had my limit and refused to budge. Weren’t many people actually as it wasn’t a new property and needed a couple of dollars spent on it (I am really fussy though, others would’ve been happy with it). Anyway, interesting experience. IMO they overpaid as an arguably better property around the corner sold for much cheaper quite recently, but onwards and upwards.
I’m sure this won’t be of interest to many, but looking around Horsham…
It seems like people have been taking advantage of increased property prices (and also…people here buy early and stay, so unlike a lot of the market they’ve paid off their mortgages by 45-50 rather than flipping, flipping, flipping and keeping the same relative debt) and gone mad on major home improvement.
Which of course overall is a good thing.
I’m a little concerned about overcapitalisation.
It’s great that railway/commission houses are either being modernised or torn down and rebuilt.
Great for the town generally.
But I’m seeing million dollar houses here and that worries me. They’re nice. Of course they’re nice.
But at some point the house values have to reflect the average income of the community.
And it’s not like there are a lot of $150k pa jobs here.
Maybe it will all be fine and things will keep ticking along as they have been, but Horsham has had some very depressed property periods before.
The population is either static or very marginally increasing. So, again, it’s not like Melbourne where more people are constantly coming to the city and a place ten k from the cbd Stays ten k from the cbd.
Here in Bacchus Marsh, property is gone crazy, and there are new development popping up all over the place at crazy prices, like 375 sq m blocks at $400,000.
Out of curiosity, why units? I had my reasons, I guess I would like to understand yours and if its just as simple as the greater cost for a house. If you don’t mind sharing of course.
Good question. Primary reason is money due to the area I’m looking in. The other reason is that I don’t want something huge, but I don’t want a shoebox either, hence no apartments. I just figure it’s a good half way point.
