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Melbourne’s residential vacancy rate is hovering at around 0.5%. This is the lowest vacancy rate since records have been kept 40 years ago!
Economic forecaster, BIS Schrapnel have reported that they expect residential rents to rise 50% over the next 5 years as there is an acute shortage of rental stock available.
Victoria’s current immigration is approximately 88,000 per year and Australia’s population is growing at the fastest rate since 1947.
Given these economic parameters, it is clearly a great time to buy real estate.
Auction clearance rates have fallen from 80 odd percent 12 months ago to around 53% currently giving further opportunities for people to purchase good value in the market.
The current economic commentary is that official interest rates are reported to fall to 3.75% by March next year!!
With falling interest rates and increasing rental values and the pressure put on available stocks with the first home owners grant, there is a cocktail for rapid growth in the under $500,000 market.
Mark Forytarz
www.castrangilbert.com.au
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Right now the Federal Government is stimulating the ‘first home buyer’ end of the market increasing the current state grant of $7000 to $14,000. The boon is, that if people purchase a new property between October 14, 2008 and June 30, 2009, the grant increases to $21,000 and if they purchase a property that is new and under $500,000 the grant increases to a massive $26,000!!!
This, coupled with the falling interest rates, has provided an opportunity for first home buyers that had previously been shut out of the market to take the opportunity!
Mark Forytarz
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The “Blog” is a new feature to Castran Gilberts’ website which will see you regularly updated with what’s going on around the property market place!
If you haven’t bought, sold or rented in a while it’s very easy to fall out of the loop.
Paul Castrans constant dealings within the property sector will see you get regular and relevant info.
Remember to log on and keep up to date with this handy little feature!!
Mark Forytarz
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Paul Castran and Castran Gilbert are now utilising online video hosting service YouTube, to post regular video updates to their customers about the state of the Australian Real Estate Market.
Go to www.castrangilbert.com.au to see the first video post.
Mark Forytarz