Conveyancing solicitors in Melbourne are contributing to the continuing transformation of this grand old Australian city into a vibrant and architecturally inspiring urban polis. Old buildings are being developed into new exciting opportunities both residentially and commercially. Houses are being renovated and changing hands in a fast paced property market. Melbourne’s north-east has recently emerged as the new geographical location for the most sales through auction. Price growth and clearance rates have surged this year on the back of strong demand.
The gloss has also returned to Toorak, the former grand dame of the Melbourne residential property market. Median house prices in Toorak increased by thirteen percent during the last six months and soared by forty seven percent over the preceding five years. The GFC in 2008 was determined as the reason why Toorak slumped so dramatically before this rise, as bankers and business people lost millions of dollars and their jobs during the crash. Now, Toorak and the east are firmly back and on the menu for many successful Melburnians.
More foreign buyers are also getting into the Melbourne property market, as they are reported to have made up some fifteen percent of established home sales in a recent quarterly report. The NAB Residential Property Survey indicated that this was a four percent rise on the previous quarter. In addition to this the study showed that international investors were responsible for twenty five percent of all new home sales in the same quarter. Foreign buyers are more active in Victoria than in any other Australian state or territory. The tougher restrictions on foreign investment in this sector seems to have made little or no difference.
Self managed super funds are increasing their presence in the property market and this is seen as another area where strong growth will continue. To help you manage your Melbourne property portfolio you may wish to find a Melbourne self managed super fund consultant to advise you. As this is a relatively new financial area it pays to be very well informed to maximise your opportunities and to comply with the onerous conditions set by the tax department.
Conveyancing solicitors in Melbourne are involved in an exciting mix of new and established property transactions, representing both overseas and local parties. The property market in the major Australian cities continues to be bullish and investors are knocking down doors to get into the market. Real estate in Melbourne is only going to become more valuable, especially in the more desirable suburbs.