Latest news with #BarryPlant
News.com.au
19-05-2025
- Business
- News.com.au
Why upgrading a home can offer more than a better lifestyle
The lifestyle opportunity presented by an updated house near one of Geelong's busiest local shopping hubs attracted a wealth of interest, but the potential returns provided the icing on the cake for the local homebuyer. Four bidders vied for an updated, three-bedroom residence at 27 Ferndale Parade, Highton, which is close to the Highton Village shopping centre. While first-home buyers provided the bulk of the interest in the renovated brick veneer house, it was a local investor who ended Saturday's auction with contracts in hand for the 538sq m property. Barry Plant South Barwon agent Matthew Constantine said about 70 groups had inspected the home during the campaign, which finished with a $802,000 sale price. Mr Constantine said the reserve price was $765,000. 'That was very well renovated with some major updates and then the proximity to the village and the convenience that provided was compelling for a lot of people,' he said. 'To walk around the corner to Highton Village and then down to the Barwon River as well, it was very much a lifestyle choice to me.' Mr Constantine said it was encouraging to see an investor in the mix for the property. 'It's very much a long-term game,' Mr Constantine said of the purchase. 'But they're always going to be guaranteed a treasure trove of potential tenants in that position and the quality of the accommodation it contains so the returns will be pretty good. 'They're expecting good growth in that area and I certain agree.' A designer kitchen featuring matt black cabinetry, timber shelving and Corian benchtops. Custom bench seating also created a cosy breakfast nook for casual dining in the room which separates to living spaces – a formal lounge at the front and a family room at the rear. A stylishly renovated bathroom is another highlight in the three-bedroom house. Investors are starting to make more of an impact on the property market as buyers see the potential for better returns ahead. Investors have been getting out of the market in droves after the state government increased its land tax take and introduced minimum standard measures that have seen owners costs rising. 'The people jumping out of the market because of land tax and the like has very much slowed down,' he said. 'There's a lot of property that we've sold in the last 18 months that is considered ex-rental stock and that's only been pushing the rents up. 'So that's where I think the returns are coming back now, because the supply in the rental pool is so tight.'
News.com.au
30-04-2025
- Business
- News.com.au
Melbourne house prices rise every month to begin 2025: PropTrack Home Price Index
Melbourne is just behind Adelaide as the nation's best capital for home price growth, as a fourth straight month of rising values pushes its ailing property market into recovery mode. PropTrack's latest Home Price Index shows the city's $900,000 typical house has risen almost $9000 (1 per cent) so far this year, while the $588,000 median priced unit gained almost $12,000 (2.1 per cent). While it is not enough to outweigh losses in the Victorian capital across last year, with house values down from $917,000 a year ago and units behind from $594,000, senior economist Anne Flaherty said it was 'an extremely strong result for Melbourne'. 'For a long time we have been trying to figure out when Melbourne will start its comeback and the fact that we have seen home values increase every month this year, that's a really good sign that we are starting to see that recovery,' Mr Flaherty said. The growth might also have staved off Perth overtaking the Victorian capital's median dwelling price, an amalgamation of unit and house values, with the real estate research group's data showing the Western Australian city is just $2000 short — but now recording slower growth. Sydney, Brisbane, Canberra and Adelaide are all currently ahead of Melbourne based on median dwelling values, making the Victorian capital one of the most affordable cities nationwide, though a higher proportion of units than other major cities does skew the figures down. While the economist said the city should be recording annual growth before the end of the year on current trends, a full recovery to when the market last peaked in 2022 is not expected to occur until next year. Houses are currently 4.2 per cent short of their peak in Melbourne, an improvement from December when they were 5.1 per cent off the pace, while units are just 3.6 per cent away from reaching record levels, a significant improvement from the 5.6 per cent deficit they recorded at the end of 2024. 'Units are definitely seeing the best recovery,' Ms Flaherty said. The economist said this was likely due to their relative affordability, and with many of those being sold today attracting prices lower than what would be possible with contemporary construction costs, it was likely they would continue to gain value. Barry Plant head of growth Mark Lynch said his firm — one of the largest real estate agency groups in Victoria — was 'certainly seeing signs of a recovery in the market'. Mr Lynch said there was particularly high demand for homes under $1m, with areas around Noble Park and Keysborough among the most heated in that bracket. While there had been a rise in demand from buyer's advocates purchasing on behalf of Sydney-based investors, the agent said the one of the biggest groups driving home sales was first-home buyers. 'That first-home buyer market is looking very strong at the moment,' Mr Lynch said. 'They are at the point where they are saying, it's not going down and that now is the time to dig in and have a really good look.' With his own daughter among them, he added that units appeared to be particularly popular as those who have been saving up commit to what they can afford.
