News Archive
25 March 2010
Easing of inner-city rental vacancy rate
The REIV rental vacancy rate for Melbourne in February 2010 was 1.7 per cent, up from 1.5 per cent in January.
REIV CEO Enzo Raimondo said that there was a clear improvement in the inner-city vacancy rate over the last quarter, which was good news for renters.
“The overall rental vacancy rate for Melbourne and regional Victoria has remained stable over the past three months and cond...
22 March 2010
Real Estate Institute of Australia Housing Affordability Report
According to the Real Estate Institute of Australia Housing Affordability Report it became more costly to buy or purchase a home in the December quarter 2009 in Victoria.
This fact won’t surprise any mortgage holder or any buyer in the marketplace.
In the December quarter last year the average proportion of a family income required to meet average loan repayments was 29.5 pe...
15 March 2010
A billion dollars? Its demand and supply in action
The Melbourne market reached a new high at the start of this month when over $1 billion worth of transactions was recorded by the REIV in a week.
In that week there were 840 homes sold by auction, with a total value of $703 million, and 730 private sales, with a total value of $330 million. The total value of the 1570 sales was $1.034b.
It is interesting to note that the...
09 March 2010
Growth in the western suburbs
The median price of a house in Melbourne has appreciated by 46 per cent in the past five years and analysis of REIV sales results shows that there are a number of suburbs in the inner west where demand has been higher.
The strong appreciation has occurred because the western suburbs have been undervalued for some time. In recent years many buyers have compared the homes available in ...
24 February 2010
Melbourne rental shortage hits five-year anniversary
The REIV rental vacancy rate for Melbourne in January 2010 was 1.5 per cent, down from 1.6 per cent in December last year.
REIV CEO Enzo Raimondo said that it is now exactly five years since the rental market was in balance and this has resulted in higher housing costs for renters.
“The last time the vacancy rate was above three per cent was in January 2005. Since that time rent incre...
08 February 2010
RBA interest rate decision welcome
Along with most home owners, the REIV has welcomed the decision from the Reserve Bank of Australia (RBA) to keep interest rates stable for the time being.
The REIV was concerned that a rate increase at this time would have a significant impact on confidence in the market. After all, for the first time ever there were three consecutive rate increases in three months late last year. In...
29 January 2010
Auction preview
The REIV is expecting 57 auctions this weekend, 31 of which are outside metropolitan Melbourne. Next weekend will see the serious commencement of the metropolitan auction market with around 150 homes to be auctioned. Results at www.reiv.com.au
22 January 2010
A new record Melbourne median house price: $540,500
The REIV December quarter Property Update has revealed a new record high median house price of $540,500, an increase of 15 per cent from $470,000 in the September quarter.
REIV CEO Enzo Raimondo said that it was the largest increase in the median house price since the REIV started keeping quarterly records.
“In the December quarter of 2000 the median house price increased by 14.9 per ...
18 January 2010
Some terms associated with medium- and high-density dwellings
Owners’ corporation, title and strata title are commonly used terms, particularly in reference to the growing number of medium- and high-density dwellings in Victoria.
Owners’ corporation
Until two years ago the legal organisation that was responsible for the common property in a multi-unit dwelling was the body corporate, now it is the owners’ corporation. The o...
23 December 2009
REIV releases details of the 2009 property market
The REIV has released results of 2009 property market, revealing the suburb in highest demand, the suburb with the most sales and the street with the most sales.
REIV CEO Enzo Raimondo said that the second half of the year has been characterised by strong demand for residential property driven by an improving economy, increasing population, low interest rates and financial assistance...