Are Melbourne Apartments Still a Safe Investment?

So now what?

After nine years adopting the previous state government’s hugely contentious Melbourne 2030 planning policy – the city’s development landscape is set to change, and apartments may be on the nose.

In one of its first official acts – and as it promised to do before the November 21 election – the Baillieu government has destroyed Labor government planning laws facilitating higher density redevelopment (ie, over three storeys) along all public transport nodes.

In Opposition, Planning Minister Matthew Guy said Melbourne risked becoming dysfunctional, and losing its character permanently, unless suburban apartment construction was curbed.

In power, Mr Guy has committed to a two year audit and consultation program to determine a new model of metropolitan planning.

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Tips to Get Into the Housing Market

Melbourne SuburbsWITH interest rates rising, and government grants falling, it’s a pretty fair guess property prices won’t run away on you.

So if you’re working full-time, possibly renting and wanting to invest in your future, take note of the tips below, to enjoy the next cycle as a home owner.

RAISE CASH:

Saving a first-home deposit – about 10% of the property’s purchase price – is your first goal as a home owner.

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Owning Property to Live Off, Rather Than Live in

AT A RECENT auction in Prahran, a family of four was bidding against a single, first-time home buyer for a one-bedroom apartment close to Prahran train station, the trendy Boutique nightclub on Greville Street and Swinburne University.

The apartment included a modest living room, big enough for a couch, armchair and four-seat dining table, a compact kitchen, a small bedroom able to fit a queen-size bed and two side tables, and an ensuite bathroom. Hardly big enough to accommodate the growing family.

Eventually, the family of four outbid the prospective first-home buyer, in what is becoming an increasingly familiar series of events all around Melbourne.

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What to Expect When Buying a Home

BUYING a property is a complicated process. There’s more to it than scouring websites and newspapers for sale prices, or knowing what your neighbour’s house sold for last week.  A large part of it is getting your finances right – and knowing what the legal processes are.

Below are some tips on what to expect when buying:

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Methods of Buying and Selling a Home

DECIDING what method of sale to adopt to sell your home has become more difficult.

Here’s a list of sale methods and how they work.

PRIVATE SALE:

Private sales are most popular in middle and outer-ring suburbs, where competition for stock is generally less manic than for inner-city properties. Relatively straightforward, prospective purchasers are aware of a vendor’s asking price and make an offer based on that. As well as price, prospective purchasers can negotiate deposit and settlement terms, which often sweetens a deal.

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