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A Review of Melbourne Apartment Projects: Those Marketed; Those Canned

Wrap Southbank

INCENTIVES offered to stimulate apartment construction during the economic downturn, such as record low interest rates, and first home owner grants, have resulted in some of the city’s biggest, boldest apartment-based projects being offered to the market.

But not all developers could get their projects out of the ground.

Domain took a look at some of the more ambitious redevelopment proposals launched, and canned, since its last Apartment Guide, in Spring 2010:

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A Step by Step Guide to Selling Your Property

auction

ANYONE who has sold their homes can tell you the process is complex and stressful.

With so many variables to consider - including choosing the right agent, taking aim at your market and negotiating with interested parties - selling real estate is an art and one that often frustrates prospective buyers, who feel forced to pay more than they wanted.

With the real estate market getting into full swing after the holiday season, Sunday Domain talks to the experts about the sale process, what it costs and what to expect.

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Are Melbourne Apartments Still a Safe Investment?

melbourne cbd

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 Suburbs

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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Costs Involved in Selling Your Home

Interest rate rise announced

THE costs involved in selling a house can range from about a thousand dollars to tens of thousands of dollars, depending on whether you appoint an agent, the value of your property and the kind of marketing campaign you undertake.

For suburbs within 10 kilometres of the Melbourne CBD for example, an agency will typically charge a commission of between 1.5 per cent and 2.5 per cent of the home's eventual sale price.

Some agents may also negotiate a variable commission in effect a bonus paid to the agency for any amount the property sells above an agreed amount.

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Renovating, and Building Equity in Your Home: Tips For Owner-Builders

house renovation

HOME renovation is one of the soundest investments an owner-builder can make. But with about a quarter of makeovers estimated to be done by owner-builders, you have to do it right.

Renovation-related television shows, magazines and seminars are inspiring would-be renovators and making people realise that investing in real estate does not necessarily mean buying an investment property. Many are unlocking potential in the family home and benefiting from the tax-free windfall.

"Property renovation is one of the soundest investments you can make," says Robert Caulfield, managing director of Archicentre, which provides pre-purchase and renovating advice to home buyers, builders and renovators. "When done properly, it can make you money - and have you living in style."

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Sell or Extend?

wood planks

ACCOUNTANTS say it can make financial sense to reinvest in your home, than buying another - particularly if you are in a good suburb.

Agents agree, saying the value of property goes up by more than the sum of its parts when owners reinvest in extensions, kitchen and bathroom renovations, paint and flooring.  Coupled with the fact the tax office does not impose capital gains tax on an owner’s main place of residence, investing in your own home sometimes make more sense than buying another.

An extension has the potential to add the greatest value to your home, particularly if it creates a larger open-plan living area or increases the number of bedrooms.

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