This Mornington unit was sold for the full asking price of $650,000 in 7 days by Luke Woollard
In the latest government move aimed at cooling our already booming housing market Australian Prudential Regulation Authority (APRA) now requires banking institutions to limit new interest-only residential mortgage lending to a total of 30% in the $1.5 trillion mortgage market.
APRA’s boss Wayne Byres has stated it ‘cannot hold back the tide’ in the housing market.
The Real Estate Institute Of Victoria has reported the strongest quarterly house price increase in four years in Melbourne (includes Mornington Peninsula). Strong buyer demand and low interest rates are driving the price growth.
Meanwhile Domain.com.au chief economist Andrew Wilson said Melbourne’s median house price would pass $1 million by the end of 2018. This follows Sydney where the median house price has been above $1 million since July 2015.
Locally builders and developers are readying themselves for more demand with building permits increasing to $1.08 billion in 2016 – up an incredible 40% from 2015.
Article written by Luke Woollard.
About me: I have 11 years’ real estate experience as a licensed real estate agent and property investor/developer. I’ve sold homes, units, shops, factories and land while buying, renovating and selling my own investment properties. I can show you how to maximise the sale price for your home with smart home upgrades and impressive marketing. My motto is “Getting ready is the secret of success” (borrowed from Henry Ford)”