Weekly property news 16th edition Melbourne

Weekly Property News 16th Edition 2021

“Budget Love 2021”

Hi Guys, it’s Dean O’Brien from OBrien Real Estate with the 16th edition of the Property News for 2021 where real estate information is on the house.

Another stimulatory Federal Budget was handed down on Tuesday night by the Morrison Government. This budget not unlike the 2020 budget has again focussed on job creation, the government looking to drive unemployment even lower which should mean higher wages which in turn will support consumer spending, the focus is also on infrastructure spending which will lift a lot of boats across the economy. Broadly speaking the winners are mainly families that utilise child care services; residents in aged care facilities; businesses and home buyers.

In respect to property here are the edits from the budget that will directly support the market:
– $780 million to extend the HomeBuilder construction commencement period and the New Home Guarantee
– First-home buyer single parents that are trying to save for a deposit will be able to access the Family Home Guarantee with a 2 percent deposit.
– People over 60 years of age who sell their home and downsize will be able to put $300,000 into their superannuation outside of the concessional rules. Downsizers are present represent about 15,000 properties nationally per year.
– In terms of the forecast on interest rates, the policymakers and the Reserve Bank continue to stress the conditions for an interest rate hike won’t be meet until 2024 at the earliest.

The Numbers – Now let’s take a quick look at the numbers for the week. Auctions results across Victoria remain very strong at a clearance rate of 88% for last weekend with 812 selling under the hammer. Private sales reported across Victoria were a healthy 1559 sales. Looking at OBrien numbers for the week listing levels continue to be strong. We saw with 97 new listings hit the market, with 81 properties go under offer and 91 confirmed sales and a top price of $1.9 million.

Weekly property news Melbourne 16th edition

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That’s all for this week, I’m Dean O’Brien and remember the information provided is of a general nature you should always seek independent legal, financial, taxation, or other advice in relation to your unique circumstances.