October Monthly Report

October Report

Our purpose.

To create a place where we can facilitate our people’s growth.

Our values.

Family.

Our colleagues are our broader family, assist when needed and when in need.

Mutuality.

Respect our colleagues and our clients as you would like to be respected.

Embrace change.

Strive for excellence; be open minded and willing to embrace change.

Realising potential.

Unlock your full potential, encourage and support your colleagues.

Health and energy.

Work towards being well balanced within yourself.

October Report

From our corporate director Dean O’Brien

According to a recent report by the government agency NHFIC, there's an anticipated shortfall of 175,000 homes by 2027. To address this, the industry has taken an innovative approach. A study by CoreLogic, in collaboration with Archistar and Blackfort, has pinpointed 230,000 potential sites in Melbourne suitable for granny flats. This solution presents both an accessible and rapid option to address the housing deficiency. The report highlighted Mornington Peninsula as the top locality for such developments with 23,870 sites. Following closely are the City of Casey, Monash, Knox, and Manningham with 16,861, 13,960, 13,741, and 13,063 potential sites respectively.

For prospective buyers, Melbourne stands out. As per CoreLogic's October figures, home values rose by a modest 0.5%, the least among the major five capital cities. However, a broader view reveals that Melbourne's growth over the past year is only 2.4%, as opposed to Adelaide's 6.5%, Brisbane's 7.8%, Sydney's 9.0%, and Perth's 10.8%. In the regional Victoria market, there's a silver lining as home value dips seem to be plateauing, with a slight 0.1% hike in the last month.

Melbourne witnessed a bustling auction scene in October.

2023 has so far favored auctions over private sales, as indicated by the latest REIV research. For sellers aspiring for optimal outcomes, it's prime time to consider auctions. The season remains vibrant, expected to last until 23rd December.

Anticipation is brewing as the Reserve Bank's decision looms on Melbourne Cup Day. Homeowners are gearing up for a potential rate hike, echoed by forecasts from all major banks.

However, as with weather predictions, it's always prudent to be prepared—so keep that umbrella at hand during the Melbourne Cup. A favorable interest rate decision by the US Federal Reserve on Thursday might send some positive vibes Australia's way.

The property investment realm seems steady, with minor rental price hikes in October. After 36 months of back-to-back increases, the market momentum seems to have normalized.

The ABS's October data reveals a 7% surge in building approvals, the first in a long while. However, approvals are still lagging by 22.9% based on year-on-year figures.

The property investment realm seems steady, with minor rental price hikes in October. After 36 months of back-toback increases, the market momentum seems to have normalized. The ABS's October data reveals a 7% surge in building approvals, the first in a long while. However, approvals are still lagging by 22.9% based on year-onyear figures.

Thank You Dean O’Brien Director & Co Founder

We sell more.

A snapshot of last moths sales

Average sale price

$757,357

Sale price High

Low

$1.8M

$295K

Average days on market

33

Price range

Sale price

Days on Number market of buyers

Address

Suburb

8 Wembley Drive

Berwick

3

2

1

$700,000 - $770,000

$760,000

19

42

19A Neill Street

Berwick

3

2

2

$790,000 - $850,000 $840,000

22

20

34 Meridian Circuit

Berwick

4

2

2

$750,000 - $800,000 $755,000

60

145

17 Sharpe Court

Berwick

4

2

2

$750,000 - $825,000 $785,000

7

29

177 Soldiers Road

Berwick

4

2

2

$760,000 - $825,000

$799,999

34

16

3/44 Pine Crescent

Boronia

2

1

1

$590,000 - $640,000

$617,500

35

61

77 Olive Grove

Boronia

4

2

2

$850,000 - $920,000 $850,500

26

69

105/8 Bambury Street

Boronia

1

1

1

$350,000 - $380,000 $370,000

13

20

4/36 Woodmason Road

Boronia

2

1

1

$590,000 - $649,000 $579,000

76

71

77 Limeburner Grove

Botanic Ridge

4

2

2

$975,000 - $1,050,000 $998,000

69

16

63 Riverwood Drive

Botanic Ridge

4

2

2

$1,150,000 - $1,220,000 $1,180,000

38

19

17/79 Greenwood Drive

Carrum Downs

3

1

2

$520,000 - $572,000 $550,000

7

16

8 Athletic Circuit

Clyde

4

2

2

$680,000 - $725,000

$715,000

7

13

1 Hurdle Street

Clyde North

3

2

1

$570,000 - $600,000 $593,500

34

55

8 Anfield Road

Clyde North

4

2

2

$640,000 - $660,000 $646,000

26

48

1 Pamplona Way

Clyde North

4

2

2

$630,000 - $690,000 $655,000

111

145

2 Hacienda Lane

Clyde North

4

3

2

$585,000 - $643,500 $625,000

12

20

1/10 Bowen Street

Cranbourne

2

1

2

$420,000 - $460,000 $460,000

30

17

2 Barkly Street

Cranbourne

4

2

2

$600,000 - $660,000 $650,000

14

23

18 Thomas Crescent

Cranbourne

3

1

4

$595,000 - $650,000 $646,000

10

25

We sell more.

A snapshot of last months sales

Address

Suburb

28 Trafalgar Way

Cranbourne East

4

2

156 Lineham Drive

Cranbourne East

3

154 Lineham Drive

Cranbourne East

27 Kellett Street

Days on Number market of buyers

Price range

Sale price

2

$650,000 - $700,000

$670,000

18

18

2

1

$560,000 - $615,000

$620,000

11

50

3

2

1

$625,000

$625,000

0

11

Cranbourne North

3

2

2

$620,000 - $680,000

$655,000

10

28

9 Noorat Place

Cranbourne North

5

2

2

$870,000 - $930,000

$880,000

70

44

3 Marsden Court

Cranbourne North

3

1

1

$600,000 - 660,000

$645,000

8

15

13 Frances Crescent

Cranbourne North

3

2

2

$580,000 - $630,000

$640,000

8

33

64 Waterways Drive

Cranbourne North

3

2

1

$495,000-$535,000

$543,000

6

72

1 Warwick Place

Croydon North

4

2

2

$800,000 - $880,000

$845,000

49

70

21 Cross Road

Devon Meadows

3

1

2

$1,300,000 - $1,380,000 $1,300,000

39

15

24 King Parrot Boulevard

Drouin

5

3

2

$660,000 - $710,000

$680,000

62

13

3 Pickersgill Court

Endeavour Hills

4

2

4

$840,000 - $880,000

$869,000

37

30

9 Chantell Avenue

Endeavour Hills

3

2

2

$765,000 - $815,000

$782,500

18

30

28 Dorothy Grove

Ferntree Gully

2

1

1

$720,000 - $792,000

$755,000

9

9

6 Birtinya Court

Frankston

3

2

2

$620,000 - $680,000

$690,000

8

57

56 Jefferson Road

Garfield

4

2

2

$795,000 - $845,000

$825,000

155

13

2/43-45 Belgrave Hallam Road Hallam

2

1

1

$470,000 - $515,000

$440,000

27

7

35/4 Paydon Way

Hampton Park

3

1

2

$500,000 - $550,000

$570,000

11

16

1 Redwood Court

Junction Village

3

1

2

$495,000 - $544,500

$530,000

68

45

7 Silver Way

Koo Wee Rup

3

2

3

$685,000 - $750,000

$560,000

15

11

7 James Street

Lang Lang

4

1

4

$600,000 - $660,000

$630,000

14

3

45 Hance Lane

Lang Lang

3

1

6

$1,195,000- $1,300,000 $1,150,000

216

15

221 Mcdonalds Track

Lang Lang

3

2

4

$750,000 - $795,000

$745,000

8

5

24 Pindara Boulevard

Langwarrin

4

2

2

$1,150,000 - $1,250,000 $1,185,000

10

9

23 Warrenwood Place

Langwarrin

3

2

2

$620,000 - $660,000

7

33

$670,500

We sell more.

A snapshot of last months sales

Price range

Sale price

Days on Number market of buyers

Address

Suburb

310 North Road

Langwarrin

4

2

6

$1,499,999 - $1,600,000 $1,545,000

5

11

17 Sunridge Drive

Mernda

3

2

2

$550,000 - $605,000

$590,000

15

19

8 Angus Court

Mount Eliza

4

2

2

$1,775,000 - $1,875,000 $1,825,000

7

9

25 Kent Road

Narre Warren

5

2

2

$690,000 - $750,000

$783,000

19

31

62 Sandalwood Drive

Narre Warren

4

2

2

$780,000 - $830,000

$830,000

35

43

21 Norman Place

Narre Warren

3

2

4

$665,000 - $695,000

$700,000

8

23

3 Pirra Place

Narre Warren

3

2

2

$780,000 - $840,000

$735,000

0

33

11 Vance Court

Narre Warren

4

2

2

$870,000 - $920,000

$910,000

18

23

1 Lemon Tree Lane

Narre Warren North 4

2

2

$1,550,000 - $1,650,000 $1,580,000

104

16

10 Billabong Place

Narre Warren North 4

2

2

$1,150,000 - $1,220,000 $1,735,000

80

27

7 Addison Close

Officer

4

2

2

$670,000 - $720,000

$690,000

70

45

14 Kaduna Drive

Officer South

4

2

2

$760,000 - $830,000

$804,000

8

11

13 Expedition Circuit

Pakenham

3

2

2

$550,000 - $605,000

$560,000

15

8

1 Fantail Lane

Pakenham

3

2

2

$590,000 - $635,000

$625,000

5

8

9 Stanhope Place

Pakenham

4

2

2

$600,000 - $640,000

$626,500

44

46

29 Grice Quadrant

Pakenham

3

2

1

$560,000 - $610,000

$570,000

6

7

94 Murphy Road

Pakenham

3

2

2

$560,000-$610,000

$610,000

9

34

80 Superior Waters

Pakenham

4

2

2

$750,000 - $795,000

$780,000

0

26

14/11 Hawk Avenue

Pakenham

3

1

2

$495,000 - $525,000

$460,000

47

16

23 Yellow Gum Drive

Pakenham

3

1

1

$500,000 - $550,000

$561,000

6

39

30 Jamie Court

Pakenham

4

2

2

$690,000 - $740,000

$720,000

16

22

56 Armidale Drive

Pakenham

3

2

2

$550,000 - $590,000

$570,000

63

15

105 Baxter-Tooradin Road

Pearcedale

3

1

2

$720,000 - $780,000

$740,000

118

16

405/400 Burwood Highway

Wantirna South

1

1

1

$305,000 - $335,500

$295,000

55

19

7/1401 High Street Road

Wantirna South

2

1

1

$548,000 - $602,000

$590,000

13

43

We lease more.

A snapshot of last months sales Average weekly rent.

$533

Average monthly rent.

$2,316

Rental price p/w.

High

Low

$890

$310

Number of suburbs leased in.

30

Leased price p/w

Leased price p/m

1

$420

$1,825

1

2

$500

$2,172

4

3

2

$580

$2,520

Berwick

4

2

2

$525

$2,281

58 Grices Road

Berwick

4

2

2

$560

$2,433

17 Bangalay Place

Berwick

3

2

2

$520

$2,259

5 Sunview Place

Berwick

5

3

2

$785

$3,410

4/17B Hazeldene Court

Berwick

4

3

2

$560

$2,433

40 Caravan Parade

Berwick

4

2

2

$710

$3,084

1/13 Maryn Close

Berwick

3

1

1

$430

$1,868

32 Chirnside Road

Berwick

4

2

2

$530

$2,302

28 Stefan Drive

Berwick

3

2

2

$530

$2,302

343A Centre Road

Berwick

4

3

2

$585

$2,541

1 Adelaide Close

Berwick

3

2

2

$570

$2,476

3/72 Boronia Road

Boronia

4

4

2

$680

$2,954

4/72 Boronia Road

Boronia

3

2

2

$620

$2,693

2/72 Boronia Road

Boronia

4

3

2

$680

$2,954

408C/58 Kambrook Road

Caulfield North

2

1

1

$560

$2,433

1 Ember Street

Clyde

4

5

2

$750

$3,258

26 Broadbank Crescent

Clyde North

4

2

2

$480

$2,085

84 Burnbank Parade

Clyde North

4

3

2

$650

$2,824

8 Trainers Way

Clyde North

3

2

1

$460

$1,998

4 Emery Drive

Clyde North

4

2

2

$570

$2,476

10 Mabillon Way

Clyde North

4

2

2

$550

$2,389

16 Leghorn Way

Clyde North

4

2

2

$520

$2,259

7/40 Hudson Street

Coburg

2

1

1

$425

$1,846

63 Jamieson Street

Corinella

4

2

2

$450

$1,955

Unit 2/17 Russell Street

Cranbourne

3

3

1

$460

$1,998

8 Valerie Drive

Cranbourne

3

1

2

$470

$2,042

39 Camms Road

Cranbourne

3

1

2

$490

$2,129

Address

Suburb

3/3 Wallace Avenue

Bayswater

2

1

13 Carramar Court

Bayswater

3

5/241 Soldiers Road

Beaconsfield

8 Sarah-Louise Place

We lease more.

A snapshot of last months sales Leased price p/w

Leased price p/m

2

$550

$2,389

1

1

$430

$1,868

4

2

2

$500

$2,172

4

2

4

$530

$2,302

116/211 Mount Dandenong RoadCroydon

2

1

1

$430

$1,868

Unit 2/32 Railway Avenue

Drouin

3

2

1

$420

$1,825

Unit 7/6 Byron Street

Elwood

1

1

1

$400

$1,738

7/164 Napier Street

Essendon

2

1

1

$450

$1,955

Unit 3/256 Cranbourne Road Frankston

3

1

1

$420

$1,825

4/147 Neerim Road

Glen Huntly

2

2

1

$570

$2,476

3/43 Carroll Crescent

Glen Iris

1

1

1

$320

$1,390

Unit 2/68 Barkers Road

Hawthorn

2

2

1

$700

$3,041

9 Bower Vine Road

Junction Village

4

2

2

$600

$2,607

33 James Street

Lang Lang

3

1

2

$450

$1,955

97 Darling Way

Narre Warren

3

1

0

$470

$2,042

1/105 Springfield Drive

Narre Warren

3

2

2

$490

$2,129

57 Gledhill Street

Narre Warren South

3

2

2

$500

$2,172

105 Robinswood Parade

Narre Warren South

4

2

2

$620

$2,693

Unit 2/13 Joy Parade

Noble Park

2

1

2

$310

$1,347

100 Cornishs Road

Nyora

3

1

8

$890

$3,866

82 Dodson Road

Officer

4

2

1

$520

$2,259

22 Cherrington Avenue

Officer

3

2

2

$490

$2,129

61 Timbertop Boulevard

Officer

4

2

2

$680

$2,954

11 Chesney Rise

Officer

4

2

2

$580

$2,520

9 Adler Street

Officer

4

2

2

$550

$2,389

17 Bronte Boulevard

Officer

4

2

2

$560

$2,433

Unit 6/1 Village Way

Pakenham

3

1

1

$420

$1,825

49 Bluehills Blvd

Pakenham

4

2

2

$470

$2,042

9/5 Melissa Way

Pakenham

3

1

2

$400

$1,738

7 Ascot Park Drive

Pakenham

3

2

1

$450

$1,955

32 Glenvista Road

Pakenham

3

2

2

$440

$1,911

11 Ivory Crescent

Springvale South

3

2

0

$560

$2,433

8 Rylands Place

Wantirna

3

2

2

$480

$2,085

1B Mint Street

Wantirna

4

3

2

$850

$3,693

Address

Suburb

24 Criterion Way

Cranbourne East

3

2

33 Villager Street

Cranbourne East

2

18 Amburla Drive

Cranbourne North

5 Abrus Circuit

Cranbourne North

Australians face the world's highest mortgage stress: here's how to manage it

Australians are now officially under the most mortgage stress in the world, according to a new global study.

They are putting 15 per cent of their income to servicing their mortgages according to new analysis by the International Monetary Fund (IMF).

That puts us in more mortgage pain than Canada, high-cost Nordic countries such as Norway, Netherlands and Sweden - along with the UK and US.

Millennials are the generation that are facing the most mortgage stress with 64 per cent of borrowers in this group looking to refinance because they're struggling with the cost of living.

They also face the biggest refinancing amount of $412,581 on average, compared to $240,22 for baby boomers.

"Millennials struggling the most out of all the generations is a concern because they are the generation which has bought most recently," said Graham Cooke, head of consumer research at Finder.

"This could be a sign that they jumped in when rates were at record lows and were unprepared for an environment where rates and repayments increased."

However when it comes to the crunch many Australian consumers lack the knowledge to refinance their home loans.

"The best thing you can do is take the time to review and compare your home loan options to ensure you're getting the most competitive rate," said Mr Cooke.

"Refinancing your mortgage is a great way to improve your financial situation.

Australian are facing the highest rate of mortgage stress as interest rate rises kick in. Pic: Shutterstock

The finding was based on mortgage costs in December 2022, when Australians had endured eight months in a row of rate hikes. Since then the RBA has risen rates a further four times.

And while there has been a slight reprieve with interest rates on hold for the last four months many economists and property experts are predicting further rate rises.

So it's not surprising that another Australian study of 1016 people surveyed, 60 per cent of those were stressed about their mortgage before refinancing.

That dropped to 49 per cent after refinancing.

"Australian borrowers report higher levels of financial stress and cite home loan repayments specifically as a major issue," said Richard Whitten, home loans experts at Finder, commenting on Finder's Housing Market Report.

"A reduction of even half a per cent can be the difference of thousands of dollars a year."

The first step is making refinancing a priority.

"You should be looking at your home loan and whether you should refinance every 12 months," says

As interest rates have risen many more Australians are refinancing with banks other than their own, and the average refinancing amount has also gone up.

Just over half, or 52 per cent, of refinancers were moving from another financial institution, otherwise known as "external refinancers" in July 2019, according to ABS data.

However by July this year, almost three-quarters or 74 per cent, were "external refinancers".

Not surprisingly the amount that people are refinancing has also gone up post interest rate rises.

In July 2019 the average balance left on a refinancers home loan was $395,000. By June this year this figure had jumped to $507,053.

article source : view.com.au

Our network 43 offices and growing

Melton

Sydenham Preston / Reservoir

St Albans Deer Park Sunshine

Ringwood Blackburn Vermont Wantirna

Corporate Brighton Oakleigh Bentleigh

Werribee

Croydon

Tecoma / Belgrave / Olinda

Endeavour Hills Narre Warren Keysborough

Berwick

Chelsea Carrum Downs Seaford Cranbourne Frankston Langwarrin

Pakenham

Mornington Somerville

Torquay

Hastings

Rye

Cowes

San Remo

Wonthaggi Northern Victoria

Eastern Victoria

Wodonga Wangaratta Alexandra

Far North Queensland

Bairnsdale Drouin Warragul Cairns & Beaches

The quality of our service stems from the importance we place on the people behind our network.

A multiple REIV award winning company

Scan to view our in-depth suburb reports

Foundation obre.com.au