Hi everyone, I’m Jason Mudford from OBrien Corporate with the fourth edition of the property news for 2024.

Nationally, the median home index for March rose by 0.6 percent, according to our source, CoreLogic, which is the second consecutive month we have had a 0.6 percent increase. Nationally, home prices have now had 14 straight months of growth, but for Melbournians, we would be feeling quite different about the state of the market. Melbourne had no change in median home prices for March and has fallen 0.2 percent for the first quarter of the year, the only capital city to record negative growth. Over a rolling 12 months, Melbourne has had 3.2% growth, as opposed to other major capital cities recording large gains: Brisbane 15.9%, Perth 19.8%, Sydney 9.6%, Adelaide 13.3%.

The Australian Bureau of Statistics (ABS) revealed its population report on 21 March for Australia and its states and territories and the population growth nationally to 30 September 2023, grew by 2.5% or 659,800 people. Victoria recorded the largest increase with 192,700 net, taking our state to just over 6,865,000 people, with NSW still the largest state with over 8,394,000.

To meet the migration demand, Australia needs to build 240,000 homes a year, but currently we are building about 170,000. The ABS also released building approvals in March, and approvals for private sector houses fell in all states across Australia, with Victoria recording a 16.7% drop.

In other economic news, economists expected Australia’s unemployment rate to tick lower to 4.0% in February; however, a massive 116,000 jobs were created, and unemployment dropped back to 3.7%. Annual inflation was unchanged in February and has now been 3.4 percent for three consecutive months, which is exactly what the Reserve Bank has been wanting.

Rental yield in Melbourne has grown significantly from 2.76% two years ago to 3.57% in March 2024, to now be our highest yield since March 2015. This gives reasons for investors to come into the market, and investor finance activity is up 18.5% over the past 12 months to January 2024.

That’s all for this month. 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.

Check out our website for:
Scheduled Auctions
This Week’s Opens
Our Suburb Reports

The OBrien Foundation is proud to announce its inaugural fundraising event, the OBrien Foundation Ball, taking place on May 2, at the prestigious Crown Aviary in Southbank.

The evening promises a night of entertainment and inspiration, featuring the infectious beats of DJ Piero, a captivating performance by speed painter Brad Blaze and the hilarious hosting talents of MC, Des Dowling. Attendees will also have the opportunity to participate in a thrilling auction, with coveted items such as a signed Taylor Swift guitar, 18 holes of golf at The National Golf Club, a week-long experience with a brand-new Maserati and many other prizes up for grabs.

All funds raised at the OBrien Foundation Ball will directly support the Monash Children’s Hospital.  As part of Monash Health, the Monash Children’s Hospital has been at the forefront of paediatric care for over a century, serving as a beacon of hope for countless families. Located in Clayton, with satellite sites at Casey Hospital and Dandenong Hospital, the Monash Children’s Hospital is a vital lifeline for children and families facing health challenges.

The OBrien Foundation is dedicated to building a better environment for those in need. With a deep commitment to the local communities we serve, we strive to give back and make a meaningful impact on the lives of others. By attending this event, guests will not only contribute to a noble cause but also make a tangible difference in the lives of sick children and their families.

Stavros Ambatzidis, Chair of the OBrien Foundation, expressed his pride in supporting the Monash Children’s Hospital, emphasising the importance of long-term partnerships in effecting sustainable change. “We are honoured to stand alongside the Monash Children’s Hospital in their mission to provide compassionate care to young patients. Together with our corporate partners (CoreLogic and Plezzel – Digital Marketing Partner, RACV, The National Golf Club, Victorian Statewide Conveyancing, Direct Connect, Blank Financial, REI Super, Enchanted Adventure and the OBrien family), we aim to make a lasting impact that will change lives for the better.”

Tickets for the event are priced at $295 (inc GST) for single tickets and $2,700 (inc GST) for a table of 10 seats. Early bird tickets (purchased before April 15) go into the draw to win 5-nights at The Ritz Resort, Broadbeach*.

We look forward to you joining us at the OBrien Foundation Ball as we come together to make a difference in the lives of sick children and their families.

For ticket inquiries and further information, please visit

eventcreate.com/e/obre-foundation-ball

**About the OBrien Foundation:**

The OBrien Foundation is committed to making a positive impact on society by supporting charitable initiatives that benefit those in need. With a focus on community engagement and philanthropy, we strive to create a better world for future generations.

*Not available during school holidays and subject to availability

With this latest contribution from this year’s event, the total raised since its inception in 2018 surpasses an impressive $1.84 million. Such an achievement is a testament to the enduring commitment and passion of OBrien Real Estate Chelsea and its supporters towards making a tangible difference in the lives of those in need.

This year’s donation will contribute to funding the purchase of a new ultrasound machine to support the insertion of peripheral intravenous catheters (PIVCs) at the Royal Children’s Hospital. PIVCs, also known as cannulas or drips, play a crucial role in delivering life-saving medications and fluids to patients. With approximately 30,000 PIVCs inserted each year, it stands as the hospital’s most common invasive procedure. The Vascular Access Specialist Team (VAST) at RCH aims to improve expertise, reduce complications, enhance staff education, and adopt a patient-centered approach to PIVC insertion. This initiative aims to minimize pain, anxiety, and trauma for children undergoing this procedure, highlighting the hospital’s commitment to providing compassionate care.

The success of the Good Friday Appeal, which relies on the generosity of the whole community, underscores the significance of collective action in supporting vital healthcare initiatives. OBrien Real Estate Chelsea’s pledge, along with the contributions of supporters, underscores the power of community solidarity in making a tangible difference in the lives of children and families facing health challenges. The event’s success also owes much to the support of Jacquie Felgate and the Melbourne Skydeck, whose contributions were instrumental in making the event possible.

We were honoured to be involved in the climb for the kids events and thank our representatives Jarrod Bloomfield and Joshua Runatay for supporting such an incredible cause.

To view the events tally click here
To learn more about the Good Friday Appeal click here

Hi everyone, I’m Jason Mudford from OBrien Corporate with the third edition of the property news for 2024.

For February, the National Home Price Index, according to our source, CoreLogic, rose 0.6 percent, which is the largest monthly increase we have had since October 2023. From a national perspective, the early 2024 momentum is great news for homeowners, particularly coming off a 0.4 percent increase last month. From a capital city perspective, Perth continues to shine with a 1.8 percent rate of growth over the month. Other strong-performing capital cities were Adelaide with 1.1 percent growth and Brisbane with 0.9 percent; however, Melbourne again was one of the worst performers with a mild 0.1 percent growth, but most definitely Melbourne provides the most opportunities for great value buying.

There are 1300 homes scheduled for auction in Melbourne this weekend, which is up 40.2 percent on the same time last year, and last weekend was even bigger with 1457 auctions that saw a clearance rate of 64.7%. As you can see, listing volumes and sales volumes are up more than normal for this time of the year, and that mainly has to do with the earlier Easter holidays.

On the economic front, the economy is slowing, which is music to the ears of investors and mortgage holders. The January CPI was released on 28, which showed the annual inflation rate has now dropped to 3.4%, which would make the new Reserve Bank Governor very happy. Consumer spending numbers over Christmas were released this week, and that too shows people are spending less, down 2.7 percent in December. Employment numbers were also released this week, with unemployment rising to 4.1 percent, which is the first time in 2 years we have seen the rate edge over 4 percent.

The Aussie stock market, like the real estate market, has had a great start to 2024. Aussie stocks reached an all-time high in January and again surpassed that this last month on the last day of February. Regional Victoria recorded growth in both units and houses in February and looks to be gaining momentum in what is predicted to be an upswing in growth in regional cities in 2024.

A pickup in rental prices historically occurs in the first quarter of each new calendar year, with job relocations, cadetships, internships, university placements, and fresh starts adding demand to the sector. We are likely to see the flow of this demand into rental price increases throughout the next 2 to 3 months.

That’s all for this month. 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.

Check out our website for:
Scheduled Auctions
This Week’s Opens
Our Suburb Reports

“While we have big ambitions, we don’t launch new offices without a lot of planning to ensure we have the right location and the right team. Location-wise, Rowville is a key part of the future of the southeastern suburbs. Team-wise, we are very excited to have Adam Sorrell and his team as the latest industry leader to join the OBrien family.

“Adam is a 35-year Rowville resident and a successful real estate agent since 2006. Adam’s network of referred clients is a testament to his love of property, his desire to help people, and his ability to deliver exceptional results. He has forged a long and successful career and has displayed a strong ability to build successful teams,” says Mitch.

“I am proud of the work the team has done over the last five years with Ray White, but the move to OBrien is an exciting next step in that journey. We were attracted to OBrien’s commitment to their values and behaviours and their desire to put people first. It really did feel like we were part of the family from the first day. OBrien Real Estate leads the industry in training and support, and with their help, we look forward to continuing to service our clients to the highest standards during this dynamic time in the property market,” says Adam.

About OBrien Real Estate

• One of Victoria’s fastest growing real estate agencies
• 2023 REB Boutique Agency of the Year winner
• 30,000+ homes sold since 2010
• 16,000+ Properties under management
• 40+ Office locations
• 500+ Team members
• 18,000+ Five-star reviews

OBrien Real Estate Rowville
Shop 6, 1091 Stud Road Rowville VIC 3178
03 9756 5900
rowville@obre.com.au

“For the last 18 years, Peter Gindy, Director of the Seddon office has developed a highly regarded reputation within the Seddon community and we are very excited about what Peter and his team will bring to the OBrien family” said Mitch Armstrong CEO, OBrien Real Estate.

” I love Seddon. It’s this little hidden gem located just six kilometres west of the CBD. It is popular with young city professionals due to its close proximity to all of the lifestyle advantages of living close to the city, Footscray and Yarraville such as cafes, restaurants and nightlife as well as the charming shops in popular Seddon Village. However, it is just far enough away for families to enjoy the space to spread out and enjoy a peaceful lifestyle at home”, said Peter.

“We are really excited about this next step in our journey. We feel our professional and enthusiastic approach to real estate aligns perfectly with the OBrien family values. Their drive to become one of the fastest-growing real estate agencies in Victoria will help us deliver optimal results for our clients in the inner west of Melbourne. We always ensure the process of buying and selling is an altogether positive experience and with the support from the OBrien group we look forward to taking this to the next level”, said Peter.

About OBrien Real Estate

• One of Victoria’s fastest growing real estate agencies
• 2023 REB Boutique Agency of the Year winner
• 30,000+ homes sold since 2010
• 16,000+ properties under management
• 40+ office locations
• 500+ team members
• 18,000+ five star reviews

OBrien Real Estate Seddon
156 Victoria Street Seddon VIC 3011
03 9191 1995
seddon@obre.com.au

Hi everyone, I’m Jason Mudford from OBrien Corporate with the second edition of the property news for 2024.

National Home Prices according to our source CoreLogic rose 0.4 percent for January; however, Melbourne home prices fell 0.1 percent, which is the second consecutive month a fall has been recorded in home prices.

The December quarter inflation figures released last week came in at a two-year low of 4.1 per cent when released last Wednesday, which will allow the Reserve Bank of Australia to hold interest rates this month and is now driving speculation on when the first cut will occur in 2024.

The Commonwealth Bank (CBA), Australia’s largest lender, is forecasting three interest rate cuts in 2024 and another three in 2025. The 2024 cuts would take the Reserve Bank’s cash rate down to 3.6 per cent from 4.35 per cent, which is a drop of three-quarters of a percent. The CBA also expects national dwelling prices to rise a further 5% in 2024.

Melbourne’s auctions on February 3 had their busiest weekend to date for 2024, with 608 homes auctioned with a 71.9 percent clearance rate. The OBrien network auctioned 34 homes, recording a 73.5 percent clearance.

Disappointingly, Melbourne was the second worst-performing Capital City for January, behind Hobart. Collectively, the capital cities performed strongly in January, adding on average just under $2000 to the average home price. Likewise, in January, we investors were out in full swing in the US and Australian stock markets, where they broke all-time records. Similarly to Melbourne, Regional Victoria recorded no change in home prices, with no upswing or downswing recorded. Victoria’s overall lackluster performance could be the result of investors being a bit more hesitant with the new 10-year Covid Land Tax levies that commenced 1 January this year.

Looking at the performance of the rental market over January, we have hit all-time lows for vacancy rates, which have edged just under 1%. The contraction of housing supply looks set to continue too, with building approval figures released last week by the Australian Bureau of Statistics showing a significant fall of 18.4 percent in Victoria’s dwelling approvals for December; however, nationally, dwelling approvals fell only 9.5 percent in comparison.

That’s all for this February. 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.

Check out our website for:
Scheduled Auctions
This Week’s Opens
Our Suburb Reports

The current median house price in Seddon is $1,107,500 as of 22^nd December 2023. Within the last 12 months, there have been 66 properties sold with 1996 active buyers looking to buy in the area.  

House prices and rent returns in Seddon.

• 2 bedroom home $1,080,000; Rent per week $595
• 3 bedroom home $1,152,000; Rent per week $650
• 4 bedroom home for Rent per week $750

Unit prices and rent returns in Seddon

• 2 bedroom unit $514,000; Rent per week $450
• 3 bedroom unit for Rent per week $590

*Data sourced from realestate.com.au

Free Real Estate Appraisal Seddon

Selling your house in Seddon? Do you want to know the current market price of your house or unit? Our appraisers will deliver an accurate appraisal based on recent sales data together with the location to amenities, schools and shops. Our agents will provide this valuation free of charge.

Free Rental Appraisal Seddon

Do you have an investment property you wish to rent? Or, do you want to rent out your current home? Our property management team already manages a large portfolio of commercial and residential properties. There is no scenario we have not dealt with when it comes to managing real estate. We use the latest software tools to streamline our services. We deal directly with the rental provider and keep them up to speed with their rental property.

Lifestyle in Seddon

Life in Seddon, Victoria, paints a picture of a vibrant and diverse community nestled in Melbourne’s inner-west. This suburb offers a lifestyle that seamlessly melds convenience, community, and a touch of eclectic charm. Known for its character-filled streets lined with Victorian and Edwardian-era homes, Seddon exudes a sense of history and heritage, attracting residents seeking a unique living experience.

The lifestyle in Seddon revolves around its bustling village atmosphere. Charles Street serves as the heartbeat of the suburb, boasting a diverse array of cafes, restaurants, and local shops. From artisanal coffee spots to family-owned eateries offering global cuisine, residents enjoy a culinary journey right at their doorstep. The weekend market adds a vibrant touch, offering fresh produce and artisanal goods, fostering a strong sense of community engagement.

Beyond its culinary delights, Seddon embraces a relaxed yet active lifestyle. The nearby parks and green spaces provide ample opportunities for outdoor activities, leisurely strolls, and picnics. Families cherish the community-focused environment, with schools, childcare facilities, and recreational areas contributing to a family-friendly atmosphere.

Transportation is a breeze in Seddon, with easy access to trains, buses, and bike paths connecting residents to Melbourne’s CBD and surrounding areas. This accessibility, coupled with the suburb’s close-knit community vibe, makes Seddon an attractive locale for those seeking the perfect balance between urban amenities and a relaxed suburban lifestyle

For those seeking a more quantitative perspective, Seddon covers around 0.9 square kilometres and hosts 7 parks, accounting for almost 2.5% of its total area. From 2011 to 2016, the population increased from 4,851 to 5,125, marking a 5.6% growth. The prevalent age group ranges between 30-39 years, and most households consist of couples with children, managing monthly mortgage payments typically between $3,000 to $3,999. The workforce primarily engages in professional occupations, and in 2011, homeownership stood at 60.3%, which slightly decreased to 57% by 2016.

Schools in Seddon

There are 4 schools local to Seddon

• Footscray City Primary School
• Western English Language School – Footscray Campus
• Footscray Learning Precinct Secondary College
• Footscray Primary School

Seddon Real Estate Agent Contact Details.

Peter Gindy
Director of Seddon
Mobile: 0448 778 819, Email peter.gindy@obrienrealestate.com.au

For more up-to-date information visit CoreLogic’s website as well as our free detailed suburb report.

Image sourced from Domain

Hi everyone, I’m Jason Mudford from OBrien Corporate with the first edition of the property news for 2024.

Welcome to the new year and another year of commentary on the property market.

The RBA’s rate hike in November last year has pushed Melbourne’s home prices lower for the second consecutive month, with a fall of 0.3%, as recorded by CoreLogic’s December Home Value Index (HVI), released on New Year’s Day.

The effects of 5 interest rate rises over the course of 2023 plus the eight increases in 2022 have culminated to dampen Melbourne’s property market, with buyers now able to borrow approximately 60% of what they could in January 2022. Melbourne Metro prices on average across both houses and units recorded a modest increase in the median, with a $26,392 increase, or 3.5%. 2023 fared much better than 2022, when it fell by 8.1%; however, 2021 was a great year with a 15.1% rise. Comparing the Melbourne Metro results to the stock market, it shows similar returns over the last 3 years. As reported by ABC News, the ASX 200 had grown 7.8% in 2023 and similarly fell by 7.2% in 2022, whilst also surging in 2021, like property, by 13.6%.

What’s interesting to note, Melbourne has been the worst-performing capital city in Australia since March 2020, which is reasonable to expect when considering the effects of COVID-19 on Victoria were the most profound. From a Regional Victoria perspective, there was negative growth over the course of the 2023 year, with a fall in prices by 1.6%, or just over a $9,000 reduction in the average median price for combined dwellings.

National home prices, which combine all home price movements in all states and territories, recorded an increase of 8.1% in 2023, whereas in 2022 they recorded only a 4.5% fall, and in 2021 they recorded a bumper result with a 24.5% surge. In terms of the top three performing capital cities in 2023, Perth recorded the top result with a 15.2% increase, followed by Brisbane with 13.2% and Sydney with an 11.1% rise, which now takes Sydney’s median price for a house to $1,400,000 as opposed to $948,041 for a house in Melbourne.

What all this information tells me at the end of the day is that Melbourne is the best value market to be buying and investing in within Australia. The upside over the course of the next 3 years must be better than any other state or territory when you look at the suppression Melbourne has had in home prices over the last 3 years.

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.

Check out our website for:
Scheduled Auctions
This Week’s Opens
Our Suburb Reports

The median price for a house in Rowville is $1,098,000 as of February 19, 2024. A median-priced unit is $720,000. There has been 286 houses and 53 units sold in the last year. It takes on average 21 days to sell a house and 36 days to sell a unit. The 12-month capital growth is 1.7% on houses and 0.7% for units. The Demand to Supply Ratio or DSR rating has houses and units or apartments as good. There is currently more demand than supply. Vendors are usually getting the price they are asking for. As an investment expect the capital growth to trend ahead of the national average.

House prices and rent returns in Rowville

• 2 bedroom home for rent per week $480
• 3 bedroom home $933;250 Rent per week $520
• 4 bedroom home $1,171,000; Rent per week $625

Unit prices and rent returns in Rowville

• 2 bedroom unit $555,000; Rent per week $450
• 3 bedroom unit $749,500; Rent per week $500

Free Real Estate Appraisal Rowville

Selling your house in Rowville? Do you want to know the current market price of your house or unit? Our appraisers will deliver an accurate appraisal based on recent sales data together with the location to amenities, schools and shops. Our agents will provide this valuation free of charge.

Free Rental Appraisal Rowville

Do you have an investment property you wish to rent? Or, do you want to rent out your current home? Our property management team currently manages over 35700 properties. There is no scenario we have not dealt with when it comes to managing real estate. We use the latest software tools to streamline our services. We deal directly with the landlord and keep them up to speed with the rental of their property.

Property Valuation Rowville

Did you know there is a difference between a property valuation and an appraisal? If, for legal reasons you require a valuation then you have to engage the services of a registered valuer. This service will come with a fee. An appraisal can be performed by any licensed real estate agent.

Rowville Sports Accademy

Rowville Enquiry

Lifestyle in Rowville
About 33,000 people reside in Rowville which is located 27 kilometres south-east of Melbourne. The main shopping complex is the Stud Park Shopping Centre. To the west are the Kingston Links Golf Course and Tirhatuan Wetlands. Neighbouring suburbs include Knoxfield, Scoresby and Lysterfield. The M3 Eastlink Motorway runs through Rowville.
Schools in Rowville
There are 5 schools in Rowville.

• St Simon’s School
• Rowville Primary School
• Rowville Secondary College
• Heany Park Primary School
• Park Ridge Primary School

Rowville Real Estate Agent Contact Details.

Adam Sorrell
Director of Rowville
Mobile: 0438 769 921, Email adam.sorrell@obre.com.au

For more up-to-date information visit CoreLogic’s website as well as our free detailed suburb report.