2017 has been another interesting year in the world of real estate. We have seen record numbers of auctions every weekend, with the majority of properties successfully selling. Melbourne has achieved a 14 percent increase in property prices. Our Mornington Peninsula has achieved record-breaking property prices with an increase of over 15% in Mornington, and 16.5% in Mount Martha respectively in 2017. Keep reading to find out more.
Mornington Peninsula Booms
Some contributing factors for property price growth on the Mornington Peninsula can be attributed to the rising population, potential lack of housing supply in the inner-city, the incentives for first-home buyers and hot interest from foreign buyers. The Eastlink had made the trip down the Peninsula much easier and many retirees are downsizing, meaning an influx of young families were desperate to get into the market in 2017.
Changes to Rental Legislation
This year we saw big changes in the rental legislation with some new tenancy reforms handed down by the Victorian Government. These legislations will give more power to tenants and may have some effects on landlords. Are you a landlord? Read my blog here for more details on how this may affect you.
Underquoting Laws and the Statement of Information
Possibly the biggest change this year for the real estate industry was the new underquoting legislation that passed on May 1st. These underquoting laws were put in place to protect the interests of buyers, by requiring real estate agents to be much more transparent in the pricing and advertising of properties for sale.
Have you downloaded my Free Suburb Report for November? I share some fascinating insights into real estate trends and statistics for Mornington and Mount Martha. I will be updating this report quarterly with everything you need to know in regards to the real estate market in these areas.