The 4 most popular property types in the Hills
As the common real estate saying goes - "There is a buyer for every property". In this market, there are multiple buyers for every property. And for some categories of home the buyers are simply falling over themselves to be in with a chance. Below, I have identified the 4 most popular type of housing right now in the Hills.
The Un-renovated Low End
“I’ve been pre-approved for $465,000 but can’t find anything, or if I do it’s gone before the open”
Typically, the highest number of buyers are in the lower range bracket. We are talking $400,000 to $500,000. Entry level properties are getting harder and harder to come by as home-owners are choosing to renovate rather than trade up. First home buyers are competing with investors and flippers. As has been evidenced lately this level of competition has pushed prices up beyond the estimated selling price. Sadly, its the first home buyers who are missing out.
“Now that we can get a sliding scale discount on stamp duty for purchases over $600,000 it means we can offer more.”
There is a second level of first home buyers ($550,000 - $650,000) that have more to spend that are making the most out of the change to stamp duty concessions and the first home owner’s grant. For more info on this check out this link.
The Tightly Held Pocket
“I just want something walking distance to the township.”
Almost, every other buyer I meet wants to be in the thick of it. That is why there was such a big turn out for a two bed at our auction of 35 King’s Road in Emerald recently. Emerald is especially popular but Cockatoo & Gembrook too. The demographic here is mostly downsizers and developers. If a home is on 1000m2 and within the Neighbourhood Residential Zone (NRZ) then it has potential for subdivision. A quarter acre block size is too much for some who want that low maintenance living.
The Rural Dream
“We want peace, privacy and space.”
The cat is well out of the bag. What the Hills has in abundance is peace, privacy & space. Families are coming from the growth suburbs of Cranbourne, Narre, Berwick & Pakenham; Ringwood, Mitcham & Croydon; the inner city tree changers too and the cashed up Glen & Mount Waverley buyers. There is a bit of a log jam here because home-owners of this category of property are not shifting until they find something to downsize to. And so it goes and so it goes.