HS Preston North Report June 2019

The futures looking bright The North Report/ 06.2019

Joe Ledda Director | Auctioneer 0418 176 858

Morrison’s 5% mortgage deposit policy has been pledged to assist first home buyers with their attempts to break into the property market and will see a significant boost in numbers especially for those properties listed in the affordability range up to $750,000. With concerns surrounding negative gearing and capital gains tax diminished for the short-term, investors will now have renewed confidence when it comes to extending their portfolios, resulting in more competition within the property market. In Darebin alone, homes are steady throughout the first quarter, with auction results exceeding Melbourne Metro’s 55.6% with Preston achieving a 62.5% clearance (Data collected May 27th). We have seen overall increased confidence in the market as inspections were highly attended

with April’s median sold price in Northcote resulting in $1,350,000* - a slightly higher growth of 1.9% from that achieved in February 2019 only a couple of months prior. We are finding that homes that have been presented, priced and promoted at their best are still proving very attractive to the buying market. If you are thinking of selling or are interested in obtaining an updated opinion of value, please don’t hesitate to contact me on 0412 789 696.

The first half of 2019 was always going to be a trying time for the Melbourne property market. Homeowners and buyers alike were forced to wait and watch nervously as several unfolding factors determined what was going to happen next. However, the recent Federal Election as well as the interest rate cuts have both boosted positivity in the market. With the Liberals winning the top seat, the bottoming of prices are predicted to come to an end, encouraging a promising short-term to long-term future for the real estate industry.

*www.realestate.com.au & CoreLogic, May 2019.. n

To kick us off to a great start, Scott

FEATURED PROPERTY Reservoir 32 Invermay Street

RECENTLY SOLD Preston 9 Josephine Grove

Preston 2A Erin Street

Auction Sat 11 May 11:30am

SOLD $1,390,000

SOLD $883,000











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