With very few houses available prices are rocketing

Unlike many other parts on the planet, housing price ranges in Australia, and Melbourne especially, are moving routinely upward. While this demand is great for investors, for likely buyers it can cause problems as the few available properties are purchased quickly. With regards to real-estate, Melbourne is probably the hottest markets around. 
At the moment, Australia’s housing prices are as expensive or maybe more expensive than related housing in London and San francisco, based on a newly released newspaper article on real estate agents, Melbourne and the housing market place.
In particular, real estate which cost $700,000 in Australia a tad bit more than a year ago, now will set you back $100,000 more, yet the need for housing is steadily increasing. Furthermore, the central bank of Australia lifted the rate of interest six times from 2009 until now, while the need for new housing (that has been slowed by new administration policies and laws) has failed to sustain the demand.
In Sydney, for example, rates for housing has risen from between 10 and 15 percent in the past year and prices have grown to such a degree there and in Melbourne that analysts believe that prices will plateau sooner or later “because there needs to be a restriction on how much growth there are in the next number of years.”
The Australian Institution of Statistics said previously that the price tag on homes in Sydney rose well over 21 per cent in a year and homes in Melbourne rose a lot more than 28 percent however the marketplace demand continues.
Still, within this financial picture, the interest in houses continues unabated. At one public sale recently, buyers were excited to snap up whatever came up for bid (and even prior to the bidding began) that was even remotely close to whatever they wanted.  “You just pay whatsoever you have to pay to gain it before auction,” said one buyer.
At another auction, a four-bedroom terrace household, which went for $1.3 00, 000 in 2008, sold in excess of $1.8 00, 000 recently. Bidding raises went in $50 thousand increments close to the end of the bidding process. Yet based on reports, the only real additions to the place in that time were a repainting along with a new carpeting and zilch more. Such is the power of the present real estate demand. Even the agent of the home auctions was surprised.
“We were amazed,” he told a local newspaper. “We still can’t get over it. We fell off our chair once the hammer went.”
Further complicating the process for local buyers is definitely the recently increase of foreign home buyers who discover the homes in Australia more affordable than their home countries in spite of the lack.
In times like these, buyers should seek a well accredited real estate agency who has the ability and experience to guide them through real estate jungle. Within the search for housing, Melbourne can be a prime location if you know the way to maximize your funds and resources. A good Real Estate Agent can help you get the home you desire at the price you are able to pay for.

Author:Estate Agents Melbourne

About the author

Sherry Fields Sherry Fields has been working in real estate since 2002. Working with the development team for the Hilton Garden Inn gave her strategic information on the commercial real estate market in Missoula. Broadening her scope she moved into the residential market and earned the designation SFR in short sales and foreclosures. Currently affiliated with Prudential Montana Real Estate, she works with both buyers and sellers "building relationships so you can buy & sell with confidence". Sherry Fields has recently earned the CREN designation - Certified Real Estate Negotiator. While price is a large part of negotiation - it is also about timing everything from the closing date to inspections, appraisals, home insurance - and it is about negotiating items that can show up in home inspections to achieve a mutually acceptable outcome.

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