The fact is that Asian investors and migrants are buying a lot of property in Australia. They tend to buy near education institutions, such as quality high schools and universities, as education for their children is an important part of their culture.
In Melbourne, high schools such as Balwyn, Glen Waverley, Mount Waverley and McKinnon are priorities and properties close to these schools sell at a premium to those outside of the school zones.
Great news for Vendors and not so good for buyers. Competition for houses in these areas is fierce with many buyers competing at auction or private sale.
Canada has changed its laws in relation to foreign investment and now Asian investment in real estate will be stopped . This probably means greater interest in Australian property. This could mean price increases over the next 2 years will be a given.
Auction activity has been vigorous for the past month with high success rates at auction sales and some extraordinary results in some suburbs. Overall the sale success rate has been in the mid 70% range from over 1000 auctions per week. Who would have thought that someone would pay in excess of $3.7 million for a house in Fitzroy??
GOVERNMENT LAW CHANGES affecting AGED CARE will be introduced as from 1st July this year. They alter the cost and qualification to enter the system and will affect the lives of the elderly. Details will be notified next week. In the meantime if further info is required call me on 0418500483.
BRIAN CAPP 0418500483