Michael Gibson on the Melbourne luxury market

I see 2017 as a story of two halves. The first was a continuation of the last three years with a very buoyant market and multiple buyers for each property. But around July/August I sensed an easing in demand and a tightening in the offshore market. I think this was needed because the growth trajectory was unsustainable. So, while I certainly don’t see the market falling off the edge, I do think it’s recalibrating and B-grade real estate will go back to getting B-grade prices not AA.

Liz Jensen on the Southern Mornington Peninsula

We saw the traditional rush with new buyer’s and old sellers during our peak summer season from December to Easter. But just when it was supposed to wind-up at Easter a whole new cut of buyer appeared – cashed-up with inheritance, personal wealth or both and looking to spend $1-3.5m on a good, long-term investment. Interestingly, most didn’t have a history down here. By winter’s end, we had the highest volume of sales in any winter I’ve seen in my 30 years of selling down here.

Darren McMullen on the rental market

Our higher calibre 2m+ properties performed best. Demand for good-sized family homes was so high we had to source a lot off-market and this was driven by three factors. First, a lot of nice family rental homes on our books were sold and this diminished the rental pool. Second, we had some big corporates, like David Jones and Target, relocate their HQs to Melbourne. And third, a lot of people who had sold wanted to rent in the area for a bit before getting back into the market.

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