News
What do record rent prices mean for landlords.?
Despite a slight easing in rent growth, weekly rents remain at record highs, and rental stock is still scarce, making this an excellent time to lease your property. Strong demand from tenants ensures that well-presented properties can achieve maximum returns in today’s market. The latest data shows a 7% annual increase in median weekly rents, with competition for affordable rentals par...
How should sellers navigate the upcoming market?
In recent years, the market has seen unexpected shifts that have frequently challenged forecasts. Early in 2024, rate cuts were anticipated as inflation showed signs of cooling. However, a mid-year surge in inflation revived concerns over another possible rate hike. Now, the focus has once again turned toward potential cuts. Each property market has its own unique characteristics, making it ...
The benefits of Selling now
Spring is an ideal time to sell your property in Melbourne, as current market conditions show strong buyer interest. Recent data indicates that clearance rates are holding steady at around 65-70%, despite a slight decline in property values over the past year. This stability suggests that motivated buyers are actively looking to secure homes before interest rates potentially drop. The rental...
Is spring the best time to sell?
With spring's arrival, traditionally the most active season in real estate, motivated buyers are eager to secure a home before the year's end. The season's natural appeal, combined with strong market performance, offers a golden opportunity for Melbourne homeowners to capitalize on heightened demand and secure a premium price.Over the past six months, the Melbourne property market has shown sig...
How this winter can be great for sellers!
In Melbourne, winter usually slows the property market due to seasonal factors. However, this year has seen a significant increase in new listings compared to last year, with a national rise of 1.3% and a 5% increase across major capital cities. During 2022 and early 2023, Melbourne faced vendor reluctance to list properties amidst rising interest rates and lower demand, leading to a d...
Melbourne Housing Market Trends Amid RBA Cash Rate Stability
The RBA has decided to maintain the official cash rate at 4.35% for the fifth consecutive time, navigating mixed economic signals such as persistent inflation and a strong labour market. This cautious approach reflects the need to balance economic stability with growth. In Melbourne, housing values grew by 0.8% in May, marking 16 consecutive months of growth. Melbourne's market saw significant...
Melbourne's Seller Confidence Sparks Property Surge
Melbourne's property market is experiencing a surge in seller confidence, resulting in an increase in home listings. The increase in seller confidence is largely driven by perceptions of rising prices and increased buyer demand. In Melbourne, the primary motivations for selling include lifestyle changes, downsizing, and financial gains. A survey indicated that 37% of respondents are motivate...
Embrace the Benefits of Downsizing with YES Real Estate
𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗠𝗶𝘀𝗻𝗼𝗺𝗲𝗿 𝗼𝗳 '𝗗𝗼𝘄𝗻𝘀𝗶𝘇𝗶𝗻𝗴' "Downsizing" can often suggest sacrifice, but it’s more about 'right-sizing'—adjusting living space to fit current needs. It allows for a lifestyle where home dimensions match aspirations and pursuits. It’s not just about moving to a smaller place; it's about saving time, reducing costs, and enabling investments in retirement goa...
Increasing Buyer Activity
- Despite the challenges faced by first-time homebuyers, there are signs of increasing interest among individuals looking to make their initial foray into the property market. - Although the number of first-home buyers actively searching for properties remains lower than it was a year ago, it has been steadily rising over the past four months. - The difficult conditions in the rental market m...
Is now the time to sell your home?
𝗛𝗼𝘂𝘀𝗲 𝗽𝗿𝗶𝗰𝗲𝘀 𝗲𝘅𝗵𝗶𝗯𝗶𝘁𝗲𝗱 𝗮 𝗺𝗼𝗱𝗲𝘀𝘁 𝘂𝗽𝘁𝗶𝗰𝗸 𝗼𝘃𝗲𝗿 𝘁𝗵𝗲 𝗽𝗮𝘀𝘁 𝘆𝗲𝗮𝗿, with both residential properties and units in Melbourne experiencing marginal appreciation in values during March. The persistent rental affordability crisis is fostering a growing inclination among renters to contemplate the transition to homeownership, influenced by the arduous conditions prevailing in the rental market. First-time h...
Unlocking Your Property's True Value
𝗪𝗵𝗮𝘁 𝗶𝘀 𝗮 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 𝗔𝗽𝗽𝗿𝗮𝗶𝘀𝗮𝗹?In the fast-paced world of real estate, getting a property appraisal is a savvy move for home sellers. Whether you're gearing up to sell or just curious about your property's value, understanding the impact of an appraisal on your sale price is crucial.𝗧𝗵𝗲 𝗣𝗼𝘄𝗲𝗿 𝗼𝗳 𝗞𝗻𝗼𝘄𝗶𝗻𝗴 𝗬𝗼𝘂𝗿 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆'𝘀 𝗧𝗿𝘂𝗲 𝗩𝗮𝗹𝘂𝗲So, what exactly is a real estate appraisal? It's a professional ...
RBA maintains cash rate at 4.10%, fostering property market confidence.
The Reserve Bank of Australia (RBA) has announced that it will maintain the cash rate at 4.10%, marking the third consecutive meeting without a change. This decision aligns with expectations, particularly following recent data from the Australian Bureau of Statistics showing a slowdown in annual inflation from 5.4% in June to 4.9% in July. With interest rates staying put, confiden...
Real Estate Market Insights: Favourable Conditions for Sellers
In February, home prices rose significantly because of high demand from people looking to buy houses. Despite an increase in the number of available homes this year, the market has remained strong as demand continues to outpace supply. This trend is driven by factors such as a growing population, limited rental options, and the possibility of upcoming reductions in interest rates. Experts an...
Unlocking Stress-Free Rentals: Your Ultimate Guide to a Secure Home Hunt
In today's tough rental market, where there aren't many homes available, some people are trying to trick those looking for a place to live. These scammers take advantage of people who are in a hurry to find a home and may not be paying close attention. Unfortunately, this can lead to losing a lot of money. To help you avoid falling for scams while looking for a rental property, here are some i...
Mastering Real Estate Dynamics: Strategize for Success in Today's Market Shift
With interest rates going down, many people are feeling the need to jump into the real estate market. Last year's ups and downs in prices are making people act fast. But, it's essential to time things right for both buyers and sellers. For those wanting to buy, now seems like the best time. Waiting until 2025 hoping for lower prices might not be the smartest move. Prices are expected to go up,...
Attention Trades and Services Providers!
Calling all qualified plumbers, electricians, maintenance experts, cleaners, handymen, and gardeners all around Melbourne! 𝗬𝗘𝗦 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 is actively seeking skilled professionals like yourself for potential opportunities! Criteria: Hold relevant qualifications. Insurance coverage for peace of mind. Demonstrated reliability and commitment to top-notch service. I...
Interest rates and housing impact on selling your property in 2024
Over the past couple of years, Melbourne's housing market has grappled with numerous challenges, including the economic aftermath of the COVID-19 pandemic, extended lockdowns, 13 interest rate increases, historically low consumer confidence, media-driven negativity, tightened lending restrictions, and a surge of new residents due to the recently opened international borders. I've observed a ...
Wishing you a Merry Christmas
Santa swapped his sleigh for some sunshine! Wishing you a Merry Christmas from all of us at YES Real Estate!
Thanks for a fantastic year from the team YES
Thanks for a fantastic year from the YES Real Estate team. We're pausing for a festive break and check our operating hours below. You can still reach out to Sam Weerawarna at 0480 101 966 or Manoj Yatigammana at 0433 802 227 for sales inquiries. For rental property emergencies, contact our Property Manager, Vajira Dinesh, at 0415 448 438. ...
Navigate 2024's real estate shifts for a successful property sale
When selling your property, conducting thorough research and collaborating with trustworthy individuals who prioritize your best interests are pivotal for ensuring a positive experience. The dynamic nature of the Australian real estate market, coupled with evolving external factors, can influence your decision on the optimal timing to sell. 1. Population Growth and Migration Patte...
Experienced Salesperson Wanted
We're on the lookout for an experienced salesperson to 𝗷𝗼𝗶𝗻 𝗼𝘂𝗿 𝘁𝗲𝗮𝗺 due to the surging market demand. If you're highly ambitious, driven, and thrive in a lively team setting, we'd be delighted to receive your application. [email protected] Sam Weerawarna on 0480 101 966 𝗬𝗘𝗦 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲 | 1300 032 669 www.yesrealestate.com.au
Navigating Melbourne's Resilient Real Estate Market: Expert Insights and Property Guidanc
I can't believe we are already less than two weeks away from Christmas 2023! Despite facing 13 interest rate hikes in the last 18 months, impacting the borrowing capacity of many buyers, sales volumes have seen a remarkable 15.5% increase compared to the same period last year. I have witnessed a surge in prices, sales, and auction activities in Melbourne. The recent robust spring sellin...
RBA left cash rate on hold at 4.35%
The Reserve Bank of Australia (RBA) held the cash rate unchanged in its final monetary policy decision of the year at its board meeting today. The decision comes as new Australian Bureau of Statistics statistics indicate annual inflation fell substantially in October, from 5.6% to 4.9%, as higher interest rates acted as a cooling the economy. However, while inflation has ...
Santa sends personalized letters to local kids!
Directly from his secret North Pole residence, Santa Claus has reached out to us, expressing interest in sending personalized letters to the kids in our local community. To make this festive surprise happen, simply email us at [email protected] with the parents name, address, phone number as well as the names for your little ones or anyone young at heart. Ensure you include all...
Thriving Real Estate Market: Seller Confidence and Year-End Opportunities
Motivated by the near-full market recovery, sellers are increasingly active during a seasonally busy time (spring), but this may also indicate that some households are being negatively impacted by the quick rate hikes. Distressed listings, however, are also declining. It also demonstrates how persistent the price recovery has been. We are on the verge of reaching all-time high prices by the ...
Will the increase of house selling in spring rebalance the market?
There is good news for purchasers who have had few options for much of this year as the spring selling season has come. The Reserve Bank of Australia (RBA) has left the cash rate at 4.10% for the fourth consecutive month, as many commentators had expected. Although the RBA has hinted that it may raise the cash rate in the future, many analysts think rates have already peaked.Home prices have al...
What is a buyers agent.?
There is a huge benefit in having an experienced and licenced buyer's agent on your side They can help with: Selecting a property to buy Completing due diligence Removing emotions from the equation Negotiating on your behalf All this adds up to savings well in excess of their fee.
Prepare Your Garden for Spring
Prepare Your Garden for spring because sometimes people buy a house because of its garden. Your garden doesn’t have to sprawl over several hectares to make a statement. 1. Revitalize Your Outdoor Space After the winter months, it's time to rejuvenate your garden. Sweep away debris, compost fallen leaves, and eliminate lingering weeds and tired plants. Refresh your garden tools and irrig...
This is how the rate hold can affect you in today's market
In early August, the RBA chose to maintain interest rates, allowing a crucial period to gauge past rate impacts and the economic outlook. This pause in rates and the possibility of limited future increases have injected confidence into the property market participants. Notably, Melbourne's property buyers and sellers have experienced a perceptible shift in sentiment over recent months. Buy...
Enhancing Safety and Ambiance: Outdoor Lighting Tips for Your Property
Illuminating the exterior of your property not only enhances its appearance but also boosts safety. External lighting serves more than just security purposes – it also offers a warm welcome to guests and ensures a well-lit pathway to your home. When planning your outdoor lighting, think creatively. Consider the desired ambiance and any specific features you want to highlight, like orname...
Are apartments becoming the star of the show this year?
Apartment prices in Australia have gone back up to their 2022 peak after a small dip last year. Over the past 12 months, apartments and houses have shown the same growth. Apartment prices in Australia are now at their highest level since 2022, barely dropping last year. In the last 12 months, apartments and houses showed similar growth. Surprisingly, in Brisbane, apartments are now outpacing h...
Preparing Your Home For Extreme Weather
Preparing your home for extreme weather is essential to avoid costly repairs and ensure safety. Here's what you can do to effectively prepare: 1. Get Adequate Insurance: Make sure your home and contents insurance covers all relevant extreme weather events for your area. Update it based on your property's recent valuation. If you're renting, get contents insurance since the landlord's policy wo...
Should I sell my house now or wait.? Sam's Property Buzz - July 2023
Everyone might appear to be selling right now. Research-driven sellers who are aware that they are in a seller's market are taking advantage of these circumstances to negotiate a higher sale price. Prices are rising because there are fewer properties available and more buyers are seeking them out. It’s important that other personal reasons may come into play, such as maintenance a...
Key Factors for First-Time Homebuyers
Buying your first home is an exciting milestone, but it can be overwhelming. Here are key factors to consider, according to the experts at YES Real Estate. 1. Understanding Your Financial Capacity Before starting your home search, it's crucial to assess your budget and borrowing capacity. Lenders evaluate various factors like income, expenses, assets, and credit history to determine the loan ...
The biggest mistakes people make when buying property
When buying property, it's important to avoid common mistakes to ensure a smooth and successful experience. Here are some key points to consider: 1. Seek help and do thorough research: - Build a reliable team of professionals like a conveyancer and/or broker and actively manage and communicate with them. - Attend auctions and inspections to gain insights into the local market and establish r...
Australia's interest rate rises have impacted homeowners
Australia’s official interest rate is now 4.10% after the Reserve Bank of Australia lifted the cash rate by 25 basis points on Tuesday. Rapid rises in interest rates over the past year have knocked the stuffing out of many would-be buyers and sellers. For home owners with a $1 million mortgage, monthly repayments are now $2251 higher. Those aren’t small amounts and people are ser...
First home buyers make a tentative step back into the market
Being a first-time homebuyer currently presents favorable conditions. Property prices have significantly decreased since last year, enhancing affordability. However, finding a rental property has become notably more challenging and expensive. Unemployment rates remain at their lowest in 50 years, and wage growth is observed in various sectors. Nevertheless, several obstacles persist. Securing ...
How will the latest Rate Rise impact you? Sam's Property Buzz - May 2023
It’s been a year since interest rate rises started, and higher repayments are costing a typical home owner thousands more each month. Meanwhile, the problems many first-home buyers are faced with are these: There’s simply not enough supply and choice on the market. Do you buy now or risk your borrowing power being reduced if rates rise again? Do you wait for rates ...
Small Home improvements Big Results
Whether you want to sell your home or improve its appearance, there are affordable and time-efficient upgrades you can consider. Start by focusing on enhancing your curb appeal. This can involve adding a new steel door or repainting your current door in a trendy colour. Add a stylish welcome mat, a framed house number, a fresh mailbox, and planters with vibrant greenery or flowers. T...
RBA interest rate rise catches markets, banks and borrowers by surprise
The Reserve Bank of Australia (RBA) has shocked borrowers and financial markets by resuming interest rate rises after a one-off pause last month.It has lifted its cash rate target from 3.6 to 3.85 per cent, marking the 11th increase in the space of a year.Official interest rates have not been at this level, or higher, since they were cut to 3.75 per cent in May 2012. The move caught most trader...
The Guide to Increasing Home Values
Do you want to boost the value of your home on the Australian real estate market? Boosting the value of your property is crucial whether you're a homeowner, investor, or simply expecting to sell your house in the future. Making smart home renovations might help your property stand out and earn a higher price in Australia's competitive real estate market. In this blog, we'll walk you through the...
Six Tips for Open Home success
One of the most important moments in the sale of your property is the open house. Lots of individuals will look through your house, scrutinising each small aspect to decide if it's the right place for them.The fundamentals, such the number of rooms, the cost, and the size of the lawn, will determine some first impressions. However, a lot of what you do in your house on a daily basis will have a...
6 Home Features Buyers will Pay Extra For
Did you know that buyers will pay extra for certain home features? 💸 People consider hundreds of factors before deciding on which property to buy. Aside from location, number of bedrooms, and size of the lot, people are also looking for specific features that they are willing to pay a few thousands more to get. Here are 𝗦𝗜𝗫 of them: Buyers are also willing to shell out extra money for pract...
RBA left the cash rate on hold at 3.60%
Great News for Homeowners and Buyers The Reserve Bank of Australia (RBA) left the cash rate on hold at 3.60% for the first time since May 2022. The decision came as Australia’s annual inflation rate slowed in February to 6.8% from 7.4% in January, suggesting higher interest rates are beginning to have the desired impact on consumer prices. ...
Your real estate guide to selling in Autumn
Although spring is often considered the most popular season to sell property, autumn can be just as fruitful for sellers in its own ways. If you’re thinking about selling your home in the autumn, here are some reasons why it could be a great time to do so. The holiday madness is over By Autumn, prospective buyers have had time to get back into the swing of things at work a...
Victoria Rental Minimum Standards Guide
The deadline for the rental minimum standards is fast approaching. By the 29th March 2023, every Residential Rental property in Victoria must comply with the rental minimum standards. The minimum standards cover important requirements relating to amenities, safety and privacy. Rental providers have a duty to ensure their property meets these standards. The electrical safety standard r...
