Harcourts Move – October 2024

Hello and welcome to our October Newsletter for 2024. The winter chills are finally starting to make way for the sunshine and spring has sprung in Melbourne!

With it comes a fresh season of opportunity in the real estate market. Whether you’re looking for your next investment property, or keen to visit Melbourne over the warmer months, here is everything you need to know for this month.

Market Update 

According to Corelogic’s latest Home Value Index report, the overall pace of property value growth across Australia has slowed, Melbourne seeing one of the largest decreases in capital city markets. Melbourne’s housing market reflects softer selling conditions, with properties staying on the market longer. Melbourne recorded a 1.1% decline in dwelling values over the September 2024 quarter

The latest talk around changes to negative gearing has sparked some speculation within the real estate industry. While no official legislation has been passed, there is ongoing debate over potential reforms aimed at restricting the tax benefits of negative gearing for investment properties.

If implemented, these changes could impact investors, particularly those looking to purchase second or third properties. However, many experts believe the reforms are unlikely to have a dramatic effect on the overall property market in the short term.

We’ll continue to monitor the situation closely and keep you updated with any significant developments. For now, the status quo remains, so if you’ve been considering investment, now might be a good time to explore your options before any changes take effect.

Property Sales Update

Our latest property for sale is a perfect investment opportunity in the heart of St Kilda. 

Nestled in the vibrant heart of St Kilda, this stunning 1-bedroom apartment on St Kilda Road offers a great opportunity for investors and first home buyers, or even downsizers looking to have a luxurious city base.  With an amazing outlook and a pool, gym and onsite parking, this is one not to miss. Click here to view the property. 

If you are keen to find out what your property would be worth in the current market, get in touch with Christina Guirguis on 0481172556 or complete this appraisal form and Christina will contact you to discuss your options. 

Short Term Rentals Update

Spring is a great time to prepare your property for the upcoming holiday season – especially for those visitors in town for the Spring Carnival. Here are a few tips to consider when preparing your property.

Give your guests the best experience

During high seasons, guests tend to be less price sensitive as they seek out the best possible experience during their stay. Little touches such as a welcome basket of local produce, a bottle of wine or some recommendations of the best go-to restaurants in the area are regarded highly by guests.

Avoid blocking your calendar

Keeping your property available during the high season so you can increase booking opportunities and also boost your visibility and ranking on all potential booking platforms.

Reduce length of stay restrictions

By removing 2 or 3 night minimum stays, you can open up your property to more booking opportunities and fewer vacancies. 

If you have any questions about your investment property and how it can get the best possible return, please get in touch with Andrea Motto on 0413395366 to find out how moving your long term rental to short term could work for you.

Spring in Melbourne – Things to Do This Season

Melbourne truly comes alive in the springtime.  Here are some fantastic events and activities to brighten up your October:

Royal Botanic Gardens: 

Enjoy a leisurely stroll or a picnic amid the blooms at one of Melbourne’s most beautiful locations. The gardens are especially vibrant at this time of year. Visit https://www.rbg.vic.gov.au/ for more information.

Spring Racing Carnival

One of the highlights of the season, the Spring Racing Carnival is in full swing, with the Melbourne Cup set for early November. Whether you’re attending the races or enjoying the atmosphere from home, it’s a perfect way to celebrate spring in Melbourne. Find out more at https://www.onlymelbourne.com.au/melbourne-spring-racing-carnival

Melbourne Dog Lovers Festival

Help celebrate their 10th birthday and visit the Melbourne Dog Lovers Festival at the Melbourne Showgrounds. Soak up all of the puppy love from dog enthusiasts from all corners of Melbourne, Victoria and Australia, and enjoy the grandest dog-dedicated festival in the world. Click here for more information. 

Places to stay in Melbourne 

Melbourne is so beautiful during spring, so make sure you check out our premium properties for your city-break.

Incredible City Views in Convenient CBD Apartment

Sophisticated 2-Bed by St Kilda Botanical Gardens

Fun and Cheeky 70s Styled City Apartment

Spacious CDB 2-Bed by Albert & Fawkner Park

Bespoke 2-Bed Beachfront Apartment

Bayside Apartment Living Close to the Beach

Final thoughts

As we move closer to the end of the year and into the warmer months, it’s often a time when we start to spend more time outside, especially after daylight saving starts on Sunday 6th October. The rental property market tends to see some activity over December and January so make sure you keep in touch with myself and our team if you have any questions.

Thank you for being part of Harcourts Move. Enjoy spring!

Warm regards,

Sadhana and the Harcourts Move Team