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We would like to thank you for your trust in handling your most important investment assets, and in some cases, your own home in the past year. We will continue to work hard for you in the coming New Year.
What happened in 2019 and what do we expect in 2020
What an interesting year of 2019 has been from both the sales perspective as well as the property management within the company.
We have increased our management portfolio throughout the year with new landlords coming on board. We always endeavour to provide the best suggestions to help landlords achieve a great look and finish for rental properties, be long-lasting, and reduce maintenance costs in the future. We’ve also recommended some home improvements that could help attract and keep the best tenants, most importantly added good value on your investment property. For the properties for sale or auction, we never gave up to achieve the best price and terms for our vendors, no matter when the market is dropping or picking up. We were willingly contributing what is needed, not just by offering our presence, but also by sharing our dedication, talent, energy and honest thoughts.
So what do we see in 2020?
When the buyers market seemed to bottom out in June this year, the overall feeling was that the first home buyers are back and sellers are putting their properties up for sale trying to capture the prices of long past. First home buyers are showing more interest in the property market while the investors are slowly returning, but semi cautious about the new laws regarding tenants.
These new changes have to be monitored closely as all our property managers are watching closely to see what these changes may bring and effect both the management and our landlords.
Buyers, who had decided to rent while prices climbed out their reach, have slowly crept back into the market to buy but left the rental market with less potential tenants and longer leasing time.
The movement has been attributed to falling interest rates and the prospect of another rate cut early next year. While the first home buyers may go back to rental should these prices increase over their budgets/borrowing capacity.
So what’s installed for Melbourne?
Melbourne may continue to hit a new record of high prices in January, with property values just 3.7 per cent below their peak reached in October 2017.
Property price growth is likely to slow down once our 2 big capital cities reach new peaks with property values likely to rise more modestly to the end of 2020 at about 5 to 6 per cent over the year.
The market shall continue to grow in the next 12 months subject to stability in the government and the economic bodies. Overseas buyers will continue to push properties values up on selected residential areas while investment from local and overseas will focus on newly constructed homes in growth areas around Melbourne’s fringes where prices are competitive.
We will continuously watch the market for you as we always did.
In this loveliest season, whether you’re travelling or enjoying time at home, we hope it’s filled with Joy, Love and Peace!
Kind regards,
Your TEAM
Z PROPERTY INTERNATIONAL
A Level 2/ 990 Whitehorse Road,
Box Hill VIC 3128
T (03) 8652 5031
Visit us at www.zppi.com.au