You have 0 free articles left this month.

State of Markets – VIC February 2012

01 FEB 2012 • By Phillip Tarrant • 2 min read • Hotspots

Essential information, plus expert insight on what is shaping the national property market...

spi default article image em4omm

VICTORIA

VIC investor activity jumps
First time buyer and investor demand for mortgages surged in Victoria during November, according to AFG.

You’re out of free articles for this month

Property investors accounted for almost two out of every five mortgages sold that month – an all-time record for the AFG Mortgage Index, which goes back six years.

Investors were recorded as most active in New South Wales (44.6 per cent) and Victoria (39.8 per cent).

Data from AFG found more than $2.9 billion of mortgages were processed that month, the highest such figure since March 2009.

Growth was particularly strong in Victoria, where mortgages processed leapt by 26.7 per cent.

AFG general manager of sales and operations Mark Hewitt said, “We’re experiencing the paradox that weaker global economic conditions and lower rates, is good news for Australian property buyers – at least for now. It’s significant that investors and first home buyers are leading the action.

“Many had been fearful that we were locked into a scenario of constant rate hikes. The November 2011 rate cut proved to be a real turning point and the outlook is very different now.”

Vacancy rates ease in Melbourne
Melbourne metropolitan vacancy rates are on the rise, according to the Real Estate Institute of Victoria (REIV).

In October, the vacancy rate reached 3.1 per cent, the first time it has exceeded three per cent since January 2006.

This is a 0.7 per cent increase on September 2011 figures.

The REIV said the change was due to an easing in the rate of population growth in Victoria, and with dwelling construction increasing, this has also helped to increase supply.

The vacancy rate in the outer suburbs is reported as remaining tight (1.8 per cent), while in the middle and inner suburbs it sits at 4.1 and 2.2 per cent respectively.

Free investor loan check

Better property decisions start with smarter lending.

A free 15-minute finance check for property investors.

15 minutes Free No obligation

What are your lending goals?

Choose a goal to request a callback.

Buying againCheck my borrowing position Equity or refinanceReview my current loans Loan strategyGet a second opinion

Ready to talk?

Book a 15-minute call →

Finni Pty Ltd · Australian Credit Licence 384324 · Privacy

Regional Victoria has the tightest vacancy rate at 1.3 per cent, a drop of 0.3 per cent.

Want to see more stories from trusted news sources?
Make Smart Property Investment a preferred news source on Google.
Click here to add Smart Property Investment as a preferred news source.

Tags:
Phillip Tarrant

Phillip Tarrant

AUTHOR

Phillip Tarrant is one of Australia’s leading property commentators, with more than a decade at the forefront of conversations shaping the nation’s property investment market.

As the long-time host of the Smart Property Investment Show and a regular commentator across property, finance and business, Phillip has interviewed thousands of investors, economists, advisers, brokers, agents and industry leaders, giving him a unique perspective on the trends, policies and market forces influencing Australian property.

Beyond property commentary in the media, Phillip is an active property investor himself, with first-hand experience building and managing a diversified property portfolio across multiple markets and cycles. His insights combines this practical investor perspective with deep exposure to the broader property and financial services ecosystem.

Phillip is also CEO and co-founder of Managed, an Australian property payments and technology platform transforming the way property managers, landlords and tenants manage rental payments and property transactions.

Through his writing, podcasts and industry engagements, Phillip focuses on cutting through market noise, challenging conventional thinking and helping investors make more informed, strategic decisions. His commentary regularly explores property markets, lending, taxation, regulation, investment strategy and the changing dynamics of Australia’s housing sector.

Know more