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New strata laws for NSW come into effect today

Today’s the day – after years of consultation and review, it all finally comes to a head with reforms to New South Wales strata laws set to begin.President of the Real Estate Institute of NSW John Cunningham says more than 90 new strata laws will make a difference to the lives of those living in in the state.“These reforms will benefit owners, tena...
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Victoria needs a big-picture transport plan that isn’t about winners v losers

Crystal Legacy, RMIT University and Ian Woodcock, RMIT UniversityAustralian cities are inherently diverse places, but that diversity can lead to conflict between different values about what cities should and can be. Our series, Conflict in the City, brings together urban researchers to examine some of these tensions and consider how cities are gove...
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Population of Victoria hits 6 million

Victoria’s population has hit 6 million, according to figures released by the Australian Bureau of Statistics (ABS) today.ABS acting director of demography Phil Browning says that in the year ending March 31, 2016, Victoria grew by 1.9 per cent, adding an extra 114,900 people to the population.“This is the fastest population growth for Victoria sin...
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Global Cities report reveals Sydney and Melbourne flying high

Global property consultancy Knight Frank has launched its Global Cities: The 2017 Report, examining the market performance of 31 cities across the world in light of three major trends shaping the times:Negative interest rates have reduced investors’ expectations on what constitutes an acceptable return, which is drawing capital towards real estate....
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Warning to check claims, as fake builder fined $20,000

 Proof if it were needed that everyone should check the credentials of the building practitioners they employ, as the Victorian Building Authority (VBA) successfully prosecutes well-known home builder Mentor Gormani, director of Gormani Homes Pty Ltd.The director of the now deregistered building company was prosecuted by the VBA in the Dandenong Ma...
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Top 10 most affordable suburbs

If you’re looking for bang for your buck, new quarterly data from the Real Estate Institute of Victoria (REIV) shows there’s opportunity for Melbourne buyers to get a foothold on the property ladder for a fraction of the city’s median house price.REIV CEO Geoff White says record low interest rates and a strong market is driving price growth in area...
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A solid Melbourne market

There’s been solid price growth for the June quarter in Melbourne according to just-released data.During this time Melbourne’s median house price increased 3.6 per cent to a record high $725,000 – the largest price growth since September 2015.Real Estate Institute of Victoria (REIV) chief executive officer Geoff White says the latest quarterly figu...
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Looking for greater value?

If you’re looking for first class amenities and strong capital growth prospects, but without having to cop the hefty price tag, then bridesmaid suburbs may be exactly what you’re after, according to the Real Estate Institute of Victoria (REIV).Data from the REIV shows there is a significant difference in the median house price of multiple adjacent ...
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It costs to live in top school zones

It’s no secret it costs a premium to live within a specific school zone. But how much?New Real Estate Institute of Victoria (REIV) data shows that homes located within the catchment area for some of Melbourne’s best public secondary schools are attracting close to a $600,000 premium compared to those outside the zone.In 2016, the median house price...
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Declining yields suggest caution in Melbourne residential market

 Researchers from the University of Melbourne have created a system to model and predict house values and rental rates at the individual property level.The comparison of these two values offers insight into rental yields in the market; an import metric that can be used by buyers, sellers, investors and renters to help make informed choices.Dr Gideo...
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Subdivision fee savings for Victorians

The Victorian Urban Development Institute of Australia (UDIA) has secured a decision on the Metropolitan Planning Levy (MPL) that will mean significant savings in subdivision fees.The Minister for Planning signed off on the MPL Planning Practice Note this month, which has been welcomed by Victorian institute chief executive Danni Addison.“It’s grat...
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Changing Melbourne’s ‘lanescape’

By BREECE GEVEAUXThe inner west of Melbourne has experienced unprecedented growth over the past 10 years, with suburbs such as Williamstown, Yarraville and Seddon all recording significant increases in sale prices and new higher quality development.This previously ignored area of Melbourne is now home to young families and professional couples, mak...
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New zones to shake up development sector

By BREECE GEVEAUXVictoria is currently undergoing its biggest shakeup to residential zoning in 30 years.New residential zones were introduced to the planning system last year and councils across the state are rushing to introduce them to their planning schemes before the July 1 deadline.Three new zonesThe three new residential zones will replace th...
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Builders must install kit homes

Victorians wanting to construct a kit home should do their homework to ensure it is built to code. The Victorian Building Authority (VBA) has advised all kit home suppliers that they must be a registered builder if they also install the homes they sell.This reminder comes after a magistrate found a supplier and its director guilty of building a kit...
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