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As seen in the Source link, written by realestate.com.au on 2019-12-01 08:00:00

Buyers are being urged to push their budgets to the limit to succeed in Melbourne’s rapidly improving property market.

Fierce competition and a shortage of stock are pushing prices up, with value growth as high as 17 per cent predicted by experts for next year.

Advantage Property Consulting director Frank Valentic said buyers could get “caught out and lose hundreds of thousands of dollars” if they waited too long.

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Shan and Julia Manickam bought an apartment in Cheltenham. Picture: Tony Gough

Competition between investors and homeowners for apartments is strong.

“For people buying and selling at the same time, I think it’s best to try and buy first for a cheaper price and sell later,” Mr Valentic said.

“It could mean more money in your pocket because there could be serious price growth in just three or four months’ time.”

He said properties were selling about 10 per cent above the top end of the price guides, so buyers had to “push the budget” to come out on top in the conditions.

Box Hill South houses are still relatively affordable after the downturn.

1A Devon St, Box Hill South is for sale with a $1-$1.1 million price guide.

Realestate.com.au chief economist Nerida Conisbee said the market was “very competitive” — but there were still suburbs that were recovering from the significant downturn offering good buying.

Box Hill South, Rosanna and Bulleen were among areas where median sales prices were down more than 20 per cent from a year ago.

She said it was also a good time to consider buying in blue-chip spots like South Melbourne, St Kilda and Armadale.

20 Cheviot Drive, Mill Park is for sale.

The vendors updated the home before putting it on the market.

Shan and Julia Manickam managed to find an affordable investment property in Cheltenham this month by “expanding their horizons” to areas they wouldn’t normally consider.

“There’s no easy way you can substitute pounding the pavement and getting experience at properties and auctions,” Mr Manickam said.

“There are still opportunities out there for buyers.”

Fresh paint and new lights offer a fresh look.

The garden was also updated.

Ray White South Morang director Nick Petrovski said there were more buyers at open for inspections and multiple bidders at auctions, which was good news for vendors.

“We are getting a few sellers coming on to the market before the end of the year, which is not a bad plan because there will be an influx of homes in the new year,” Mr Petrovski said.

“People listing now are finding there’s not a lot else around, which is creating competition and pushing up the price.”

Mill Park vendor George Tasevski said he and his wife Julia had updated their family home at 20 Cheviot Drive before listing.

“After looking for a house to buy for more than two years, we knew what emotional triggers to tap into when it came time to sell ours,” Mr Tasevski said.

“We (had) the house freshly painted, we got new floor coverings and renovated the outdoor pergola to bring it into the 21st century. We wanted potential buyers to walk in and feel they didn’t have to do any work.”

Auction pic

Auctioneer Daniel Galea at the sale of 4 Jackson St, Reservoir. Picture: Andrew Henshaw

There are only four auction weekends remaining until Christmas brings the market to a stop.

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