Q & A with Robert Larocca
Q & A
with Robert Larocca
Q: In your opinion, how has the market performed in Melbourne’s inner west this year and compared to last year, what are the positives?
R: Very well. The vast majority of suburbs have seen median house values rise faster than Melbourne as a whole and that reflects the underlying positives of the inner west. I expect buyers would be attracted by the relative value, proximity of the CBD and good transport options access to great recreational opportunities.
Q: What are your predictions for Spring in Melbourne’s inner west?
R: Not unlike the rest of the inner city the use of auctions as a selling method will continue to be higher than last year. Selling prices will be higher than last year and there will be better choice for buyers.
Q: Do you have any advice for potential vendors thinking about selling their homes in the inner west?
R: The good news this year is that they can expect higher selling prices than a year ago and for the majority of suburbs they will have seen solid medium term growth as well. Price expectations will still need to be held in check as current growth rates are not overly strong.
Q: Based on your real estate expertise, if you were to buy an investment in Melbourne’s inner west. Which suburb would you choose and why?
R: Generally speaking the inner west provides good prospects over the medium term given its underlying strengths. Investors should not be confined to any one suburb, rather they need to seek the right property that fits their budget. Investors need to be mindful that yields are low in Melbourne right now as rents do show much growth.
Q: At many of auctions, there has been a series of underbidders who miss out on their dream home and are often clearly distraught. Do you have any words of wisdom or support to give them?
R: The market is a competitive one and it is always a good idea to allow a reasonable amount of time to find and buy a home. Its also important to remember that the competitive market that may frustrate them right now is also what will help drive a good sale price in years to come.
Robert Larocca has built a profile over the past eight years as an expert on the Victorian residential property market. He worked for the REIV both directly and as a consultant over 8 years acting as a spokesperson, managing its research department and public policy. He has been a media and government relations consultant and spent a decade working across the three levels of government including as a Councillor and Mayor in the City of Moreland. He has well developed leadership skills in the not for profit sector and has been the Chairperson of CERES Community Environment Park for 9 years. He is currently employed as RP Data’s Victorian Housing Market Specialist.
