You know that old line that asks, “Which would you like the first…the good news or the bad news”? Well, there’s an element of that to the latest news on the number of properties hitting the market.
The good news for long suffering home buyers who are struggling to deal with the ongoing shortage of available property for sale is that the latest data from SQM Research show that property listing numbers are up across the country, having risen by 2 percent in October. Whilst it’s good to see an increase in choices for buyers, the bad news is that the October listing numbers were still down by 4.8 percent on the same month last year.
The numbers are similarly two-sided at a local level. The number of property listings in Melbourne in October rose by 3.7 percent from September to October this year, but were down by a concerning 7.8 percent on October 2018….and keep in mind that 2018 was a year where listings were already tight!
Another interesting statistic to be published last week by SQM was that the national average asking price for houses decreased marginally in October. However, it is important to remember that this is more likely to be an indication of increased listing numbers in lower price brackets suited to first home buyers, where many agents are reporting particularly strong activity levels. SQM’s data shows that Melbourne’s current median house price is $955,600 for houses, which compares with the peak figure from April 2018 of $1,008,000.
If you are still considering taking advantage of the current market imbalance by selling before Christmas, it is important that you get some experienced and objective advice on how best to approach that goal. So why not give the helpful Customer Service team at Ian Reid Vendor Advocates a call today on 1300 400 400.
You’ll also find lots of tips on how to maximise your result in our free booklet, “Fatal Real Estate Traps Exposed”.