March property update

Market Update: March

The changeover from Summer to Autumn is now behind us, which means we are now able to make some informed judgements about how the Autumn property market is performing across Victoria.

The news for homebuyers has been mixed. Stock levels are clearly down on the same period last year, so the ongoing shortage of available property for sale has restricted many buyers’ choices. However, we have also noticed an increase in overall confidence among buyers, particularly once they have dealt with the additional delays associated with obtaining loan approvals from the Banks. Many of them seem to have come to terms with the adjusted values in today’s market, and have realised that the media’s predictions of ‘doom and gloom’ may have been somewhat overstated.

From a vendor’s perspective, the reduced number of available properties has meant that competition between buyers is producing some competitive auctions. Auction clearance rates have remained steady, if not spectacular, and prices in some areas of Melbourne appear to have levelled out. We are now in a market where the majority of sales results are predictable, whilst occasional results are still producing an unexpected upside.

With the Federal election ahead of us, vendors will inevitably have to contend with the fall-out from the scare-mongering that always accompanies the lead-up to the poll. History has taught us that this almost always impacts buyer confidence. But for now, the first home buyer market is producing impressive results and there’s renewed enthusiasm from some top-end buyers. Our advice to anyone considering selling in 2019 is take advantage of the current certainty in the market, as the future is still very unclear.

I also wanted to mention one other opportunity that the current market conditions have provided. With an increasing number of home owners needing the extensive knowledge and objective advice that our Advocates are renowned for, we are currently looking for an additional Vendor Advocate to join the team. So, if you know of an outstanding real estate professional who possesses the skills our clients value so highly, feel free to ask them to give us a call. We’d love to have a chat.

Of course, as is always the case, if you have any questions or concerns about the current property market, or you have a friend or family member who is considering making a move, feel free to give us a call at any time.

Best wishes,

Ben Reid