November property market report

Market Update: November

Right now, there are literally thousands of home owners across the State who are trying to decide whether now is the right time to sell. That may seem odd given the strength of the Victorian property market in recent years, but the fact is that good timing is an integral part of a successful sales result, and we are now approaching a point in time where there are some key decisions to be made regarding the timing of your sale.

Anyone considering a property sale at the moment has two viable options to consider. Do you put your property on the market right now, with the aim of achieving a sale over the next four to five weeks, or is it better to hold off launching your marketing campaign until after the Christmas/New Year break?

It is important to remember that any decisions about the timing of your sale will also be affected by the location of your property. There are some areas of Victoria where the property market is particularly active over the holiday period, including many coastal areas such as the Mornington and Bellarine Peninsulas.

For most suburbs across Victoria, stock levels have sat below average throughout the spring selling period, which gives us confidence that strong buyer demand will be sustained right up to the Christmas break. This should mean a continuation of favourable selling conditions for the remainder of this year. Having said that we are advising most vendors to shorten their advertising campaigns to three weeks to increase buyer urgency on their listing, as well as prevent getting too close to the holiday period.

If you have already purchased your next home, you are probably keen to achieve a sale as soon as possible to avoid additional costs like bridging finance. If this is the case, you can still take action with a great level of certainty that your ideal outcome will be achieved.

However, if your sale is not so time critical, your decision will more likely to come down to personal preferences. Even though we expect stable market conditions, history shows that sellers at this time of year are very likely to have increased competition from a late rush of vendors who are trying to achieve the same goal. This is where selling early in the New Year provides an advantage that can’t be enjoyed now, as selling early January/February often means having less competition from other sellers. delaying your sale will also allow you more time to prepare your property if it is not quite ‘market-ready.

While we don’t expect the market to drop off significantly any time soon, none of us can be 100% sure what the property market will look like in 2018, particularly where consumer confidence and interest rates are concerned. As we mentioned in last month’s Update, there are signs that the strong market conditions that we have experienced over the past few years have begun to soften in recent months. However, all the recent data suggests that the Melbourne market is outperforming the rest of the country, and still growing, albeit at a slower rate.

So, if you are considering making a move in the foreseeable future, the most important step you can take right now is to talk to one of our highly experienced Vendor Advocates. That way you can be sure that you have the right timing for your situation and your local market. So, don’t hesitate to give us a call for some obligation-free advice.

We look forward to talking with you soon.

Best wishes,

Ben Reid

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