micro market require experienced advice

Micro-markets require experienced advice

You may have seen some media commentary recently talking about a slight easing in property values in Melbourne during the first part of this year.

What you may not be aware of is that there is actually quite a bit of variation in property price movements, depending on which area of Melbourne you are looking at.

We all know that housing markets can be sensitive to movements in interest rates. What those of us who have been involved in property for a long time know is that some specific areas tend to be more sensitive to change than others. It’s a trend that the Reserve Bank published a report on in 2020. That report confirmed that as a general rule of thumb, more expensive suburbs tend to be more sensitive to changes in credit conditions.

A recent article on this topic from Corelogic pointed out that higher income households tend to hold more housing debt to income. This is why the upper end of the market tends to more sensitive to changes in interest rates or lending requirements.

This disparity between different micro-markets around Melbourne is one of the reasons that obtaining experienced, objective advice is so important whether you are buying, selling or both. Whether you are trying to pick an area where vendors may be more motivated to sell, wanting to gain increased insights into a market by understanding the details behind the statistics, or simply keen to understand what is happening in your own local market, the advice of your Advocate from Ian Reid can make a substantial difference to your property dealings.

So if you are thinking about making your next move in the Victorian property market, you can make sure you are doing so in the most positive way having a confidential chat with one of the team at Ian Reid Buyer and Vendor Advocates by calling 9430 0000 this week.