Ask anyone who is looking for their next home in the current market and there is one theme that seems to be mentioned no matter where you’re looking or what you wish to spend…the current shortage of available property for sale.
As we have mentioned regularly in our radio spots recently, one of the reasons for this ongoing shortage is the increased number of vendors who are choosing to sell ‘off-market’ at the moment. However, we saw figures recently from Domain that confirmed that the volume of new listings varies enormously depending on which are of Melbourne you are looking.
We are beginning to see some signs of increased confidence in the market as the coronavirus restrictions are slowly being eased. For example, Domain has reported that listing numbers have increased by more than 50 per cent over the past month in some of the outer suburbs. In contrast many middle ring suburbs experienced a lift of closer to 10 per cent from mid-May to mid-June, whilst market closer to the CBD has seen almost no increase at all.
One clear sign is that the eastern side of town has seen a larger increase in listing activity than the west. Municipalities like Boroondara, Whitehorse, Manningham, Knox and Maroondah all experienced a lift in the past month.
The word we are hearing from a number of agents in this area is that vendors are becoming more confident about the long-term viability of the property market, which is good news for property values overall.
Of course, the variations in activity between are one more good reason to ensure that you get experienced and objective advice before you make any final decisions on making a move in 2020.
So, if you are currently weighing up your options, be sure to give the team at Ian Reid Buyer and Vendor Advocates a call on 9430 0000. You’ll also find lots of helpful tips on the property market in our free booklet, “Fatal Real Estate Traps Exposed”.