property prices

Property prices defy gloomy forecasts

The past week or so has provided Melbourne residents with some positive statistics from a variety of sources. Not only is the number of new Covid cases trending downward at a pleasing rate, but several key economic indicators have come in at better than expected levels too.

What many people may not have spotted is that the latest property price data from Corelogic has provided some good news for homeowners across Melbourne as well, particularly those that may have been concerned by some of the negative predictions that have been popping up in the media recently.

The August Housing Price report from Corelogic found that house prices across Australia fell last month, which is hardly a surprise given the current state of the economy due to the pandemic. However, the national home value index only recorded a fall of 0.4% in August, and a total fall of 1.7% over the three months from June, which seems a very gentle decline given the circumstances.

Of course, the Melbourne market has been hit harder due to the tighter restrictions of the Stage 4 lockdown, but despite this Corelogic found that the total fall in the Melbourne market over the same quarter was just 3.5% after a drop of 1.2% in August.

For those with a longer-term view of market activity, the property price data is even more impressive. Despite the challenges that 2020 has brought to bear, Melbourne’s median property price is still 5.9% higher than at the same time last year. That’s a vastly different result to the doom and gloom forecasts we were seeing when the pandemic first began to impact on consumer confidence back in the first few months of the year, isn’t it!

Perhaps the most important statistic of all if you are considering selling in the Spring market this year is that no matter what the overall market statistics are saying, getting a strong sales result on your own property is far more likely when you have an experienced advisor by your side throughout the selling process. So why not give the team at Ian Reid a call to discuss your options on 9430 0000 today?

You’ll also find plenty of helpful suggestions for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”.