tips on a rising market

The right advice in a rising market

The latest numbers from Corelogic are in and they have confirmed that despite all the challenges arising from multiple lockdowns, the Victorian property market is continuing to rise in value.

In fact, the data to the end of June which was released last week by Corelogic showed that property values have now reached record levels in almost every capital city across the country.

Here in Melbourne, house values rose by another 1.8 per cent in June, (or close to $22,000), despite the start of the month being impacted by our latest lockdown. The city’s median house price is now sitting at a record $929,769, which reflects an increase of 11.4 per cent during the first six months of 2021.

As you may have seen reported in the media in recent days, this means that Melbourne’s median house price is now less that 8 per cent below the $1 million mark, and if the rising market continues it could reach that point before the end of the year.

One of the key contributors to these rising prices is the ongoing shortage of property available for sale. The latest figures we’ve seen indicated that that the advertised stock levels in June were more than 24 per cent below the five-year average.

What do these numbers mean if you’re currently trying to find and buy your next home? Simply that you need every assistance possible in order to find the right property, (particularly when it comes to accessing the off-market opportunities that many members of the public never get to hear about), and then negotiating in order to get it at the right price in these competitive times.

On both counts, having an experienced and objective Advocate by your side throughout the buying process can make all the difference.

Why not give the team at Ian Reid Buyer and Vendor Advocates a call this week on 9430 0000 to talk about your options? If you have a property to sell as part of this transaction, you’ll also find lots of helpful insights for property sellers in our free booklet, “Fatal Real Estate Traps Exposed”