For the first time in longer than we’d care to think about, home buyers will be heading out across Melbourne this weekend with Open Houses and on-site Auctions on their agenda. Whilst access to these events will still be restricted to those who are fully vaccinated, it’s fair to say that the property market is slowly but surely returning to some degree of “normality”, whatever that is!
In fact, if you look at the latest quarterly data from the REIV you will see that despite all the hurdles that the pandemic has placed in front of homebuyers and sellers, Victoria’s residential median property prices have consistently been breaking records for the past four quarters in a row. Remarkably, after six per cent growth in the September quarter alone, Melbourne now has 173 suburbs with a median house price of at least $1 million.
Importantly for those readers outside the metropolitan area, it’s worth noting that regional Victoria has recorded an annual growth rate of 22.8 per cent for houses and 18.8 per cent for units. This is the highest annual growth rate for over a decade.
It all sounds like positive news for anyone planning on selling, right? Well, yes and no. Yes, because there is tremendous buyer demand right now, but the downside is that time is becoming a critical element for anyone planning on selling in 2021.
One look at your calendar will confirm that there are now just eight auction weekends left before the Christmas break, so if you’ve been waiting for the market to return to more familiar conditions, now is the time to act…and you won’t want to leave it too long.
The market has certainly been booming, but we expect to see increased stock levels as we move into November, so it’s vital that you put the right strategy in place to achieve an outstanding result in what is left of the year.
Don’t forget that Ian Reid Vendor Advocates are ideally placed to guide you through every step of the process to ensure you get the highest price, and our assistance costs you NOTHING extra.
To find out more, give us a call on 9430 0000, and don’t forget to download your free copy of our booklet, “Fatal Real Estate Traps Exposed”, while you’re here.