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The countdown has already begun
Barry Plant Essendon-Niddrie-Keilor East  |  30 September 2017  |  Category: Market Update

The countdown has already begun

Firstly, let me begin this week’s Update with my congratulations to all those Richmond supporters who are currently celebrating a memorable win. The good news for the Crows among us is that you can look forward to next season with a great deal of confidence.

Speaking of seasons, it’s fair to say that many Melbourne residents will probably feel like Spring has only just begun. After all, it was only a few weeks ago that we were shivering as we got out of bed each morning, right?

However, if you’re considering making a move in the property market this year, you need to be looking forward not backward. In fact, if you take a look at your calendar you’ll realise that there are now just 8 WEEKENDS LEFT IN SPRING…and that’s a very important number if you want to sell this year.

With the Grand Final and school holidays now behind us, the property market looks set for a relatively distraction-free run to the end of the year, (apart from a horse race or two of course). So, here’s a quick summary of where the current market sits:

  • Right now, there are far more buyers than there are homes available;
  • This is producing strong competition between buyers, and pushing prices up;
  • The Barry Plant team in Moonee Valley, along with many of our colleagues in the Barry Plant network, have been achieving weekly auction success rates as high as 100% recently;
  • Some vendors have been exceeding their reserve prices by 10 to 20%, sometimes more;
  • Daylight Savings starts this week, giving buyers even more opportunities to go house-hunting; and
  • Most commentators are not expecting any interest rate increases until next year, making this an ideal time to sell.

Of course, by selling in the next two months, you will be ideally placed to settle during the January holiday period – a more relaxed move and an easier transfer between schools (if required).

If your plans include selling in 2017, there really is a limited window of opportunity for you to achieve this goal. So, if you need any help in getting your property ‘market-ready’, or you want some experienced advice on how to get your timing absolutely right, don’t hesitate to contact us for assistance. We are always happy to help.

Cheers,

Bill Karp

Director – Barry Plant Real Estate

Keilor East, Essendon & Niddrie

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