Each and every week as real estate agents we get asked our opinions on economic indicators, political decisions, and interest rate fluctuations and how they will affect the real estate market. This week, the news centered around the Reserve Bank’s decision to replace their Governor, Philip Lowe, with his deputy, Michele Bullock.

The reality is that this decision on its own is unlikely to have even the slightest effect on our market. In fact, most isolated individual decisions will change real estate markets very little. What these subtle changes do, in combination, is affect market confidence.

Confidence is kind of an all-encompassing term that largely governs the sentiment, attitude, or mood towards buying and/or selling real estate. This is often heavily influenced by the mass media as that is where the bulk of us are getting our economic information. If the media are telling us that the market is booming, then there is a rush of buyers at opens and auctions that week. If the news is bad, then buyers will hold back.

So, as a buyer, what should I do?

I believe it is best to look at your own situation. No point worrying about high unemployment if your job is rock solid or interest rates if you don’t require a loan. Look at your own circumstances and determine whether you have the ability to comfortably enter the market. And don’t wait until the media tell you to buy because by then, prices have already risen 5-10%. Get in ahead of the pack!

On the ground, indicators like auction clearances and attendees at opens have been strong since the start of the year. In Melbourne, median prices have risen every month of the year so far.

So, our best advice to buyers who have the capacity to enter the market now is to “Buy real estate and then wait…. Don’t wait to buy real estate!”

Please see below our impressive sales for the week!

• 32 Baird Street South, Doncaster sold for $2,150,000
• 8 Dobell Drive, Eltham sold for $1,740,000
• 7 Austin Street, Mitcham sold for $1,560,000
• 3/27-29 Kenilworth Parade, Ivanhoe sold for $1,538,000
• 6 Kent Court, Doncaster East sold for $1,480,000
• 1/12 Clive Street, Mitcham sold for $1,450,000
• 59 Malabar Crescent, Eltham sold for $1,250,000
• 5 Marshall Avenue, Montmorency sold for $1,190,000
• 30 Betula Avenue, Nunawading sold for $1,130,000
• 3/2 Old Lower Plenty Road, Viewbank sold for $1,005,000
• 28 Cascades View, Yallambie sold for $942,000
• 3/25-27 Deep Creek Road, Mitcham sold for $912,000
• 8 Wanbanna Avenue, Greensborough sold for $910,000
• 144-146 Manningham Road, Bulleen sold for $875,000
• 1200 Main Road, Eltham sold for $850,000
• 3/3 Firth Street, Doncaster sold for $705,000
• 7/10 Broad Gully Road, Diamond Creek sold for $700,000
• 8/787 Elgar Road, Doncaster sold for $680,000
• 1/8 Buttler Street, Kilsyth sold for $675,000

Currently under offer and will be sold soon:

• 2A Sergeant Street, Blackburn
• 3 Roslyn Court, Eltham North
• 9 Tyalla Close, Lower Plenty
• 26 Lynette Avenue, Warrandyte
• G11/832 Doncaster Road, Doncaster
• 13A Roymar Court, Wonga Park
• 7/36 Mitchell Street, Doncaster East
• 63 The Boulevarde, Doncaster
• 2/4 Williams Street, Ringwood
• 2/10 Station Street, Fairfield
• 2/314A Reynolds Road, Donvale
• 4 Cottonwood Court, Templestowe
• 7 Park Hill Way, Doncaster
• 79 Jolimont Road, Forest Hill
• 1/136 Parker Street, Templestowe
• 1/22 River Street, Briar Hill

Spiro Drossos

Managing Director

Barry Plant Eastern Group