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What will 2019 bring in real estate?

Real estate & property news
26 January 2019
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After a number of years of unprecedented double-digit growth, the Melbourne property market is undergoing a much-anticipated price correction driven mainly by a credit squeeze as a result of the Royal Commission. This is not a housing price collapse. With so much sensationalised media commentary, it’s important to look at what’s really been going on in our local areas and evaluate how that might affect your future goals.

The municipalities of Manningham, Whitehorse, Nillumbik and Banyule are highly desirable locations and are still as popular as they have ever been with families, retirees, young couples and investors. In fact, more buyers are looking at these areas as somewhere they can secure good family homes or investment opportunities with real growth potential, particularly as, even with the drop in values, they have been priced out of the inner suburbs.

In the latter part of last year buyers were holding back, thinking the prices would continue to fall, however this year, we have found that they are back out house-hunting. We are seeing more buyers at our open for inspections than were attending in December. Our January sales have been encouraging with 20 sales in 20 days! Our 75 office network (which sells more Victorian homes than any other real estate group) is an important part of our success, with the group-wide collaboration referring more and more buyers looking for properties in Manningham, Whitehorse, Nillumbik and Banyule.

Industry experts expect the market to stabilise in the second half of the year after the recommendations of the Royal Commission are handed down and a Federal election is out of the way. Victoria is really well placed with good economic indicators and program of infrastructure that will create a lot of jobs. Migration into Victoria is very high and drives a constant demand for housing. In fact, Melbourne is expected to become Australia’s biggest city in the next decade helping to keep sustained growth in property prices over the long term.

We have seen many cycles in the real estate market and in each downturn it was still possible to achieve good prices. To get these results you need a well-presented home, an agent who can put together a well-targeted, clever marketing campaign, has access to a comprehensive database of interested buyers and who finally, is a great negotiator.

Finally, it’s important to realise that as an asset that delivers good growth, property should always be viewed over the long term.

Sales from our team this week include:

  • 20 Hotham Street, Templestowe Lower sold for $900,000
  • 13 Peter Street, Doncaster East sold for $975,000
  • 4 Rosine Court, Doncaster sold
  • 44 Hotham Street, Templestowe Lower sold for $695,000
  • 296-298 Jumping Creek Road, Warrandyte sold for $950,000
  • 1 Kathleen Grove, Bulleen sold for $1,445,000

Currently under offer:

  • 34 Chippewa Avenue, Donvale
  • 1 Howard Court, Doncaster
  • 20 Rye Street, Mitcham
  • 38 Second Avenue, Box Hill North
  • 2/58 Melissa Street, Donvale
Real estate & property news
26 January 2019
Save Article

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