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Confidence continues to grow

If you’re a regular reader of these weekly Updates you’ll know that we don’t put too much faith in the predictions of individual forecasters, particularly where future movements in property prices are concerned.

However, it’s worth noting that the growing confidence that we have been reporting among homebuyers in the City of Moonee Valley seems to be quite widespread. Indeed, we’ve even seen signs of it in the latest forecasts from some fairly conservative economic commentators lately.

One example of this growing confidence was the decision by NAB to revise their near-term forecasts for capitol city housing prices across Australia. This key member of ‘The Big 4’ lifted their prediction for prices in 2023, tipping a rise of 8 per cent, which is a substantial increase on their previous forecast of 4.7 per cent growth this year. The NAB also tipped a further rise of 5 per cent in 2024, making their expectation a combined growth of 13 per cent over the two year period. Importantly, this forecast was made despite the growing expectation of another interest rate rise before Christmas.

In updating their forecast, the Chief Economist at NAB, Alan Oster, mentioned the ongoing shortage of available property listings as a key factor, noting that property prices "continue to be supported by a significant supply-demand imbalance", despite rising rates and reduced borrowing power.

This situation continues to drive activity at a local level. Recent offers generated by our team in recent days have included:

  • A low maintenance three-bedroom home in Avondale Heights,
  • A modern apartment in Essendon,
  • Two separate apartments in Maribyrnong,
  • A centrally positioned flat in Moonee Ponds, and
  • A three-bedroom home in Niddrie,

However, if you’re keen to join the many property owners in the City of Moonee Valley who are enjoying strong Spring sales results, the clock is ticking so I would recommend that you give us a call at Barry Plant Moonee Valley during the week on 9373 0000.

Regards,

Bill Karp

Director – Barry Plant Real Estate

Essendon, Keilor East & Gladstone Park

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