Moonee Valley real estate market update: Sunshine and Big Crowds
The combination of a sunny Autumn day, the scent of ‘democracy sausages’ in the air (and a noticeable step up in confidence among many of the buyers we have been talking to) all contributed to making this week’s Market Update a very positive one indeed. It is interesting to note that in a changing market, buyers seem to be viewing the opportunities available in a positive light. There seems to be a consensus among most of them that the Banks are far more open to lending on housing than they were three month
What is more important, particularly on an election weekend when Australians were asked to make some decision about the possibility of change, is to remember that we are in a market that is constantly changing. As John F Kennedy once said, “Change is the law of life. And those who look only to the past or present are certain to miss the future.”
Just take a look at some of the biggest changes we have seen in the last year alone:
- PROPERTY VALUES HAVE CHANGED…But not by as much as many people expected. For example, recent data from the REIV indicates that Melbourne’s median property price fell by just 0.6% in the year to March 2019. Other data sources have put that number at 4%, others are higher still. The one fact we can be sure of is that the price adjustment depends very much on the type of property you own, and where it is located.
- INTEREST RATE EXPECTATIONS HAVE CHANGED. This time last year, economic forecasters were talking about WHEN, (not if), interest rates would go UP. Now nearly all of them are wondering when they will go DOWN…perhaps as early as next month? This has certainly changed the thinking of most home buyers.
- EVEN FIRST HOME BUYERS HAVE CHANGED. Recently published figures show that since July 2018 there have been as many first home buyers aged 40-plus in Victoria as there were under 25. In fact, there were several hundred aged over 60!
So, in this week’s Market Update, we thought it was important to point out that in an ever-changing property market, you need a strategy and marketing advice that is based on what’s happening in today’s market, not yesterdays. It was this experience that played a key role in achieving such a satisfying sale on the 2-bedroom apartment in Essendon pictured.
So, before you make any final decisions on your sale, be sure to talk with the people who are achieving the results that everyone else is talking about by calling the Barry Plant Moonee Valley team on 03 9373 0000.