Spring Real Estate Market Update
Now that the election is well and truly over bar the shouting, (let’s face it, the shouting never really stops in Canberra), it seems we are now looking at a clear run through to the end of the year for Melbourne’s property market. The immediate outlook is one of ongoing strong demand and, whilst we are seeing a little more activity on the listing side recently, an ongoing shortage of available property for the buyers to choose from.
It was interesting to read during the week that the ANZ Bank is forecasting another cut to official interest rates before the end of this year, which would certainly be good news for home buyers and owners. However, I have to say that it is unlikely to add to what is already a highly competitive market for the buyers at the moment.
We saw this competitive market at work today, with another 100% auction success rate achieved for our clients. Both of our auctions in Niddrie and Airport West were successfully sold for very pleasing prices, and we’re seeing lots of activity on our future auctions and private sales as well.
We also experienced some very strong turn-outs by buyers at our Open Houses, with some buyers literally lining up to inspect the limited number of properties that are currently available.
All I can do is remind you of what I have said in previous posts…please don’t be one of the aspiring sellers who will inevitably reach the end of this year and be wishing that they’d acted sooner to put their property on the market.
Those who are selling now are enjoying the benefits of excess demand and limited supply, often achieving results that are exceeding their expectations. There are no guarantees that this will still be the case as we round the bend in the shadows of the Christmas finishing line!