The first steps towards easing the social distancing restrictions coming into effect on Tuesday evening, there is no doubt that most Victorians have enjoyed the opportunity to get out and about this weekend. This was particularly apparent with the decision to allow Open Houses again, albeit with limited numbers of attendees), and our team at Barry Plant Frankston recorded good inspection numbers at all of this week’s Open Houses.
One of the topics that seems to be on the minds of several buyers we spoke to are the huge variations in property price forecasts that have been appearing in the media recently. We have seen predictions from various “experts” that ranged from expectations of further price rises to the inevitable predictions of doom and gloom that seem to surface whenever our economy faces a challenge.
The thing about forecasting property prices that we all need to keep in mind is that anyone can make forecasts without any having to back them up later, and no-one has a crystal ball that actually works! In fact, there were people who were predicting massive price drops as recently as this time last year…and look how that turned out!
From our perspective, the most accurate way to look at the property market is to view the statistics that show what is actually happening, rather than what someone thinks could happen. For example, sales data from Corelogic shows that Frankston’s average sale price rose by 1.1% last month, Seaford’s values rose by a similar 1.4%, whilst Frankston South recorded a slight drop of 0.8%. Whilst monthly figures like these tend to bounce around a little, the overall picture is one of stability, and certainly not one of huge changes either way. And isn’t that the way we all like it?
The most important ‘statistic’ of all if you’re planning on buying or selling real estate at the moment is that experienced advice and local knowledge can make all the difference to your result. So, no matter what your plans may look like, feel free to talk them over with one of the team at Barry Plant Frankston. You can call us any time on 9781 3100.
Directors – Barry Plant Real Estate
Frankston & Cranbourne