Big finish to 2019 a good sign for 2020
If you are one of the many homeowners in the City of Hume who are looking ahead at 2020 and weighing up whether it’s the right time to sell and take your next step in the property market, you might get a pretty good indication of what to expect from the property market early in the new year by looking at what happened in the last month of 2019.
Obviously, making predictions about the future movements of the property market is never an exact science. You’ve only got to look back to this time last year to see how many “experts” were predicting doom and gloom for real estate prices, and we all know how that turned out. In fact, if you check the figures, you’ll find that Melbourne’s median house price finished higher at the end of the year, and that came on top of an uncertain start to 2019.
If you look closely at the auction statistics for December, you’ll find that Melbourne maintained a clearance rate of better than 70% right through the month, including those auctions conducted on the weekend just before Christmas. In fact, this rate stayed above 70% for 27 consecutive weeks in the second half of the year. This is a remarkably consistent number when you consider that in December 2018, that rate was in the 40’s, whilst the average rate in the first six months of 2019 was 58%.
It is also worth remembering that the team at Barry Plant Gladstone Park was responsible for several sales that set new price records this year, reaffirming the strong buyer demand for property in our area.
So what does this mean for those locals considering selling in 2020? From our perspective, there is definitely an opportunity for sellers, particularly those that get their property on the market early in the new year. Firstly, there substantial numbers of buyers who missed out in November/December and are keen to buy as soon as possible. Secondly, the festive season is a common time for people to make new plans for the coming year, including making the decision to move to a new home. This will see a new group of buyers entering the market after the holiday period to add to the competition.
The key to securing an outstanding sale early in the year is a little preparation and a carefully targeted campaign. If you need any advice or assistance, our office will reopen on Monday January 6th or you can call one of our team on their mobile number if you’d like a chat this week.
We look forward to making a difference to your property dealings in 2020.
Regards,
Nick Pugliese – Director
Barry Plant Real Estate
Gladstone Park