Easter - an opportunity to pause and review
With most of Melbourne enjoying a timely break this week, particularly those who are able to link the Easter long weekend with the Anzac Day holiday, I thought this would be an ideal opportunity to take a step back and review what has been happening in the local property market so far this year.
On a positive note, whilst many people across Melbourne had some concerns about property values at the start of the year, (particularly given the bumpy ride we had in 2018 as the market tried to find its feet in the midst of the expected correction), property prices in the City of Hume have generally held up fairly well.
Yes, the overall Melbourne market has experienced a correction, but given the unsustainable rate of growth we were seeing over the past few years this should have come as a surprise to no-one. For local home owners, however, the continuing strength of the first home buyer market has helped to sustain the market up to $600,000. Furthermore, a growing awareness among second and third home buyers of the exceptional value that the upper end of the market in our area offers, gives our market a real edge over other areas of Melbourne with the same close proximity to the CBD.
The positive feel to the property market has been even more evident over the six weeks leading up to Easter. Most vendors have now come to terms with the revised market pricing structure, whilst buyers seem to be more confident about the long-term outlook for the market. With the Banks starting to loosen the reins a bit on mortgage lending, we are seeing strong attendances at Open Houses, multiple interest in properties becoming more common, with most vendors meeting or exceeding their price expectations.
Indeed, our team was proud to be able to set some new local price records in 2019, including a new record price in the Greenvale Gardens Estate; the first of the original Gladstone Park homes to top the $700,000-mark; and some ground-breaking results in the acre market too.
Looking ahead, I expect the next month or so to be a very positive one for buyers, with some terrific new listings set to hit the market soon. We may experience some turbulence as we get closer to the Federal election, but this should only be a short-term bump. The growing possibility of a further cut to official interest rates could also give the market a boost during the coming Winter.
With all this in mind, the key piece of advice I would give anyone who is spending their Easter considering selling is to get experienced, objective advice before you finalise your plans. With the right timing and strategy, you should be able to approach this task with confidence. So don’t hesitate to give the team at Barry Plant Gladstone Park a call on 03 9330 1088.