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Good news for buyers AND sellers

It’s been another positive week for the property market around Melbourne, with some news emerging that would have pleased both the sellers and the buyers we’ve been dealing with around the City of Hume.

Firstly, if you’re a seller, or you’re planning on becoming one in the next month or so, the statistics our group published on the back page of the Realestate lift-out in Saturday’s Herald-Sun would have provided further reassurance about the level of buyer demand in the market right now. If you missed it, our network of agents was able to achieve sales or settlements on over 2000 properties during August and September, despite the tight restrictions at the time.

Of course, the recent data from the REIV showing just how well prices have been holding up through the worst of the pandemic would have provided plenty of confidence as well.

For buyers, or anyone considering taking out a home loan in the near future, there have also been signs recently that the Reserve Bank is looking like reducing official interest rates even further, perhaps as soon as their next meeting in November. In fact, the economic forecasters at the Commonwealth Bank and the NAB have both recently predicted that we will see a rate cut from 0.25 to 0.1 per cent on November 3.

Of course, a rate cut of this size won’t make a huge impact on most home loan repayments, but a little extra cash in the household budget won’t do any harm either.

The other positive news for buyers is that we are continuing to see some terrific new listings hitting the market, and whilst the level of competition between buyers means that you need to be quick when you see something that interests you, any new opportunities are good news in such a tight market. If you’d like to see what our team at Barry Plant Gladstone Park has available for your inspection, you can VIEW OUR CURRENT LISTINGS HERE.

As I mentioned last week, time is going to become critical very shortly if you want to make your move in 2020, so don’t hesitate to give our team a call this on 9330 1088 if you’d like to discuss your options. Alternatively, you can call me directly on 0418 889 678.

Cheers,

Nick Pugliese – Director

Barry Plant Real Estate

Gladstone Park