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Has the tide already begun to turn?

Real estate & property news
01 April 2023
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It might seem a little premature to be talking about a rebound in property p[rices just yet, but there is no doubt that a growing number of market indicators are beginning to suggest that the market has at least begun to level out after the impact of all the interest rate rises.

For example, it hasn’t received mu media coverage, but PropTrack’s monthly Hope Price Index for Melbourne has risen slightly for the past two months in a row…yes you read that correctly.

Whilst the increases are not big, the fact that this key market indicator rose by 0.12 per cent in March, hot on the heels of a rise of 0.2 per cent in February, certainly suggests that the slight price correction we have experienced since the middle of 2022 may have reached an end.

Eleanor Creagh, who is an economist at PropTrack, was quoted this week as saying, “If the Reserve Bank pauses rate rises this month or in May, it is likely that this bottoming process will continue and the bounce in home prices will firm and values will continue to stabilise.”

We also saw a quote from Terry Ryder this week, a well-known property commentator and founder of the Hotspotting property newsletter, saying “…I would expect Melbourne to actually improve as 2023 unfolds. I would suspect we’ll look back and say that this was the bottom for Melbourne.”

Here at Barry Plant Gladstone Park we’re still seeing solid demand from buyers in all price ranges in the City of Hume, as was apparent in the recent sale of a substantial four-bedroom home in Westfield Boulevard, Westmeadows (pictured). This eye-catching home boasted excellent views from its elevated position near Ripplebrook Reserve and generated strong inquiry levels from upgrading local families before the contracts were inked during the week, well before the scheduled post-Easter auction.

With Easter set to provide a brief easing of activity in the local property market next week, this week might be an ideal time to reassess your plans and goals for 2023. With this in mind, if you’d like an update on how much your property could achieve in the current market, why not give the team at Barry Plant Gladstone Park a call this week on 9330 1088.


Bill Karp - Director

Barry Plant Real Estate

Gladstone Park

Real estate & property news
01 April 2023
Save Article

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