I have to say that I am feeling positive about the year ahead for the property market in the City of Moonee Valley and surrounding areas, particularly given that if the past year has taught us anything about the Melbourne property market, it’s that it is remarkably resilient.

If anyone had told us at this time last year that 2023 would bring a further five increases to official interest rates, (after eight jumps in 2022), along with the obvious cost of living challenges that so many of us have dealt with during the year, most people would have adopted a fairly pessimistic outlook at that time. Yet here we are having seen property prices recording slow but steady growth over the past twelve months.

As I have pointed out before, much of this growth has been due to the ongoing shortage of properties for sale across Victoria, resulting in some serious competition between buyers for the available stock, particularly the better quality homes in all areas and price ranges. What is important to remember as we look ahead is that there are no signs that this shortage of stock for sale is going to ease in 2024. Certainly not in the early part of the year at least.

The outlook on interest rates is also changing, with the conversation topic of “how high interest rates will go” set to become “how soon interest rates will start dropping again” the further we get into the new year.

With this in mind, we believe that there are lots of reasons for optimism for anyone planning on making a move in 2024, particularly those who want to ‘seize the day’ by getting their own property on the market early in January.

So if you would like to discuss your options, our team at Barry Plant Moonee Valley will be back on deck from January 3rd, so don’t hesitate to give us a call on 9319 1700.

In the meantime, enjoy your celebrations and stay safe.

Cheers,

Bill Karp

Director – Barry Plant Real Estate

Keilor East, Essendon & Gladstone Park