Latest data shows increase in buyer confidence

ME Bank began tracking the levels of confidence in the property market early in 2019, and their latest report makes interesting reading. Their survey of buyer confidence in January this year was released in their latest Property Sentiment Report, and the numbers make an interesting contrast when compared with the survey they conducted in the 2nd quarter of 2019, when the correction in the property market was just becoming clear.

The report found that:

• Overall sentiment towards the property market had increased to a 21% nett positive rating, up from 7%;
• 55% of respondents expected property prices to rise over the next year, up from 38%;
• 51% of first home buyers planned to purchase in the next 12 months, up from 38%; and
• 46% said there was not enough choice available in the current market… (no surprises there!).

The contrasts were even more clear where the local property market was concerned, with Victorians more confident of price increases than other state. 67% of Victorian respondents said they were confident that property prices would go up, which was up by 10 percentage points on the response in the last quarter of 2019, and a huge increase of 34 percentage points from the 2nd quarter of 2019.

Interestingly, expectations of price increases were recorded across all types of respondents, including owner occupiers, first home buyers and investors.

The important message for home owners in Melbourne’s inner north is that whilst the growing signs of buyer confidence are good news if you’re considering selling in 2020, it is still crucial to get experienced advice from someone who knows the local market intimately if you want to fully maximize your result.

So, if you would like a confidential discussion on how to achieve a truly exceptional sales result in the current climate, you can call our team at Barry Plant Preston and Northcote any time.