No wonder people are feeling positive
The positive news on Melbourne’s property just keeps on coming at the moment, and it is clearly having an impact on the home buyers and sellers in the inner-North. There’s no mistaking the positive vibes we’re seeing from so many of the people we are currently talking to, and you’ve only got to look through the newspapers to understand why these buyers are feeling so positive.
A prime example was the article by Samantha Landy (pictured) in this week’s Realestate liftout in the Herald-Sun. Headed “A stock shortage is tipped to drive up prices again”, the lead article in the property section pointed out that Melbourne’s auction clearance rate soared back into the 70s last week, with lots of active buyers being forced to compete in a market where a shortage of available property is causing real frustration.
Ms Landy pointed out that CoreLogic returned a preliminary 74 per cent clearance rate last week, which was the highest clearance rate since the Australia day weekend in 2018…18 months ago!
Of course, if you flicked through the pages of ‘The Age’ on Saturday, you’d have seen an article on page 4 headed “Cash rate could fall to zero in RBA bid to boost economy”. This article said:
“The latest Scope survey for The Age shows most analysts believe the RBA, which meets on Tuesday, has at least one more rate cut on top of the two it delivered in June and July….Following the June quarter inflation result, markets have marked down the chances of a cut at the RBA board’s meeting on August 6 but still believe the official cash rate will be 0.75 per cent by year’s end. A further cut, to just 0.5 per cent, is priced in by the middle of 2020.”
It’s not hard to see why anyone planning on making a move in the property market is feeling positive about the immediate outlook, is it?!
The important thing to keep in mind is that there are no guarantees that this recent flow of positive news will continue beyond the immediate future. So if you are considering a move yourself, and want to ‘strike while the iron is hot’, you can call on our experience and expertise at any time by calling Barry Plant Preston and Northcote.
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