The year so far in the inner-north

The good news local property owners, particularly those considering making a move in the foreseeable future, is that we have seen a definite upturn in activity over the past two months or so. It seems that this has been due to a number of different factors, but one clear driver has been the loosening of the reins by the Banks on lending for housing. Whilst many buyers were finding it tough to get approvals in a timely manner while the Royal Commission into the Banks was still running, it seems that the lenders have begun doing what lenders are supposed to do, and that means lending funds.

Another change in the market is that whilst three months ago most buyers and vendors were still coming to terms with the adjustment of property values across Melbourne following years of unsustainable growth, we are now seeing a market where vendors and buyers are more in alignment.

Of course, more people are also coming to understand that any price movements in the market tend to affect the property they are buying as well as the one they are selling, so the old rule about ‘swings and roundabouts’ applies.

That’s not to say that exceptional sales results are not possible, as our team at Barry Plant Inner North has been able to achieve some remarkable results in 2019. It’s also been pleasing to see that the upcoming Federal election hasn’t affected buyer confidence yet, so whilst we may see the inevitable scaremongering having a momentary impact as we get closer to May 18th, we are expecting the market to continue to show the positive trend once the poll is over.

When you add in the growing number of economists who are forecasting further reductions to official interest rates before the end of this year, there is every possibility that the property market in the inner-north will see a positive second half of 2019.

Don’t forget, if you need any advice or assistance in making the most of current market conditions, don’t hesitate to give our team a call.