A memorable year comes to a close
There’s no doubt that 2023 has been a memorable year for the local property market in Melbourne’s northern corridor, but it’s nice to think that most local residents are now focusing on celebrating the festive season with family and friends.
As you may have seen during the week, our office has now closed for a short break, and my team are now enjoying some down time as they recharge their batteries for the year to come. However, it’s only a short break, as we’ll be back on deck to assist you with all your property needs when our office reopens for business from 9am on Wednesday January 3rd.
For those locals making property-related plans for 2024, I’m pleased to say that the outlook is seems quite positive. As you may have seen in our social media feeds, 2023 was a year that finished strongly for property sales, with the Barry Plant Group recording more than 770 properties sold in November alone. We also offered over 900 properties for rent in the same period, so activity levels were certainly strong in the latter part of the year.
Looking towards the new year, history has taught us that the start of each year tends to be a very positive time to have your property on the market. Not only do you all those frustrated buyers who missed out in the final weeks of last year, (and we met lots of them in the final few weeks of 2023), but they are normally joined by a group of fresh buyers each year who decide over the holiday season that they are ready to put their plans for their next move into action.
When you add in the seasonal shortage of new listings hitting the market, it’s easy to see why so many sellers in January/February achieve better than average results.
Of course, this year has an extra bonus…recent forecasts from economists suggest that they are expecting the outlook on interest rates to become more positive as we get into the new year. Whilst it’s difficult to forecast when rates will start coming down, it seems likely that last year’s focus on interest rate rises will become more of a discussion about “when they’ll start coming down” the further the year progresses.
So as I wish you all the best for the festive season, I would like to remind you that all of us at Barry Plant Thomastown are here to advise and assist you with all of your property needs. If you have any questions or need help with the best ways to turn your hopes into reality in 2024, don’t hesitate to give us a call from January 3rd onwards on 9466 3233.
Regards,
Con Constantinou
Barry Plant Thomastown