Latest numbers good news for vendors
Isn’t it interesting the way our daily lives seem to be increasingly impacted by statistics in recent months? If the daily release of the coronavirus numbers is low, it seems like everyone has an extra spring in their step knowing that the light at the end of the tunnel seems just a little brighter. Of course, when the number is higher than hoped, the opposite seems to happen. So, the fact that the numbers have been trending downward in recent weeks certainly seems to have given everyone some added optimism
The good news that I want to share this week is that the daily pandemic numbers and the improving weather are not the only reasons for local homeowners to be feeling more positive than we were in the middle of the winter.
In case you missed it, the analysts at Corelogic have released some new property price data that should provide confidence for anyone considering making a move before the end of this year. Their latest figures show just how resilient the Melbourne property market is, particularly when you contrast them with some of the ‘doom and gloom’ we were reading from a few commentators earlier this year.
Yes, property prices have fallen - the August Housing Price report from Corelogic says that house prices across Australia were down last month, but the size of the fall during August was just 0.4%. In fact, the decrease in property values in the three months from June to August was just 1.7%. That’s a much stronger result than many people would have expected in such uncertain times.
At a more local level, it was no surprise to see that the Melbourne property market experienced the biggest drop of all of the capital cities given our harsher lockdown conditions. Yet despite the tough challenges, Corelogic reported that the drop in Melbourne property prices over the same quarter was just 3.5% after a drop of 1.2% in August.
The statistic that will surprise most people comes when we take a longer-term look at property prices. Despite a year that has presented so many challenges, including some that we have never faced before as a community, Melbourne’s median property price is still 5.9% higher than it was at this time last year. No, that’s not a typo, prices are higher!
Data like this confirms how strong the foundations of the Victorian property market are, which should give anyone thinking of moving this Spring a bit of extra confidence. All we need now is for the Victorian Government to enable buyers and tenants to undertake safe individual property inspections…hopefully that won’t be too far away.
In the meantime, if you’d like to have a chat about getting your property ‘market-ready’ in time for the launch of this year’s abbreviated Spring market, you can give the team at Barry Plant Thomastown a call anytime on 9466 3233, or contact me directly on 0418 331 741.
We look forward to being of assistance.
Cheers,
Con Constantinou
Barry Plant Thomastown