More good news for local homebuyers
There is little doubt that one of the biggest issues for homebuyers in Melbourne generally, and certainly in our part of the northern suburbs over the past six to nine months, has been the overall shortage of new property listings hitting the market.
With so many motivated buyers trying to secure a home, and so few opportunities available, the local property market has seen a very high level of competition between buyers, forcing them to make higher offers in order to have any hope of buying a property. Great news for sellers of course, but tough if you’re a home buyer.
However, the latest statistics on the property market may be indicating that there is some light at the end of the tunnel for home buyers around the country. It seems that Melbourne’s homeowners have begun to respond to the rebound in property prices that began in the middle of 2019, and are starting to list more properties for sale in 2020.
Data released this week by SQM Research suggests that 8435 new listings hit the market across Melbourne in January. This number is well up on the 5611 new listings that were recorded in January 2019. Total listing numbers in January were also up by 2.7 per cent from December 2019.
However, before you start opening the celebratory champagne, keep in mind that the number of TOTAL listings, as opposed to new ones, was still 12.3 per cent lower than the same time a year ago, die mainly to the number of homebuyers snapping up whatever stock was available, even many of the properties that had been on the market for an extended period.
It is also worth keeping in mind that some of the suburbs where the largest numbers of new listings were recorded were on the outer fringes of Melbourne, where the release of new house and land packages can make a big impact on the statistics.
Here at Barry Plant Thomastown, we have certainly been impressed with the quality of the properties that have been listed with our office since the start of the year. If you’d like to see why, you view them by going direct to OUR CURRENT PROPERTIES FOR SALE.
Of course, if you would like any assistance or advice in finding the property that best meets your needs and priorities as a homebuyer, feel free to give our experienced team a call this week on 9466 3233.
Best wishes,
Con Constantinou
Barry Plant Thomastown