We saw an interesting contrast in the Herald-Sun this Saturday, (May 2nd), in the article by Samantha Landy pictured above which appeared on page 15. If you only read the headlines, you probably would have assumed that the Melbourne property had undergone a massive crash. However, if you took the time to move past the headline, you’ll have discovered that the news is not all that bad at all. Indeed, the figures on the Melbourne property market are far more positive than most forecasters would have had us believe!
For example, in a market where everyone was expecting an easing of property prices due to the impact of the coronavirus and social isolation, the latest figures from Corelogic are suggesting that dwelling prices in Melbourne only fell by 0.3% in April. This follows hot on the heels of a slight increase in March of 0.4%. You read that right, 0.3% and 0.4%...not 3% or 4%, less than half a percent. Hardly an earth-shattering change, is it?
Look even further into the numbers and they look even better for our part of Melbourne. Whilst the upper end of the market dropped by 0.8% in April, it turns out that the lower and middle priced market actually inched higher last month. Yes, higher!
Overall, it is worth remembering that Melbourne’s median price in April was still 12.4% higher than it was this time last year. Has there been a decrease in buyer activity? Absolutely. But there has also been a drop in available properties, with Corelogic saying that new listings are down by around 35% on the same time last year, so the numbers are tending to balance out.
The fact is, as we’ve saying in these posts for quite some time now, there are still a lot of people who are keen to purchase right now, as they clearly feel they may never get an opportunity to buy with less competition again.
So if you are thinking of taking advantage of the current conditions to make your next move in the property market, you can call on the team at Barry Plant Thomastown for experienced and in-depth advice, (not just the headlines), at any time. Give us a call on 9466 3233.
Barry Plant Thomastown