Weekly Market Wrap – a spring in Melbourne’s doorstep
Spring has sprung in Victoria’s property market, with the winter’s hot market setting a promising precedent for the peak selling season.
Overall auction numbers were up by 24 percent over winter compared to last year, with 936 homes going under the hammer in the last weekend of August. This was a six percent increase on the same weekend in 2016.
Healthy stock levels are set to continue for spring – hockingstuart currently has a total of 275 auctions for September, a 9% increase on listings from the same month last year.
Buyer demand is also not expected to falter. Homes on the lower end of the market will continue to see increased competition from first home buyers following stamp duty changes introduced in July, particularly in the outer suburbs such as Epping and Point Cook where medians remain under $700,000.
Spring will also see more larger dwellings on the market as empty nesters see the hot market as a prime opportunity to cash in on their family homes.
If you’re looking to buy, with amble listings available it’s the perfect time to be selective with your choice – research as many properties as possible before shortlisting your favourites and attending OFIs and auctions.