How to make the most of the 'buyer's market' in Victoria
According to Deloitte Access Economics’ latest business outlook, Melbourne house prices are now falling by over $1,000 a week. Sure, that means us real estate agents have our work cut out for us, but it also indicates a window of opportunity opening for potential purchasers as statistics reveal we have entered a buyer’s market.
What is a buyer’s market?
But what does this mean? The term is used to describe a property market in which buyers have more power than sellers, therefore giving buyers the upper hand when negotiating the final sale price of a home or investment. So, as a buyer, how should you make the most of this market shift?
The simple answer is to get yourself out there. Just this week Victoria has topped CommSec’s State of the States growth report for a second quarter, showing Victoria’s economy is still booming – so buyers’ bargains will be snapped up quickly by the increasing population. You have to be in it to win it!
How to sell in a buyer’s market
Meanwhile, sellers should look to make the most of hockingstuart’s expertise in marketing, social media and local networks by working with an agent who work to secure the best price for a property week in and week out – as seen by our agents’ 100% clearance rates on The Block this past weekend!
At the end of the day, the market sways back and forth. So, for now, it’s all about getting out there, forming a plan with an agent making the most of the opportunity while it’s there.