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Advice , Market Wrap

Is Q1 2019 the best time to buy and sell in Melbourne’s property market?

With the new year underway, many buyers and sellers will be wondering how to start 2019 on the right foot. And while most auctions don’t hit the market until February, given the current state of the Melbourne property market the first quarter of 2019 could still be the best time to buy and sell.

Why January could be the best time to buy and sell a home

Why? Well, historically, there are fewer houses on the market in January, so sellers are already well positioned to make the most of less competition. The last Melbourne auction weekend of 2018 saw a strong clearance rate of 48 per cent, so it just goes to show that buyer appetite is there and that they’re aware there’s great value to be had right now. However, this could change later in the year due to several reasons.

What could happen in the coming months?

For example, with 2019 likely to bring more certainty to the market as the results of the Royal Banking commission and the federal election are revealed, prices may start to rise. Policy changes to capital gains and negative gearing, plus potentially restored confidence in the market, will impact homeowners and investors respectively.

How does it expand to the wider Victorian property market?

While there are some trends that will be true throughout the state, there is a big push to incentivise moving to regional areas – including the $20,000 regional first home owners grant – which could help to strengthen the wider Victorian property market throughout the year.

What does that mean for you?

So, if you’re selling, the best deal of the year could be available to you right now before these changes take effect, and you should speak to an agent to gauge buyer sentiment in your area. Buyers meanwhile should make sure they’re aware of all properties available to them, including in ‘bridesmaid’ suburbs where big savings could be made by looking one suburb over.

 

Advice , Market Wrap