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Market Wrap

Lack of supply is pushing up demand in the market

Tides are turning

As many headlines can attest, the housing market is picking back up. This is good news for homeowners, and also good news for those that have been waiting to put their property on the market. At hockingstuart, we have been seeing this supply and demand trend first hand in the past weeks as auctions and open for inspections continue to draw in crowds of eager buyers. 

From the Caulfield office, “A property in Caulfield South had over 100 groups through an open for inspection in just one weekend, and with the auction scheduled in a few weeks we are anticipating a large turnout, and a great result for our client.” The Armadale office reports that: “our office had 53 groups come through two inspections for a one-bedroom apartment in Toorak. The property sold before auction for well more than the vendors wildest expectations and they were staggered with the result.” In Balwyn, a two-bedroom, one-bathroom villa had “more than 90 people come through, and six bidders eagerly competing at auction. It sold setting a new record in the area for a home that size."

How is supply and demand playing a role?

These kinds of results are in large part due to supply and demand. “Right now there is limited housing stock available, but there are plenty of buyers out there,” says Caulfield’s hockingstuart Director Marshall Rushford. Adding, “The outcome of this means that we’re seeing a swell of people turning up for auctions and OFIs, which often means a good result for the vendor.”

If you’ve been waiting for the market to shift before selling, now is the time to get your home in front of a keen audience. Reach out to your local hockingstuart office today.