Property Sales For 2019
The attention-grabbing headlines around Australia’s falling property prices fail to take into consideration another key factor. Property fluctuations are common in real estate and after several years of skyrocketing growth, the market is now levelling back out. This means we are currently experiencing a housing market correction, not a crash.
Domain data highlights the soaring growth that has dominated the property sector, showing that Melbourne’s elite inner-east suburbs saw as much as 144 per cent growth from 2012 to 2017. This level of exponential growth has been unprecedented and has naturally slowed down over the past 12 months.
Other factors within the marketplace point to a more positive outlook, including data from a recent report confirming that median sales prices increased between 2017 to 2018 in some areas of Melbourne, only heightened by positive reports of clearance rate across Glen Eira which achieved an exceptional 77% over 28 auctions held in the last weekend of December 2018.
Adding to the insight around a market correction, Steve Mickenbecker, Canstar’s group executive of financial services, shared in the Domain Price Report that existing homeowners should not be overly concerned by price falls, as they will reverse in time as the market corrects.
A slow market can be disconcerting to potential sellers, however, the right advice and the right agent can make all the difference. So, if you’re looking to make a move this year contact us at hockingstuart Glen Eira and gain insight into your specific area and needs. n