Rapid changes across the market as spring selling heats up
Pent up demand makes for a positive outlook
Many factors are contributing in creating this positive environment – from the low interest rate environment to the APRA changes – but one of the key drivers is the “pent up demand from homebuyers” as Wood says.
“There is a definite ‘fear of missing out’ amongst buyers out there in the market right now,” shares Wood, adding, “People are hungry and we’re really seeing this play out at auction.” This is particularly true for Woods who experienced a bumper auction in early September with a sale in Albert Park that smashed the reserve.
But more than just a sentiment, the demand is now also being reflected in the numbers. The latest Hedonic Home Value Index from CoreLogic reports Melbourne house values have risen 1.3 per cent, and units 1.5 per cent in the last month. This is the biggest monthly increase we've seen since mid-2017 – an incredibly positive sign for
All signs point upwards
Add into the mix that Melbourne has had an average auction clearance rate above 70 per cent for four weeks straight (domain.com.au), collectively that means we’ve got one of the most positive housing markets of recent times.
If you’re planning on selling your home pre-Christmas, now is the time to be on the market.