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Advice , Market Wrap

That's a Wrap for 2018!

With 2018 now coming to a close, we look forward to 2019 and anticipate the real estate market will start with positivity. There is a 6 week break of no new properties coming on to the market over the Christmas / New Year period which creates pent up demand from buyers who missed out on buying the year before coupled with the new buyers entering the market in February who’ve made their “new year’s resolution” to buy a home. Further to this, Interest rates have been announced on hold yet again. All of these factors will create some frenetic results in the market place in February which will have a big influence on consumer confidence well into 2019  

Some stand out results for our office over 2018 have been;

2 St Edmonds Road, Prahran - Sold for $2,500,000 - $500,000 over reserve – only 140sqm of land

8 Rose Street, Armadale - Undisclosed in excess of $2,300,000 – 3 bedroom house

1/29B Hampden Road, Armadale - Sold for $1,160,000 – Record for a 2 bedroom apartment with no outdoor space

This weekend is the last major weekend of auctions before the Christmas / New Year period - The market will start to see new properties again just after Australia day and we will start to see our first auction campaigns fall under the hammer on the 16th and 23rd of February 2019. Easter is later than normal next year and there is a 4 week gap between the Labour day weekend and Easter long weekend. Many owners are also utilising this four week clear run for an auction campaign. If you are planning for a 2019 upgrade or sale, best to get in touch with us now to plan out the best dates so as to not fall into any public holidays and to allow enough time to get your property in tip top shape for sale.

Advice , Market Wrap