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Market Wrap

The signs that show now is the time to have a spring fling

Last week, the Australian Bureau of Statistics (ABS) confirmed that Melbourne’s housing market boom is indeed slowing down, with new data illustrating that prices fell 0.8% from March to June 2018. Bad news? Not necessarily.

While the current market seems to be placing the ball in the court of buyers - not sellers - this spring, auctions are still delivering strong results for vendors. In fact, September saw Melbourne’s biggest auction weekend in four months, with results more like those witnessed in 2017.

With that said, if you’ve been thinking of buying, the signs are there that you should. Young couples and families especially should not be afraid to get themselves out there and make the most of this opportunity to break in to the property market. With increased affordability and government incentives for first-home buyers - the market advantage has not been this great since 2013. 

Vendors meanwhile, should consider the benefits of auctions versus private sales in the current landscape and be realistic about their reserve price. In this market, serious leads are highly likely, but buyers won’t contest a vendor with unrealistic expectations.

So, it’s not all bad news, and a cooler market can make winners of both buyers and sellers when the hammer falls.

Market Wrap