With the temperatures across Victoria becoming less wintery in recent weeks, we are now at a point where both buyers and sellers will be turning their attention to the traditional peak season for property sales that Spring provides each year.
Whilst there have been signs that the ongoing shortage of new property listings has eased over the past few months, I think it’s fair to say that the quality of many of these new listings has not been at a standard that many home buyers might have hoped. The increased volume of ex-rental stock being offered for sale that we were reporting earlier in the year is still a factor at the moment, impacting on the number of sales overall and the median prices achieved in some areas.
Overall, buyer competition for better quality listings remains strong in many areas. Our team of Vendor Advocates has been able to assist our clients to achieve some very satisfying sales results, and we expect this to continue as we head into the Spring of 2024.
The outlook on official interest rates remains unclear, although the signs remain more positive for mortgage holders. Whilst there is some debate about whether we may see a reduction by the Reserve Bank before Christmas, or that move may have to wait until 2025, the general consensus at this point is that the next move on the cash rate will be downward rather than upward, (as seemed more likely earlier this year).
As regular readers of our newsletters will know, Spring is a season that can provide huge opportunities for home sellers, but it is a season that requires more focus on timing than any other time of year. Early Spring is the time when buyer activity steps up each year but is often met with a shortage of supply until the pendulum starts to swing in late October. Once that happens, we normally expect to see a significant increase in the number of new listings hitting the market, meaning that competition will start to be more of a concern to sellers rather than buyers.
Keep in mind that the coming months will bring a higher number of potential distractions to your marketing campaign. Not only do we have school holidays to consider, but we also have long weekends in September and November linked to the AFL Grand Final weekend and the Spring Racing Carnival.
From a buyer’s perspective, if you are keeping a close eye on the various real estate portals for any new listings, be aware that nowadays an increasing number of new listings are not hitting the internet until they have explored a quiet ‘off-market’ approach beforehand.
If you’d like to know more about the ways you can get first access to these properties before they reach the general market, I’d recommend having a chat to one of our Buyer Advocates this week. You might be surprised at just how many homes are changing hands across the state each week using this approach.
To avoid being one of the many Victorians who may well be saying “if only” later this year, don’t hesitate to get in touch with the team at Ian Reid Buyer and Vendor Advocates by giving us a call on 9430 0000.
Best wishes,
Ben Reid
09/24/2024 
