Market Update February 2024

Market Update: February 2024

Author: Ben Reid - Manager VAA

This month’s Update comes at an opportune time for many Victorian property owners, as the current state-of-play in our local market is presenting several favorable factors for those who are keen to make a move in 2024…but more about that shortly.

If you’ve been out and about looking at Open Houses recently, you’ll probably already be aware that there has been a clear increase in buyer numbers in many areas since the start of the new year. Our Vendor Advocates have been recording as many as 60 or more groups of buyers inspecting some listings in the space of two weeks.

Overall, demand is still exceeding the supply of new property listings, generating a great deal of frustration for some buyers, but some fairly competitive negotiations working to the advantage of a few sellers.

We are still noticing the impact of former rental stock being offered for sale, which is diluting the quality of properties for sale in some pockets of Melbourne. However, this is helping those vendors with superior homes stand out further in the market, which is a plus for those involved.

When you add in the growing confidence among Victorians on the outlook for interest rates, it’s not hard to see why we feel that conditions for vendors will remain quite stable for at least the short term. We are expecting in March that we will see continued growth in buyer activity, so the outlook for anyone selling between now and Easter seems decidedly favorable. The only thing to keep in mind is that time is getting tight if you’d like to take advantage of this situation.

If you are not quite ready to hit the market yet, and are targeting a sale after Easter, then the most important thing you can do now is to put a plan in place around this timing to ensure you don’t miss the boat.

Key sources like the Commonwealth Bank are forecasting that official interest rates will be cut two or three times before the end of this year, with a further cuts in 2025. So, the smart buyers and sellers, especially those upgrading or investing, who want to avoid increased competition would be well advised to consider making their move before the first of the rate cuts is announced.

As we often remind people in times like these, the greatest asset you can have when buying, selling or both is experienced advice from a trusted, independent advisor. So, if you’d like to have a chat with one of the team from Ian Reid Buyer and Vendor Advocates, feel free to give us a call this week on 9430 0000.

Best wishes,

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