I am pleased to report that, as we suggested in our last Update, the arrival of Autumn has seen the first signs of a lift in confidence within the Victorian property market.
The cut to official interest rates by the Reserve Bank last month has been matched by increased positivity among most homebuyers. Not only have we seen a rise in the number of buyers actively attending Open Houses and making offers, but feedback from a number of agents around the state suggests that property investors have also returned to the market in larger numbers.
Whilst the impact of this upturn is still in its early stages, it was significant that both Corelogic and PropTrack reported a slight increase in Australia’s median house values in February, with Melbourne’s price increases being among the strongest in the nation.
Whilst it is still too early to talk about a widespread trend, our team has achieved a handful of sales results over the past month that clearly exceeded expectations. Several sales reached prices that were more than $100,000 above what was expected. Obviously, these are not occurring in every case, but when a property has been well set up for the market, we are seeing more results that are finishing on the upside than those at the lower end of price hopes.
This dynamic is being reinforced by a slowing in the flow of new listings hitting the market. Given that we are not anticipating an increase in supply in the next few months, the current market conditions have opened the door for homeowners who may wish to make their move before we hit the colder months of Winter.
For those who are looking at buying, the recent signs of price rises are important. Putting it simply, if you’ve been waiting for a sign before making your move, that sign is here.
Of course, if you are one of the many whose plan is to buy and sell at the same time, our recent results have shown that the right advice and guidance can easily make a difference of $100,000 or more on EACH side of the transaction. So be sure to have a chat with one of our team before you make a potentially expensive misstep.
Remember, if you are thinking of making the most of the favorable Autumn market, our team at Ian Reid Buyer and Vendor Advocates are always available to provide assistance and up-to-date advice, so don’t hesitate to give us a call on 9430 0000.
Regards,
Ben Reid
03/28/2025 
