Market Update: November 2023

Market Update: November 2023

Author: Ben Reid - Manager VAA

With the official end of the Spring season upon us, we can now look back over what is traditionally the peak selling season in the Victorian property market and assess how the reality met expectations in 2023.

I think it’s fair to say that by any objective measure, the Spring of 2023 never really got into top gear. Whilst we recorded a few ‘Super Saturdays’ along the way, the total volume of sales over the past three months rarely rose above steady, and certainly did not reach the levels that history would have suggested.

This has left quite a few Victorian homeowners with a clear question in their minds…should we sell now, or wait for the new year? For some, there is still time to obtain a good sale before the end of the year, but only where your property and circumstances are appropriate. For others, the end of the year is now just too close, so you’d be well advised to begin preparing for a sale early in 2024.

We are currently seeing signs of decreased consistency in today’s market. This is fairly typical for this time of year, and the last increase in official interest rates hasn’t helped. However, our team has still been able to assist our vendors in achieving some excellent results. We expect an increase in private sale and off-market campaigns targeting database buyers to become more common over the next few months, so our expertise in these categories should see continued pleasing results despite the disruption of the festive season.

For buyers, the increase in the number of off-market listings should present some exciting opportunities over the December-January period. It seems likely that there will be some sellers who will be under pressure to achieve a result over this period, particularly those who have purchased recently, so buyers can look forward to finding some appealing value in the market as our Buyer Advocates have the experience to know exactly where to look.

As is so often the case, the difference between a very average result in your property dealings, and a result that genuinely puts a spring in your step, is the quality of the advice you receive and the experience behind the guidance you receive.

With this in mind, the team at Ian Reid Buyer and Vendor Advocates are ready and able to assist you in all your property dealings, so don’t hesitate to give us a call on 9430 0000.

In the meantime, I hope the weather gods are kind to you as we move into the coming Summer.

Regards,

Ben Reid

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