After over two decades of helping Victorians to achieve better results when buying and selling real estate, I have to say that the market conditions we are currently experiencing are unlike anything we’ve seen before.
It’s not that the Victorian market is breaking records, (either positively or negatively), it’s just that the current conditions are incredibly segmented, both from one area to the next and from one property type to the next.
There is now a shifting sense of confidence in the longer-term outlook for the economy, with everyone knowing that the next move in official interest rates being downward even though we’re not 100% sure when that will occur. With a growing number of Victorians looking ahead to 2025 with an expectation that property prices are likely to rise, we are seeing more buyers becoming increasingly keen to secure their next property as soon as possible.
The early rush of new listings that hit the market in early Spring has now eased, so from a purchasers’ perspective the initial impression that there was no need to rush has now changed to the extent that some buyers are beginning to show a few signs of “FOMO”, (fear of missing out). As a result, we are seeing increasing signs that the wheel is definitely turning but, as I mentioned above, not in every area or price range.
From the vendors’ perspective, the decision on whether to make your next move sooner rather than later will depend very largely on what type of property you are selling and where it is located. There are two critical factors that you will need answers to…the timing of your sale, and the method of sale. For some, there are still opportunities to sell before the end of the year, although time is obviously limited if this is the course you want to follow!
Make no mistake, there will be some sellers who MUST sell prior to Christmas, whether for financial reasons or to complete a recent purchase, but this will be challenging for those in areas where buyer demand is more muted. Others may be more inclined to wait for the new year to arrive but will need to be careful not to miss the opportunities that will arise early in some pockets of our state.
With all these varied factors in mind, I would strongly recommend that you start weighing up your options and obtaining experienced and objective advice now, so that you are ideally placed to put a plan together with confidence and certainty.
Remember, our team at Ian Reid Buyer and Vendor Advocates is just a phone call away, and ready to assist you in turning your ideas into realities. Feel free to give us a call this week on 9430 0000.
In the meantime, I wish you well as we approach this busy time of year.
Best wishes,
Ben Reid
02/18/2025 
