The Victorian property market has started the annual Spring selling season very much in the same way that it finished off the Winter, with underlying demand producing excellent results for many vendors.
Stock levels currently remain low and, as we have reported in recent Updates, this shortage of supply is forcing many buyers to compete even harder in order to secure their chosen home. As a result, we are seeing some exceptional results for some sellers when they adopt the right approach to preparing and marketing their property.
The outlook for the Season ahead of us looks fairly positive, with confidence among buyers being boosted by two important factors. Firstly, the decision by the Reserve Bank to leave official interest rates on hold for the past three months in a row has increased expectations among many Australians that we may have seen that last of the interest rates increases that began back in May 2022. This is encouraging an increasing number of people to move ahead with the property plans that they put on hold when interest rates were rising on a monthly basis.
Secondly, the latest data from Corelogic’s Home Value Index at the end of August recorded its sixth monthly rise in a row. This means that residential properties have now increased in value by 4.9% nationally over the past six months, which is further confirmation of the underlying confidence in the overall property market.
With the warmer weather now making the whole house-hunting experience a more enjoyable one, we expect to see buyer activity increasing even further from the step up in activity we have seen over the past few weeks.
As we pointed out in last month’s Update, Spring is known as the peak selling season for the Victorian market for a reason. However, it is also the time of year when timing your run is critical, as the right plan can enable you to sell when the demand vs supply equation is stacked in your favour as a seller, then to buy when that same equation swings back in your favour as a buyer. It all comes down to having the right advice and strategy in place from Day One.
With this in mind, if you are considering taking your next step in your property journey before the end of 2023, whether buying, selling or both, I would urge you to give our team at Ian Reid Buyer and Vendor Advocates a call in the next week or so on 9430 0000.
This will give you time to get an objective assessment of how to plan your move in a way that maximises your result as well as minimising stress along the way.
We look forward to being of assistance.