Welcome to our first update of the Spring of 2024, and it comes at an interesting point for the Victorian property market.
Normally at this time of year we are talking about the transition from a Winter market, where stock shortages have been making life hard for aspiring buyers, to a fresh season where a rush of new listings onto the market brightens everyone’s outlook.
This year has been a little different, however, as stock levels were unseasonably elevated through most of Winter, resulting in a more balanced market as we entered September. This has meant whilst buyers are enjoying having a few more options to consider, sellers are needing to address a market that is slightly more inconsistent and quite segmented.
For example, properties in lower price brackets are benefitting from increased activity from first home buyers and, in some areas, investors. The percentage of overall mortgage lending approvals going to market entrants was actually up over Winter, confirming that those trying to get their foot in the door of the property market are persisting despite the delay in the Reserve Bank bringing official interest rates down. The fact that downsizers and property investors have also been active at the same end of the price spectrum has meant that a number of sellers have enjoyed very pleasing results recently.
In contrast, there are some pockets of our State that are finding it more difficult to achieve reliable sales results, with sale prices reflecting this uncertainty in some cases.
Make no mistake, good results are still happening. However, agents are having to work much harder to achieve them and there are no ‘one size fits all’ solutions out there. This has made agent selection even more important than usual. Every property and situation is different, requiring careful analysis of the specific market and detailed planning to ensure that every base is covered prior to launching a property onto the market.
As we move forward through the Spring there will inevitably be a ‘sugar hit’ where sellers will enjoy the benefits of competitive buyer interest. The important thing to remember is that this period may be shorter than the traditional Spring frenzy, so anyone thinking of selling before the end of the year would be well advised not to leave it too late to get the wheels in motion, particularly with the requirement for such careful planning and preparation.
For buyers, one of the key factors to be aware of is being able to ‘sort the wheat from the chaff’ when weighing up purchase preferences. There are some fantastic buying opportunities in this current marketplace and with the benefit of experienced and objective advice from our Buyer Advocates you will be best placed to secure the best value options.
Remember, whether you are buying, selling or both, your trusted team of advisors at Ian Reid Buyer and Vendor Advocates is just a phone call away, so don’t hesitate to get in touch when you’re ready on 9430 0000.
Best wishes,
Ben Reid
09/24/2024 
