A few weeks on from the federal election and with an interest rate cut thrown in for good measure, it seems that there is some confidence returning to the Melbourne real estate market.
Agents I’ve been speaking to have said that they’re seeing more hands going up at auction, with clearance rates lifting and some properties performing well. It’s still a case by case basis, regarding which suburb we are looking at, the type of house and probably most tellingly, the price point. Homes under $1M and particularly homes in the first home buyer bracket appear to be fairing the best. But preliminary indications are that there is more buyer confidence out there overall.
I’ve been out and about hunting for homes for clients around Preston, Coburg & Reservoir and certainly those areas appear to be a sweet spot on price right now for buyer activity. Two auctions I attended had five and three bidders respectively. Late last year and early into 2019 agents were lucky to see one auction bid, and often there were zero bidders. Both these homes sold above the quoted guide price as well.
Another home in Reservoir I inspected was a typical three bedroom family home, with just the one owner and held for many years. It was now being sold with very little having been done to the home and some major updates required and significant cracking inside the home. This home was quoted with a top range of $730K. It sold for $854K. Agents have reported Reservoir prices are moving up and this movement has happened in just the past few weeks.
With many experts out there still saying we are in for a long period of, if not still seeing prices fall, then seeing prices remaining flat, it will be interesting to watch what happens in the second half of 2019. I’m seeing pockets in Melbourne suburbs where this is most certainly not the case.
It clearly shows that it pays to intimately know the market you’re looking to buy into, or working with someone that does.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
Copyright 2019 | All Rights Reserved
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.wendychamberlain.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.