Spring is often associated with cleaning – the idea being that as the sun starts to shine through the windows and warm the house (and the bones) it’s time to make everything sparkle.
This Spring might be the time to ‘clean up’ in the real estate market.
It’s no secret that the Melbourne property market has been ‘cold’, or at least cooling, as it has followed the national trend of lower house prices.
The Real Estate Institute of Victoria is hopeful of a ‘bounce back’ this Spring as around 12,000 homes go to auction throughout the state.
While this is down from the number listed in 2017 (over 13,800), this year’s cooler market, as well as the incentives being offered to first home buyers, “will make this spring the best chance purchasers will have to get into the market in years,” according to REIV president Richard Simpson.
Given the current state of the market – Melbourne’s lowest clearance rate since December 2012 – it is probably the most opportune time to get into the market in the last five years. A cooling market is generally a buyer’s market – sellers will need to accept the fact that the market is not the same as it was last Spring.
St Kilda East, Glen Huntly, Mulgrave and Wantirna are predicted to be auction hot spots this spring. The REIV also predict that the suburbs of Doreen, Mernda, Roxburgh Park, Sunbury and Wyndham Vale will offer “opportunities for buyers”. Doreen especially offers possibilities, with median house prices at $605,000*
Accrue Real Estate have years of experience in the Melbourne property market and can help you make property decisions to suit your financial goals. Spring’s the perfect time to get in touch with them and turn your property dreams into reality.
*www.realestate.com.au; price last updated August 20th, 2018