Market News

We recently achieved a company record by selling 41 properties in just 7 days. The momentum from our extremely successful spring campaign is still apparent, even as we head towards 2010. The holiday period is the perfect time to prepare for a big result in the new year. We'll be keeping our offices open throughout the holiday season to ensure you get a head start on the property market this summer.  

MEDIAN HOUSE PRICE GROWTH IS GREAT NEWS FOR HOME OWNERS AND DEVELOPERS

The median house price rose $30,000 to $480,000 in the last quarter (data released by REIV in September). But explaining why involves several factors.

Prices in recent times have been unpredictable and incomparable to recent years because stock is low. When a home is listed for sale there are twice as many buyers interested in it – this Spring there has been a slight influx of properties for sale, however, this could hardly be called a glut. There is still a very high demand for homes and despite the Spring flush, there are less homes than buyers. Supply and demand is the key to the ebb and flow of real estate in Melbourne.

A low number of properties on the market forces eager buyers to pay a premium for houses they may have previously been willing to surpass. With no guarantee that another suitable property will appear on the market

Vendors have held back from selling during 2009 for various reasons, resulting in a lack of stock for sale. Those who have decided to sell have reaped the reward and enjoyed inflated sale prices.

With the State and Federal Governments failing to move on the lack of affordable housing it can only mean opportunity for savvy developers.