By Anthony Webb
With an increasingly competitive property market pushing people further out of the city, we are seeing buyers compete for properties in central suburbs with the same level of heat as those inner-city suburbs.
Suburbs such as Box Hill North, Burwood and Bulleen are offering buyers increasingly affordable property prices, whilst still remaining situated within desirable proximity from the city and public transportation options.
Another drawcard for homebuyers looking to purchase in these locations is the ultra-low interest rates on offer, which are giving buyers absolute confidence when entering the property market.
It is an extremely exciting time for vendors, with record-breaking prices coming through during the last few weeks. However, whilst vendors are currently confident that they will secure a great result, many are facing the reality that they may have to pay a large amount for a new property. This is causing people to take their time when re-entering the property market once they have sold their previous home.
Whilst the market may appear to be booming from the outset, in reality, it is just prices that are booming. The fantastic results we are currently seeing are due to a lack of stock, which is one of the main factors driving prices up. Another factor is intense demand from buyers driven by low interest rates and government grants, including those which allow buyers to take advantage of a temporary stamp duty waiver on homes worth up to $1million.
With more properties expected to hit the market over the next few weeks, now could be the time to consider putting your house on the market late this autumn or early this winter to take advantage of what is traditionally a quieter period before the spring rush.