1 February 2020
Welcome back to the 2020 Melbourne property market.
It was the first solid weekend of inspections and, despite the weather, which was anything but predictable, expectations didn’t sway, with a continuation from where we concluded in 2019 – low stock, plenty of people out at inspections and not enough of the right houses to choose from.
Compared with 12 months ago, agents on the weekend had a spring in their step, with the knowledge that the number of buyers looking exceeds the stock, providing a level of confidence that their properties will sell on auction day if vendor expectations are fair. The mood and vibe was definitely up-beat.
Among the available stock, there are a few treasures that will no doubt be highly fought over. For a number of these properties, vendors have chosen not to auction their homes, deciding to sell via private sale, expression of interest and even extra quietly off-market (direct agent connection to very qualified buyers, no blast emails or texts to the mass database).
One could ask why someone might want to sell quietly when the stock is low and they have an in-demand product?
There are many reasons, including: a number of vendors don’t have the time or inclination to prepare for a public campaign, some don’t want their private lives on display and some don’t want their neighbours/family/friends to know they are selling. Advertising, too, is costly.
With increasing global uncertainty posed by events such as the coronavirus, Brexit and the Hong Kong unrest, we may see even more families wanting to return or migrate to Australia and, more specifically, Melbourne, as it offers a safe place to raise a family. This adds to the increased demand for the limited homes available.
All the signs suggest that buying is going to get harder, not easier, at least in the short term.
It may be necessary to consider greater compromises if wanting to buy within certain suburbs or within specific distances to amenities. It could be equally important to wait and not rush in to buy what’s there, just because that’s all there is available. Why not think about buying a B-grader that can turn into an A-grader?
Having the right information and advice at hand to make a good decision is becoming more prudent to successfully navigate the Melbourne property market. With fewer opportunities, missing a potentially suitable one is likely to be taxing both financially and emotionally.
Get in touch with an experienced buyers advocate melbourne to get yourself one step ahead of the competition.
Contact us to get started today.
Some of the better properties currently for sale via EOI; an architect’s view
179 Were Street Brighton – Ben Vieth / Andrew Campbell, Marshall White
16 View Street Hawthorn – Hamish Tostevin / Chris Barrett, Marshall White
- Period home, 3 bedrooms, very central, approx. 390sqm, circa $1.5m – Elsternwick
- Two storey terrace, 3 beds, 3 baths, approx. 267sqm, early $3m – St Kilda
- Approx 835sqm land with permits for 2 townhouses, circa $2.4m – Sandringham
- Original Californian Bungalow extended over time, around $2m – Hampton
- New home site, approx. 635sqm, north rear, circa $1.75m – Black Rock
- Brick period home, north rear, dated renovations, high $2m – Hampton