📊 AUGUST 2024 Real Estate Update: A house is worth what someone is prepared to pay
How did the real estate market wrap up the last month of winter in postcode 3977?
While we are seeing a consistent level of new listings coming to market, there were only 91 sales reported in the last month of Winter which is down 32% on August 2023 with the median house price sitting 3.5% up at $740,105.
Does this mean that YOUR home has increased by 3.5%?
Maybe… but not necessarily - some have perhaps even lost a little rather than gained value and this is leaving so many homeowners and buyers scratching their heads.
A house is worth what someone is prepared to pay… and like everything there will be cycles of what is trending in popularity… and this can vary depending on where the property is.
For instance in more established Melbourne suburbs 'renovators delights' on big blocks are being lusted after while here we are currently seeing these properties get less demand and taking more of a hit on price… while turn key 'nothing left to spend' properties that are marketed well and priced smartly are able to attract more buyers.
So moving into Spring what are we predicting?
While it’s unlikely that we will see interest rates drop at the next RBA meeting, we are guaranteed that there will be a rise in the number of houses coming on the market for sale. A chunk of those will be investment properties that may well be vacant and available for quick settlements with Landlords continuing to sell up in higher numbers in Victoria than anywhere else in the country.
Who’s the winner there? Definitely first home buyers as many of these properties fall into the perfect first home buyer price points.
Our next winners will be the many people I’ve spoken with who would love to move into a bigger home who have said we can’t sell because we can’t find what we will buy next… well if that's you it’s time to get ready! While the bulk of the investment style stock may not suit - market activity leads to market activity and we anticipate a higher number but also a wider range of properties to open up.
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