So, June 30 is now in the rear vision mirror, and we power into the 24/25 new financial year. What will it bring?

Well, we know that values across Australia lifted 8.3% in the last 12 months. Perth leading the charge with a 22% increase, followed by Brisbane (+16.3%), Adelaide (+14.4%) and Sydney (+7.4%). Melbourne managed just 1.8% growth as our markets battled stock levels increasing by up around 40% against same time last year in many suburbs. Many are blaming land taxes, cost of living pressures and increasing land lord obligations in Victoria for the “sell off” over the last 12 months.

But what about the year ahead?

It would seem that there is a tremendous amount of affordability built into the Melbourne market right now. Many commentators are saying that the gaps that have emerged between Melbourne and particularly the eastern seaboard capitals is “unsustainable”. In light of the immigration which is expected to further impact on the housing shortage, the rental market is predicted to become even tighter and many migrants who chose to initially rent, may take advantage of buying conditions and look to “buy in”.

Also interesting to see that Melbourne auction numbers are substantially lower this week (only about 15% higher than same time last year). Now, we know that one hot day doesn’t make a summer but if stock levels trend down, you could just about bank on prices rising, particularly in a climate likely to be fuelled by dropping interest rates over the next 12 months.

So, what to do in terms of real estate? Well, many of these indicators point to a rising market over the next 12 months. Of course, you need to do your own research, but getting a foothold in the Melbourne property market ahead of the pack could well be a wise choice indeed.

If you need any help with your plans to buy, the team at Barry Plant would love to help. Why wouldn’t we? It’s what we do!

See below our impressive sales activity for the week:

• 4 Greenwood Street, Doncaster sold for $1,400,000
• 32 Jacaranda Avenue, Kilsyth sold for $780,000
• 1/5 Moresby Street, Mitcham sold for $775,000
• 2/16 Thomas Street, Ringwood sold for $640,000
• 1 Ada Court, Doncaster sold!
• 18 Owens Street, Doncaster East sold!
• 2/12 Glenice Avenue, Blackburn South sold!
• 29 Wood Street, Templestowe sold!
• 3 Happy Valley Rise, Diamond Creek sold!
• 42 Fernlea Crescent, Doncaster East sold!
  

Currently under offer and will be sold soon:

• 7 Park West Road, Eltham
• 63 Buena Vista Drive, Montmorency
• 26 St Andrews Street, Eltham
• 18A Calrossie Avenue, Montmorency
• 91 Brougham Street, Eltham
• 251 St Helena Road, Greensborough
• 7 Glenister Drive, Eltham
• 1/14 Marian Court, Eltham North
• 9 Gona Street, Heidelberg West
• 10 Manfred Street, Watsonia
• 305/3 Mitchell Street, Doncaster East
• 107/23 Carawatha Road, Doncaster
• 4 Killbury Close, Templestowe
• 202/956 Doncaster Road, Doncaster East
• 4/1 Ware Crescent, Doncaster East
• 102/1042 Doncaster Road, Doncaster East
• 1/258 Wonga Road, Warranwood
• 1 Lara Court, Doncaster
• 35A Taylor Road, Mooroolbark
• 7/35 John Street, Templestowe Lower
• 2/74 Franklin Road, Doncaster East
• 1/798 Elgar Road, Doncaster
• 201/373-377 Burwood Highway, Burwood
• G07/373-377 Burwood Highway, Burwood

Spiro Drossos

Managing Director

Barry Plant Eastern Group