The latest instalment of this steady stream of positivity emerged this week when PropTrack released their latest Housing Affordability Index. This report concluded that the time that it takes the average Victorian household to save a deposit for a home has reduced to its shortest timeframe since the arrival of the pandemic. In fact, this key measure of housing affordability has dropped by around one year since 2021 alone. That’s good news for anyone wanting to get their foot in the door of the property market, isn’t it.

There is no doubt that we are seeing strong activity levels this year from market entrants in the City of Hume, and this is likely to increase in coming months given that so many economists are forecasting that the first of several cuts to official interest rates by the Reserve Bank may only be a matter of months away.

In fact, the Australian Stock Exchange (ASX) ‘RBA Rate Tracker’ predicted that we will see four rate cuts within the next twelve months, and that was before the US Federal Reserve set the scene by cutting their own interest rates by 0.5 per cent this week.

One recent sale that confirmed the strong activity levels of first home buyers was this week’s auction of a comfortable four-bedroom home in Vaucluse Avenue, Gladstone Park. Being handy to schools, buses and Gladstone Park Shopping Centre, this low maintenance home attracted interest from several market entrants as well as young local families and investors and was sold under the hammer for a very pleasing $680,000. As you can see in the photo, one of the younger members of the audience joined in at the end of the auction to declare it sold!

So, whether you are looking to purchase your first home, or you are looking to make your move to your next home, our team at Barry Plant Gladstone Park is always happy to provide objective and experienced advice. So feel free to give us a call this week on 9330 1088.

Best wishes,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park