The good signs for buyers are that there seems to have been a distinct easing of the ongoing shortage of available properties for sale that we have been commenting on for many months now.

Don’t get me wrong, there is still not enough property available for sale in the City of Hume to meet the demand from buyers, but the numbers definitely look more positive than they did three to six months ago.

For example, the latest data from Corelogic which looks at activity in the four weeks to August 25th shows that new property listings in Melbourne’s West was up by over 50 per cent on the previous five year average.

That’s good news, but not just for those looking to buy right now, as the large majority of those who plan to sell this Spring will probably be looking to buy as well.

Of course, the good news also extends to the outlook on official interest rates. Not only has the most recent inflation figures eased the pressure from some quarters to increase interest rates, but two of the four major Banks are now forecasting that the Reserve Bank will begin cutting rates early in the new year. With both the ANZ and Westpac tipping this move and, (as we mentioned in LAST WEEK'S POST), the Commonwealth already cutting their rates on new loans, things are looking for anyone planning on making a move in the next few months.

With all this happening right now, the door is certainly open for anyone in the City of Hume to get on the front foot and seize the opportunity that the current market is providing. So if you’d like to have an obligation-free chat about the best ways to achieve your property goals in 2024, feel free to get in touch with the team at Barry Plant Gladstone Park this week. You’ll get us on 9330 1088.

Best wishes,

Bill Karp - Director

Barry Plant Real Estate

Gladstone Park