Seizing the opportunity of real estate market changes
There’s an old saying which suggests that “Change is inevitable, it’s growth that is optional”. So whilst the full results of this week’s election won’t be known for a few days at least, I thought it was worth reminding everyone that all changes are an opportunity for growth if you take the right action…and that’s not restricted to politics.
For example, take a look at the changes that have impacted just three of the most important drivers of the property market in the City of Hume recently:
- FIRST HOME BUYERS HAVE CHANGED. First home buyers are a key segment of the market in our area. So it’s worth noting that since July 2018 there have been as many first home buyers aged 40-plus in Victoria as there were under 25. In fact, there were several hundred aged over 60! This change in the ‘typical’ first home buyer has certainly impacted on the way property is marketed in this part of Melbourne.
- PROPERTY VALUES HAVE CHANGED…But not by as much as many people expected. For all the forecast of ‘doom and gloom’, recent data from the REIV indicates that Melbourne’s median property price fell by just 0.6% in the year to March 2019. Other sources have put the number at 4%, some even higher. What is certain is that the adjustment depends very much on the type of property and its location.
- INTEREST RATES HAVEN’T CHANGED. However, this time last year, economic forecasters were talking about WHEN, (not if), interest rates would be going UP. Now most of them are talking about how soon they will go DOWN…with many saying as soon as next month! This has certainly boosted the confidence of most home buyers.
Whilst each of factors by themselves has been interesting, the combined impact of all three along with other changes has meant that property owners in the City of Hume have made changes to their approach in order achieve the very best possible results when selling.
If you are considering making a move in 2019, you need a strategy and marketing advice that is based on what’s happening in today’s market, not yesterdays. That’s where decades of experience in all kinds of markets can make such a big difference, as was the case in the successful sale of the 3-bedroom home in Tullamarine pictured.
So if you’re looking for the kind of advice and guidance that can change your result for the better, don’t hesitate to give the team at Barry Plant Gladstone Park a call on 03 9330 1088.