If the number of questions I’ve had from local residents this week is any guide, (with quite a few of those coming from people wanting to know more about the data I shared in LAST WEEK'S POST,) it’s clear that real estate is on the mind of a lot of Melburnians right now. So I thought I’d share some more key numbers that are particularly relevant to home buyers right now.

First of all, it is clear that the ongoing shortage of property listings that we have been reporting for quite a while now is easing. Reinforcing the report from Corelogic that I mentioned last week, PropTrack is reporting that new listings across our nation’s capital cities increased by 10 per cent in July. That’s quite an unusual trend in the middle of Winter, meaning that the total volume of houses for sale was more than 14 per cent above the same point in 2023. That looks like a good reason for long suffering buyers to start feeling positive about the current market, doesn’t it!

The other data that homebuyers will be reading with interest came in the August home value update from Corelogic. These monthly figures show that whilst home values across Australia rose for the 19th month in a row last month, the PACE of growth in prices has slowed recently. For example, the most recent quarterly increase in national home values was 1.3 per cent, (less than half of the 2.3 per cent recorded in the same quarter in 2023).

What these two sets of numbers are saying to me is that homebuyers should be able to look forward to a more balanced property market this Spring…that’s a good reason for most buyers to feel an increased level of confidence about their next move.

Of course, one of the key ingredients to any successful property transaction in today’s market, whether you are selling, buying or both, is getting experienced and objective advice along the way. So why not give one of the team at Barry Plant Thomastown a call this week on 9466 3233.

Best wishes,

Con Constantinou

Barry Plant Thomastown