If you’re familiar with the old expression about “lies, damn lies and statistics,” you’ll have a fair idea why so many homeowners and buyers in our state are scratching their heads.

You see, on one hand, we had Corelogic releasing their latest Home Value Index report for October which reported that whilst the national property market had recorded its 21st month of growth in a row, the Melbourne market had dropped very slightly (by 0.2 per cent) in the past month.

Yet in the same week, PropTrack released their latest data for the same month, reporting that whilst the national market had grown by the same margin that Corelogic did, (0.3 per cent), the Melbourne market had increased by 0.5 per cent over the month, not decreased!

Now, it’s important to keep in mind that these well known market analysts use slightly different data sources, so there are always going to be some variations. But that’s quite a difference, isn’t it!

Now, if you’re a regular reader of these posts you’ll know that I often caution people about reading too much into market statistics, particularly when they are done on a monthly basis and when they talk about trends in a broad market, (like an entire state let alone the whole nation).

With that in mind, I would strongly urge anyone in Melbourne’s northern corridor who is weighing up their options; (for example, whether to make your next move before the end of the year versus early in 2025); to get updated figures from a local expert who has clear first-hand insights into what local buyers are paying for properties just like yours.

That way, you can make your plans with a much higher degree of certainty.

Of course, our team at Barry Plant Thomastown are always happy to assist you with information like this, so don’t hesitate to give us a call this week on 9466 3233 if you would like a hand.

In the meantime, if you’re having a punt on the Cup, I hope it works out well for you.

Regards,

Con Constantinou

Barry Plant Thomastown