Given the timing, I thought this might be a good time to look at some of the most recent property market data to see what it might be indicating for the season ahead.

If you or someone you know is looking to purchase a home in the northern corridor of Melbourne, one very positive sign is 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 most of the year to date.

Don’t get me wrong, there is still not enough property available for sale in our local market to meet the pent-up demand from buyers. However, 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 suburbs are up by over 50 per cent on the previous five year average in most areas of our metropolitan area.

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, as we mentioned in LAST WEEK'S POST. Not only has the most recent inflation data 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 with the Commonwealth already cutting their rates on new loans, things are looking for anyone planning to make a move in the next few months.

With all this happening right now, the door is certainly open for anyone in the City of Whittlesea 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 contact the team at Barry Plant Thomastown this week. You can get us on 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown