As 2018 comes to a close, I’m reflecting on an interesting year in Melbourne’s real estate market. While conditions are not as buoyant as they were 12 or 24 months ago, I believe the market has held up rather well in spite of sensational media coverage and much stricter bank lending policies.
Across Australia, dwelling values are down 4.2% from October 2017’s record levels; in Melbourne, this drop has been slightly larger at 5.8% (but we’re well behind Sydney at 8.1%). While as a property owner it’s always disappointing to see values decline, it’s important to put any changes into context – 2017 is widely regarded to have delivered the strongest property market on record.
Despite the proliferation of doom and gloom headlines, property values nationally are currently at around the same level as they were in December 2016 – and given the growth that was achieved in the few years prior to that, a 4.2% drop still leaves most of us well ahead.
Across our network, things are slowing as we approach Christmas and the summer school holidays, however the property market doesn’t really take a break. I expect there will be plenty of buyers searching for opportunities over the holiday period – and many vendors who had hoped for a 2018 sale and are motivated to sell.
Off-market transactions continue to be popular, so whether you’re a buyer or a seller, you should make yourself known to your local Greg Hocking office so that they can make you aware of any opportunities that come up.
I’m excited to see what 2019 has in store for us. Whatever the market conditions, you’ll always achieve the best results with a strong team behind you – and at Greg Hocking, that’s what we’re proud to offer our clients.
Have a safe and happy Christmas and New Year.