The start of the year is always a challenging time to give market predictions, as the summer school holidays and a raft of long weekends mean the property market is a little stop-start at this time. Melbourne’s clearance rate continues to hover around 70%, with 69% reported for the last two weekends.
Certainly, it seems that predictions of a significant softening are not supported by activity levels or results so far. Across our network, we’re seeing plenty of new listings and healthy levels of buyer enquiry. Many house hunters who missed out on buying in 2017 are increasingly motivated to sign a contract now that we’re in autumn.
We’re seeing the premium and affordable ends of the Melbourne market outperforming the middle ring for growth. There’s always demand for quality properties in our most exclusive suburbs, and first home buyer concessions are delivering some real momentum in the city’s outer suburbs.
The Australian Bureau of Statistics reports that first home buyers now account for nearly 20% of all home loans – the highest proportion since 2013. Lending to this group is about a third higher than it was at this time last year.
Whatever your situation, please get in touch with your local Greg Hocking office for a no obligation overview of what the market’s doing in your area of interest.