Despite talk of a cooling market, Melbourne house prices hit another record high with the median rising to $903k in the December quarter – up from $875k in the September quarter. This means that local house prices have now risen for 21 consecutive quarters – a pretty phenomenal statistic!
While it’s still very early days for the 2018 market, we’re seeing good levels of activity across our network. There are plenty of new listings coming onto the market, supported by strong levels of buyer enquiries and good attendance at inspections.
First home buyers are certainly storming the market. Driven by government stamp duty exemptions / concessions and low interest rates, lending to first home buyers is at the highest level it’s been since back in 2009.
While the bulk of first home buyer activity is happening in the more affordable middle–outer ring suburbs, they’re also becoming more visible closer to town – bidding strongly for apartments and units that are priced to allow them to take advantage of stamp duty concessions.
If you’re considering selling in 2018, please get in touch with your local Greg Hocking office to request an estimate of your property’s value in the current market – you may be pleasantly surprised.