2016 is half over and the property market is still going strong. Residential real estate underpins Australia’s wealth and has topped $6.5 trillion, with home values in Melbourne having increased 13.9% over the last 12 months.
As we move through winter, open for inspections continue to be well attended and clearance rates remain in the 70%+ range. Interest rates are still extremely low with the market anticipating another cut by the end of the year.
But the thing worth noticing is the emerging shortage of available properties. It’s partly because auctions have been so successful in turning stock over and partly because there’s a traditional drop off in the number of new properties being put up for sale in winter. The result? Slim pickings for buyers and a real window of opportunity for sellers, as house hunters have to fight harder over fewer options.
If you’re close to putting your house on the market, my advice is seize the day as there is a surprising number of purchasers out there ready to buy right now.
If you’re not quite in a position to jump straight away, by all means plan for a spring sale but I have to emphasise the benefit of getting in early. The longer you wait the more intense the competition will inevitably become.
In a worm shortage, the early birds are always the winners!