We are now well settled with the government elections behind us. We are well aware of the economy on a knife’s edge with RBA and Government both trying to put money back into the pockets of the general public, with the hope they will spend it. And it is obviously beginning to have an effect.
There is no doubt that the property market in Melbourne has turned the corner. For anyone who had been holding of selling their property in the toughest market since 2011/2012, the next 12 months will see values revert to pre slump prices and then beyond that, begin to increase as normal. If you had been considering a sale of property you should be OK to go back into the market place in Spring.
For those of you who are looking to invest, there should be more stock on the market. Vendors will most likely be looking to get what they would have received post slump and not expecting too much growth from 2016/2017. With more available stock, there should be more options to buy well for the long term.
The next 6-12 months is what I call a balanced market. Vendors will expect better prices than during the slump, but not run-away prices that they see in the massive market upturns like 2016/2017. This becomes a negotiators market. The better you research, the more you know and the better you negotiate from either the buyers or the seller’s perspective, the better off you will be.
Sellers: If you always wait for the auction, and there is only one stand out candidate, you will have lost a tremendous opportunity to bargain one on one prior to the auction. This is where an experienced and trusted consultant can make tens of thousands, or even hundreds of thousands of dollars difference.
Buyers: If you wait until the vendor has no other opportunity but you, you may have missed out on a very good buy. The best property is not necessarily one that nobody else wants. Competition to purchase is a very good thing. It shows that when you want to sell, there may well be multiple interest.
If you are considering selling, we offer a managed sales service that cost you no more than selling with anyone else, and we will help you find the best agent and agency in the area you are in anywhere in Melbourne. We will work with you throughout the process to ease the stress and pressure you may feel, and ensure you get the right price and terms for your sale.
If you are considering a new investment property, think about having a no obligation chat with us.
Ian James
Director
JPP Buyer Advocates
