With the latest lockdown firmly in the rear view mirror and Melburnians enjoying increased freedoms, the city’s auction market is back with a bang. New listings and clearance rates are on the rise, and there’s a renewed sense of optimism about selling properties ‘under the hammer’.
The Reserve Bank of Australia determined to keep the official cash rate at its current record low of 0.1 per cent at its November board meeting, but opened the door to rates rising in late 2023, earlier than its previous indications.
CoreLogic’s latest quarterly Pain and Gain report reveals the strength of the current property market for sellers. Tight listings, record low mortgage rates and extraordinary growth in housing values have led to strong resale gains for vendors, particularly in regional and tree-change markets, it reports.
Street appeal is the x-factor that can have would-be buyers fall instantly in love with your property. But it’s not a mystical thing. Rather, it’s a proven strategy of ensuring the front of your home is so appealing that it stops people in their tracks and musters up feelings of instant attachment.
ANZ is the latest major bank to revise up its forecasts for house price growth in 2021, predicting prices in Melbourne will rise by 20 per cent this year and around 7 per cent in 2022. That places the city in line with the growth figure forecast for combined capital cities, but behind Sydney’s 23 per cent forecast.
With spring just around the corner, those thinking of putting their house on the market in the traditional peak selling season should be knee deep in preparing the home for sale. But in a tight market, where properties are being sold within days, is it worth still spending the money on styling your property?
Our homes, once our castles, have been turned into fortresses in a turn of events no one saw coming. For thousands of Australians home has become their office, their school, their gym, their entertainment centre and their refuge. But while the changes have been stressful, we have discovered a new sense of community.
Investor activity in the Victorian real estate market has surged to a rate not witnessed in six years, in another indication of growing confidence as Australia moves to its next phase of dealing with the Covid-19 pandemic.
.jpg)
.png)
