2019 was a year of two halves; pre-election and post-election. Pre-election, the decline continued in the property market as a result of the Banking Royal Commission, tighter lending controls and the threat of the abolition of negative gearing. Post-election, we saw the threat eliminated, multiple interest rate cuts and lending becoming more readily available which quickly turned the market back into positive territory.
So as we rapidly head towards Christmas and 2020, everyone would like a prediction for the New Year. With demand well and truly outstripping supply and clearance rates around 80% there is no logical reason why this market won’t flow into next year. Therefore we have a positive and upbeat opinion of the Melbourne property market.
In the meantime, thank you for reading our column and on behalf of the Directors and all the team at Marshall White we would like to wish you and your family a Merry Christmas and Happy New Year.
See you in 2020.