Buoyant Market for Grounded Sellers
For all those speculating about or even hoping for a market correction, results in recent weeks will bring no satisfaction. Whilst the number of “boilover” auctions appears to have been diminished, it’s fair to say that most, if not all, inner Melbourne markets are settling at a higher level. In strong times such as this, quite often vendors set more ambitious reserve prices and this can trigger a reduction in auction clearance rates and make it appear that the market is waning when in fact the opposite can be true.
We advise that those intending to sell remain realistic about the value of their properties as this is likely to be the catalyst for the dream sale price. Buyers should take their opportunities while they can as tomorrow’s prices may be less palatable than today’s.
We are heading into a busy spring market with a decent tail wind fed by shortage of stock. October and November will be busy but there is no sign yet that the supply/demand ratio will tip back too far in buyers’ favour.