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Real Estate Market News
Limited Choice Set to Continue as Holiday Makers Escape the Chill
Melbourne’s weather is, if nothing else, reasonably predictable at this time of year; the cold and rainy week we’ve just endured vindicating so many people’s decision to take off to the snow or to warmer climes. Those with younger children will be found in numbers around pools in Bali and Hawaii whilst families with older children or no children at all may venture further afield – the European economy the most likely beneficiary.
So, who’s left in Melbourne? Well, plenty of people really. Not everyone will be spending up big on luxury holidays especially not those aiming to secure a property upgrade in 2019 – possibly the last opportunity for several years before price growth blows out the value differential between the existing and desired homes. For many in that situation, Winter marks a period of consolidation and reflection as well as one to take control of the few opportunities remaining in the residential real estate market left over from campaigns concluded in the last few months. Vendors of those homes have mostly looked closely at their aspirations and decided that moving on and taking a slightly lower figure is a smarter strategy as opposed to holding on in the hopes of a short-term resurgence in values. This along with traditionally low levels of winter stock has the effect of clearing out the cupboards somewhat – perhaps having concluded business, those buyers holding the fort in Melbourne’s colder climate this winter will be the first to board the plane next June/July?

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