Vendors can tend to see life in the rear view mirror; when properties sell well and then falter, it takes some vendors six to 12 months to catch up with the new market conditions. Now that our ‘new market conditions’ are not so new, most vendors are settled into a different head space and, as a result, much more ‘market-aligned’ reserve prices are seeing auction success rates in 2019 gradually improve.
Given the media’s relentless reporting of the down turn from 2017 to 2018, one imagines it will be only a matter of time and a gradual improvement to the success rates before we are told that the market is booming once more. A pipe dream? Perhaps, but not so far removed from the gradual recovery from a far rockier, GFC-led downturn in 2008 which had all those caught out of the market wishing they’d had the foresight to bite the bullet when the opportunity presented.
My advice is listen to your heart and buy the house you like, when you find it, for a fair price for all. Don’t be one to wait for the market to crash, that house you like might not be available then. It’s Melbourne and our market has a very solid foundation long term.
To read more about our market drivers and long term performance in our areas; download our premium property report below.