When we look back over the last financial year it’s been one of the strongest markets in decades. The volume of property transacted, especially in the first half of the financial year, was quite extraordinary as was the capital gains achieved on many homes.
With the Reserve Bank taking the responsible step of increasing interest rates recently and people returning to a more normal spending and travelling lifestyle post Covid, we’ve seen the market in this half of the year return to more stable and normal conditions. Buyers have absorbed the recent rate rise and are conscious of further rises ahead which has certainly seen a more balanced approach from buyers and sellers.
During the school holidays there will be a mass exodus of families taking a break from Melbourne and consequently a lull in activity (which is normal at this time of the year) until people return. This is not to say that activity stops completely – we will certainly see a lot more property transacting privately, just not all the bells and whistles however after the break we expect to see the pre Spring activity start to return in August.