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Real Estate Market News

Time is running out to secure a property in 2017

In practical terms, with just nine auction weekends remaining prior to Christmas, time is running out to secure a property in 2017. While there are a number of buyers who adopt a relaxed attitude to buying at this time of year due to elevated stock levels (spring being the time to sell in Melbourne according to many), be mindful that the increased choice is only temporary and, once the curtain goes down on the auction scene in the days leading up to Christmas, it doesn’t go back up for a good two months. In the strong markets we have seen over previous years, it is often the case that market prices in February seem to have jumped significantly compared to those just two months earlier.

Certainly we have seen this happen a number of times and those who have held back and missed opportunities one year have had to pay dearly the following year. Of course, the greatest tragedy is experienced by those who then hold back and say “oh, these prices are ridiculous – the market can’t be sustained” only to cost themselves time (sometimes years) and money (often hundreds of thousands of dollars or, in extreme cases, millions of dollars) by holding back. My advice: engage with the market when you have a chance because your next opportunity may be a long time coming and a lot more expensive.

Good luck with your house hunt this spring!

Justin Long

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