Last year was all over the place in real estate. It felt like half the market had fallen asleep and the other half were making the most of the more affordable prices around Melbourne.
2024 was quite a sluggish market and purchasing took a lot longer in most instances than usual. Finance approvals also took considerably longer for many of our clients.
Some people were waiting to see if prices would fall even further. And maybe they did in some areas but that is not the case so far this year.
This year is already much different to last.
Confidence has returned to the Melbourne property market. Buyers are out there looking and ready to spend money, before if and when interest rates drop.
And Vendor’s are more motivated to sell and are excited about more buyers inspecting their homes and making offers.
Sure not everything is selling quickly, but anything that is well located and is a quality property is generating a lot of interest.
Many first home buyers are now happy to buy homes that need more than just a tidy up because they realise this gets them into a property at a more affordable price than something fully renovated.
Buyers this year will most likely need to compromise more on their ideal requirements as the property market starts to move up and move quickly, regardless of a looming federal election at some point. This is predicted to be in the first half of the year, possibly around May.
As highly experienced Buyer Advocates covering an extensive list of suburbs around Melbourne, we have seen the busiest start to the year that we have had in 7 years.
And investors are returning to the market as well which has pushed up our inquiry and as we know then also starts to push up prices around Melbourne.
Real Estate Agents are also reflecting our sentiment that confidence has already returned to the market and buyers are taking action a lot quicker than last year.
So hang on, for what could be another fast moving market in property in Melbourne in 2025.
Until next time, be safe, be happy and love where you live!
Warm regards,
Melinda & the Team.
