Market Report
Property Market Report: November 2024
5 November 2024
by Dee Pajevikj
Sometimes, in the lean times, during that part of the market cycle when buyers are reticent, Open for Inspections can become calm, almost serene – a dog barks off-stage, a tram rings its bell, a siren wanders past. But lately they’ve regained their exhilaration and become the type of compelling theatre that sets the blood racing.
At Abercrombys we’ve seen numbers at Open For Inspections rise – even with the increased levels of stock on the market, numbers at every Open-For are up. We’re meeting interested parties, hearing their stories, answering their questions, and helping to show them their own future. Just as importantly the mood among the public has risen as well. There is now, with spring, the sort of optimism that is fuel to a market. Shortly, if the economists have it right, the RBA will lower the cash rate, and money that has been poised waiting for that institution’s nod will flood forth into the market.
It’s worth remembering that money spent on renovations isn’t actually spent as much as invested. Good quality properties that have been renovated well and stylishly are still generating high levels of attention from buyers and selling at premium prices.
Prime apartments and houses are in especially high demand at present and Abercrombys has a large clientele waiting for upper end properties to come onto the market. Everyone has an eye out for a bargain, and Melbourne, having been somewhat lethargic compared to other capitals for a year, is now seen as excellent value by interstate and overseas buyers, and the local market is predicted to slingshot back to parity with its far-flung cousins.
Both buyers and sellers are wanting resolution to their transactions before Christmas – to have something in the stocking, or off their plate, before the new year arrives. This is adding further energy and urgency to the Melbourne real estate market.
At Abercrombys we are tapping into this energy and employing our discreet marketing strategies to achieve gratifying sales for our clients. We have lately listed a range of striking properties for sale, which will be offered both at auction, and discreetly, privately, using our focused marketing methodology. Interested and careful property investors would be imprudent not to contact one of our experienced, friendly agents. A potential seller would be doing themselves a disservice not to contact our team of knowledgeable, eager sales professionals. You’ll be more than more than satisfied with the result Abercrombys achieves for you.
With the robust winds of spring in its sails the Melbourne rental market is remaining strong heading into summer. The vibrancy of the market is being driven by the seasonal influx of young professionals and families, as well as international students returning to Australia. Vacancy rates remain at near non-existent levels because of the Federal Government’s continuing unprecedented immigration levels. No more do we hear the cries of lessors lamenting empty properties, nor the rumblings and grumblings of property investors enduring an income-free period. In this golden age if you don’t have a tenant perhsps you have unrealistic expectations of the level of return your investment can achieve.
All the market thinktanks agree that vacancy rates will remain low in the short to medium term, meaning a continued competitive market for renters and good rent for landlords. This, though, shouldn’t encourage landlords to relax into the kind of look-away complacency that leads to a downgrading of their market value. New market dynamics are constantly on the horizon and surest way to navigate them is to keep investing in your assets – this means maintaining rental properties to an exacting standard and setting, or allowing us to set, rents at fair, competitive prices. Attracting “quality” tenants is the key piece of the rental jigsaw puzzle, after which all the other pieces are prone to fall into place. Good tenants are a Godsend, and good tenants are drawn to good property… it’s that simple.