Out of the darkness and into the light; as accurately a description of spring following winter as of the current real estate market emerging from its torpor of recent years. There is no better symbol of a bright future than a Melbourne auction crowd bidding on a home on a spring day. It implies new life, new family, and faith in tomorrow.
And with the Reserve Bank of Australia having cut the lending rate to an historic low of 0.75% buyers will be further encouraged to get in while this remarkably friendly borrowing environment lasts. Clearance rates at auction have been in the healthy 70-80% for the past two months. But stock levels remain low, with new listings down by 25% on this time last year. Which makes it a great time to list your property with us.
It’s been onward and upward since the Federal Election in May, with three interest rate cuts, tax cuts, and APRA easing lending restrictions. Over the past three months Melbourne dwelling values have jumped by almost 3.5%, which equates to an annual rise of over 13.5%.
At Abercromby’s we’ve seen real, long-term confidence back in the market, and our observations are backed up by the 2019 Property Investment Professionals of Australia Property Investor Sentiment Survey, which found 82 per cent of property investors believe that now is a good time to invest in residential property, up from 77 per cent in 2018. So the time is right to list your property with Abercromby’s for a discreet campaign that will culminate in a momentous sale.
Spring is a vibrant time for real estate in Melbourne, and at Abercromby’s we have listed a variety of impressive properties located in exemplary neighbourhoods.
The real estate revival is most pronounced at the top end of Melbourne’s housing market. Values across the top quartile increased by almost twice as much over the past three months as the rise across the lowest quartile. So it makes sense, if you’re going to invest in real estate, to invest in the suburbs where Abercromby’s excel.
Property values will continue to be supported by Melbourne’s strong economy, and the fact she receives over 35% of all migrants to Australia. With this town being one of the ten fastest growing cities in the developed world, healthy property price trends would seem to be virtually guaranteed in the medium to long term.
To find out more about the properties on offer or if you’re looking to sell or buy quietly and discreetly, contact one of the ABERCROMBY’S team on 9864 5300.