Market Update

Innocent of all charges, but having served a two-year stretch anyway, like Lindy Chamberlain, we now gather up our possessions and walk out the gates of HM Prison Lockdown into the sunshine and freedom of a Melbourne Spring and a bright future, vaccinated, unbowed, and optimistic. You don’t get those years back - but at least you learn from them and not to take this wonderful life for granted. Free at last, free at last - to do the things we love to do and to see the people we love... and to buy and sell property at public Auctions.

That might sum up the feeling currently buoying the market. With our freedom returned we are back holding inspections and public Auctions, the hands-on, truly immersive, and safest way to buy real estate. And the exciting community emotion of this postbellum moment is driving a strong demand for property and a continuing increase in price.

Expatriates, who were suddenly exiled from their own country by government fiat, are returning at last. Many are coming home earlier than they might have because of the ravages COVID-19 has caused in other countries. In light of this, at Abercromby’s we are currently seeing a lot of interest from those who, having been away too long, have come to truly know the value of owning property in Melbourne.

Increasing the demand for new and larger houses is the double-barrelled priority of the domestic dwelling, also now functioning as the workplace for so many people. Put simply, the new dynamic of working from home has meant home needs to include workspace, and that means an upsize in the offing.

The Bank of Mum and Dad, Australia’s fifth biggest bank, (and the only bank that will come around with a casserole and fix a leaky tap at your new apartment.) is contributing a high percentage of loans for sub $2 million sales at present. The bank’s motto is, “M&D, Australia’s oldest bank, where interest rates are retrospectively negotiable.”.

Stock levels have increased at last, which has let some of the air out of the tyres of the market. That said, even the welcome return of property onto the market has only caused a trifling realignment. It’s still rising at a healthy pace and will continue to do so while interest rates remain historically low.

At Abercromby’s our entire sales team is involved in each sale. Thus, we are selling properties with supreme efficiency and thus need more. So now would be the time to list your property and let our discreet marketing strategy maximise your price.

Our hyper-skilled and ultra-eager sales team has recently sold these beautiful properties:

  • 10 South Road, Brighton
  • 3 Martin Crescent, Glen Iris
  • 25 Walerna Road, Glen Iris
  • 2 Scotsburn Street, Hawthorn
  • 1 Hilda Crescent, Hawthorn
  • 12 Mt Ida Avenue, Hawthorn East
  • 40 Kerferd Street, Malvern East
  • 502/35 Simmons Street, South Yarra
  • 7 Walter Street, South Yarra
  • 22 Douglas Street, Toorak
  • 15A Grange Road, Toorak
  • 8 Culshaw Street, Toorak

What to expect heading into 2022? Well, more of the same, really. People who were worried about buying property without inspecting it first-hand are now made confidant by the high double vaccination rates and are re-entering the market. The tree/sea change caused by COVID-19 is over. And a market already made vibrant by low-to-no interest rates will be further invigorated by the ending of lockdown and the psychological energy the population receives from freedom. Auction rates have been rising solidly in recent weeks. Melbourne real estate is facing an unusually busy summer and autumn.

So if you’re waiting for the market to slow and prices to ease, you might just be the proverbial “he” who hesitates and is lost.

At Abercromby’s we currently have a selection of the finest properties in the city of Melbourne and state of Victoria.