Market Update

Last year, under cover of a pandemic, Sydney filched our Bell’s Classic Easter Surf carnival. And lo, at this most Holy time of year The Lord repaid that Gomorrah with overcast skies and small, messy waves. Easter means Bell’s at Bell’s, people. It will be back in the Garden State next year, proving all good things are returning. The real estate market has not only returned to glorious, pre-pandemic heights – it has surpassed them. Nationally, dwelling prices rose by 2.8 per cent in March, the highest one month rise in thirty-two years. And given current interest rates people purchasing real estate are investing with free money. If you blinked you probably missed the recession.

Easter is also traditionally a time when impending vendors decide the year has begun in earnest and put their properties on the market. So, if tradition stands, then stock levels will improve considerably in coming weeks and months. Though not even the most optimistic industry figures expect the new stream of properties for sale to sate the many buyers currently circling the market. Meaning the rise in stock levels is hardly likely to douse ongoing price rises. Which presents a perfect opportunity for vendors to sell before the end of the financial year.

Though there are some rumblings in the press that the Reserve Bank is not doing the most good for the most Australians by keeping interest rates so low, the need to offset the effect of people coming off Jobkeeper/seeker means they aren’t going to change any time soon. Buyers can be confident in having access to inexpensive money in the long-term, so why wouldn’t the market remain buoyant?

At Abercromby’s our dynamic sales team has recently completed some exceptional sales, including:

  • 48-50 Hopetoun Road, TOORAK
  • 13 Struan Street, TOORAK
  • 1A Nareeb Court, TOORAK
  • 2/9 Flintoft Avenue, TOORAK
  • 6 Gordon Grove, SOUTH YARRA
  • 13 Lorne Road, PRAHRAN
  • 2 Namur Street, KEW EAST

The Commonwealth Bank, no less, has predicted we are “on the cusp of a housing boom” and is suggesting a 16 per cent rise in house prices over the next two years. Too optimistic? It doesn’t matter in a way, because you can cut their optimism in half and real estate is still a better investment than anything else out there.

Credit is the muscle that drives the market, so we are keeping an eye on Federal Parliament’s proposed loosening of lending laws. If the laws go through as planned, then loans for investors will become easier and quicker, giving the market a further shot in the arm. (With no complicating coagulations, hopefully.)

Historically low interest rates, uncommonly low stock rates, and investors ravenous for property; this triumvirate of circumstances make it a perfect time to list your property and allow Abercromby’s, using our discreet sales methodology, to get you an historically high price for your property.

Similarly, with interest rates locked at nothing and prices galloping along like Winx, now is one of those rare risk-free moments for investment in a beautiful home. And at Abercromby’s we have a stunning portfolio of beautiful properties for your perusal.