Sales Market Update
With the arrival of April the doomsayers who have been bagging the market with the regularity of religious sects announcing the end of the world for years have had... a slight impact. The media’s speculative negativity combined with APRA’s commendable attempts to enforce safer, more responsible lending practices, have cooled the market. In the longer term APRA’s constrictions are designed to prevent a risky boom-bust market, and so are to be welcomed. The cooling market is, anyway, great news if you’re house hunting.
But even in this recent market relaxation, quality property in quality locations seems immune to fluctuation. Meaning the market in which Abercromby’s operates hasn’t cooled at all.
The shorter time between New Year and Easter this year left agents with an oversupply of properties to sell, resulting in three Super Saturdays out of four auction days. Super Saturdays are always fun; a sense of urgency in the air, Range Rovers double-parked in shaded streets, gunning from one auction to the next.
Private sales are accelerating apace and Abercromby’s is excited to have been appointed to sell sixteen luxury apartments designed by Rob Mills Architecture & Interiors, the firm redefining luxury living in Melbourne. Located at 384-386 Glenferrie Road, Malvern, we expect these apartments to become geographic and cultural landmarks.
We’re optimistic about the coming months. Why wouldn’t we be? The Reserve Bank has stated elevated property prices and mortgage debt are sustainable. The IMF has announced its confidence in the Australian economy. Inflation is a memory, slumming in the one-percentile range. Interest rates are... well, interest rates are a gift, a bonanza and an opportunity. It’s almost an act of self-harm to pass up rates like these.
But our enthusiasm isn’t based solely on these facts. Enthusiasm is contagious and we’ve caught it from the people we meet at inspections. Savvy investors are currently motivated by real estate.
To find out more, or if you are looking to sell or buy, quietly and discreetly contact one of our team on 9864 5300.