Market Update

Spring is here and you can smell cut grass and jasmine and a bright future. But there is a feeling at auctions in Melbourne presently that cannot be easily summed up by the changing season, the 74% clearance rate, or the steady price growth. It’s the end of “The End”. For buyers there is an excitement, a keenness to invest, to explore what seems like a new frontier, as though during the downturn they had forgotten the wonderful investment opportunities in this industry. For those of us who work in real estate there is a mixture of relief and quiet confidence; all is well once more, the market has shaken off its malaise and is rising from its sickbed. Spring is not only in the air, it is in the step of everyone at Abercromby’s.

The unexpected Federal Election result of May seems to have been a panacea for the market. Business sentiment has been reversed by two interest rate cuts, APRA loosening the banks assessment of loan service ability, and cash rebates from the Federal Government. Bank lending is once more on the rise. And the continued growth in Melbourne’s population, necessarily accompanied by sustained infrastructure spending, is also creating reliable demand.

At Abercromby’s we are delighted to report many stylish Italian loafers neatly lined up at the front doors of our open-for-inspection properties. A clue that the discerning buyer is back.

Stock levels in the prestige end of the market are low, so now is a perfect time to list your property with Abercromby’s using our discreet methodology, for a successful sale.

Prestige properties being offered by Abercromby’s in the first month of Spring include:

  • 58 Kooyong Road, Armadale
  • 111 Killara Road, Gruyere
  • 26 Shakespeare Grove, Hawthorn
  • 83 Lisson Grove, Hawthorn
  • 53 Havelock Road, Hawthorn East
  • 23 Ridgeway Avenue, Kew
  • 7 Molesworth Street, Kew
  • 214 Wattletree Road, Malvern
  • 6 Grace Street, Malvern
  • 90 Claremont Avenue, Malvern
  • 6 The Avenue, Malvern East
  • 101 Back Beach Road, Portsea
  • 540/250 St Kilda Road, Southbank
  • 814/250 St Kilda Road, Southbank
  • 1403/250 St Kilda Road, Southbank
  • Caslake House, South Yarra
  • 29 Selborne Road, Toorak
  • 5 Millicent Avenue, Toorak
  • 797 Orrong Road, Toorak
  • 9 Denham Place, Toorak
  • Residence 4, 720 Orrong Road, Toorak
  • Apartment 1, 2 Brookeville Road, Toorak

The buyers have returned to the market and buyers will inevitably attract sellers. So, while housing stocks are low currently, at Abercromby’s we see this as a lag in the supply and demand chain rather than an ongoing exhaustion. Buyers, frustrated at the lack of stock, will begin to bid each other up, forcing currently reluctant sellers onto the market. That’s just how it happens. Always has. Always will. And once sellers grace the market in numbers it will be back to rude health. So, bring on spring, and summer, and the awakening of Melbourne after her wintertime slumbers.

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.