Market Update

Firstly, Abercromby’s would like to extend our heartfelt condolences and best wishes to any of our clients and friends impacted by the bushfires over summer. Many of us at Abercromby’s have a rural past, and we know fires and the lasting financial and emotional carnage they can inflict. But it’s been inspiring for all us folk in town to see once again how rural communities unite and care for one another in fraught times. Deeply saddened by the thought that a billion animals may have been killed, we have directed our donation to Wildlife Victoria to ease the suffering and aid in the rehabilitation of our Australian fauna.

The briefest synopsis of last year’s market would be, “Up, up and away.” Starting with a federal election and a credit squeeze that combined to reduce activity early, the year then took off and Abercromby’s went on to enjoy a record final quarter. Our experienced team, using our discreet methodology and unique avenues of marketing and exposure, saw a clearance rare of 91% of the properties on offer. All in a market that experienced 5% growth in that last quarter.

This momentum, enhanced by the number of inquiries we are receiving from prospective buyers, has created great opportunity for vendors in the first quarter of 2020. Industry experts are predicting that the record median house price for Melbourne set in 2017 will soon be surpassed. You can’t keep a good market down.

The greatest price rises of the second half of 2019 were in the blue-ribbon inner suburbs, where prices are now a gob-smacking 19.4% higher than a year ago. The first six months of 2020 are likely to see the median house price in these suburbs reach a new record. The market is tipped to be strong for the first half of 2020, and then to moderate as more vendors return. So, the canny buyer should get into the market now, while the canny vendor would let our team of experienced people use its suite of discreet marketing tools to maximise interest and price.

At Abercromby’s we have lately listed an array of the most interesting and breathtaking properties in Stonnington and beyond.

So if you’re looking to sell or buy quietly and discreetly, contact one of the ABERCROMBY’S team on 9864 5300.