iProperty Admin The local real estate market which as everybody knows has contracted somewhat, although perhaps not as drastically as the mainstream press would have us believe, and certainly not as much as some other states. Then we will look for the silver lining: what opportunities are there in this market and how you can take advantage of them.
Melbourne median prices, from a peak around the June and September 2010 quarters there has generally been an easing of prices. This is backed up by our own sales figures where we have seen the effect of the market moving from boom conditions to a much more balanced phase.
For Sellers, this means the three P’s, position, presentation, and price, become even more important. While position is something you can do nothing about, presentation and price you can. If the presentation is not spot-on then this will reflect in the price, and the length of time to sell. In any market properties with superb position and presentation will command a premium.
So for sellers the message is that the market is price sensitive and that you can help to speed up the process through presentation. Any perceived loss in price will be recouped upon repurchase.
For purchasers, especially first home buyers and investors, there is the welcome opportunity of a pause and even a decline in rising prices. Properties have become more plentiful with a greater choice without the pressure of an overheated market. For the first home buyer there was stamp duty relief granted from the 1st of July 2011, and for the investor we are seeing rising yields.
How long will these conditions prevail? Hard to say but most pundits are expecting we will continue in this phase for the remainder of the year.
If you would like to have a chat with one of our experienced representatives about this or any other matter please call our office to make a time to suit you.
