The Melbourne residential property market is currently witnessing an absolute perfect storm in favour of the seller. House prices are rising, and the following factors are directly influencing market sentiment and growth.
Record Low Supply
Record Low-Interest Rates (2%)
Stamp Duty Incentives
First Home Buyer Incentives
New Construction Incentives
Higher than average savings
Working from home, families need extra space
How long will this growth period last? Well, the (RBA) Reserve Bank of Australia and (APRA) Australian Prudential Regulation Authority will have the final say. If this momentum continues, they will pull some levers. Which is exactly what the governing body did in September 2017 when we entered into 18 months of low demand and higher supply and falling property prices.
Purchasing in a hot market requires fast decision making, but it should never lead to irrational decisions or not completing your due diligence.
If you need any assistance with buying, don’t hesitate to speak with one of our Property Buyer Agents on +61 8374 7652 or book a Zoom call here