What will Spring bring for the Melbourne real estate market? [Chamberlain Property Advocates]

Published: Thu, 09/13/18

Wendy Chamberlain is your Trusted Impartial Melbourne Buyer's Agent

Hi ,

A Word from Wendy

With Spring being a time when many sellers decide to put their homes on the market, how is this going to affect the Melbourne real estate market?

With a clearance rate nudging back into the 60s this past week, will there be a little more bounce in the market for sellers? It's hard to say, as the market still appears to be somewhat fickle and there is certainly not a "one size fits all" when it comes to types of homes, locations and price points.

After struggling to get a foot hold in the market at all for many years, first home buyers recorded 18.1 per cent of new home loans in June nationally. They have increased in the market in Victoria by about 25 percent, which certainly is encouraging for anyone looking for their first home.

But with most first home buyers shopping with a budget of anything between $450,000 and $750,000 at the upper end, homes over the seven figure mark may still struggle if vendors remain unreasonable in their price expectations or unwilling to meet the market where it sits today.

What appears to be consistent right across the board is fewer bidders at auctions, with even fewer buyers willing to participate at an auction. Many agents are reporting that even buyers that consistently showed interest throughout an auction campaign become "bid shy" on the day... crickets. We experienced this first hand with a client's home we auctioned recently. One party clearly were interested in the home right from the start. Come auction day, they were there nice and early but did not bid. The property passed in and after a very drawn out negotiation process, this buyer eventually purchased the home.

Wendy Chamberlain is your Melbourne Buyer's Agent

Let's see how the market shapes up as more homes come onto the market, giving buyers more choice and putting them squarely in the drivers seat.

If you're on the hunt for your first home and need an experienced guiding hand (or you know someone else that does), I'd love to help. Hit reply and we can chat.

Need a hand? Contact Wendy here

What our happy clients have to say…

We recently worked with Wendy to find and purchase our first home. Wendy was with us throughout the entire process, and answered all the questions we had, no matter how big or small. Wendy provided us with invaluable assistance in our property search, and her knowledge of the Melbourne property market and different locations is a huge advantage when searching in a competitive market as a first home buyer. Wendy was able to give us insights into which areas and types of properties would be ideal for our circumstance, and gave us energy when we felt exhausted by the process. In the end, Wendy was able to locate an off-market property which we were able to purchase at a very competitive price, without having to worry about competition from other buyers or the associated stresses of going to auction. Wendy also provided us with excellent contacts that we required in the process of buying a home, which is invaluable in a field of so many providers.

We would highly recommend Wendy as a buyer’s advocate when searching for a property in Melbourne, as she will save you time, money and many headaches throughout the process. Thank you Wendy for making the whole process as easy and as stress-free as possible!

Thanks Wendy!

Verity