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NEWSLETTER
June Market Update
Coming into the end of financial year, money is on the mind and it’s an essential time to review your property plans. Think forward to the second half of 2019, if selling is in your future, now is a great time to list and achieve a great price as stock levels in Melbourne hit a low. There are motivated buyers out there and we can see this by the improvement in Auction clearance rates, and a decline in the downturn may be an indicator that the worst is over.
It’s still a buyers market, but take advantage of that. Spring is just over two months away and we will soon see an influx of properties coming on the market to capitalise on the return of the sun and greenery. If you need to sell to buy in October, now is the time to secure a great price and a long settlement to ensure you are set to put your best bid forward come Auction day. Interest rates have dropped, and if you’re looking how to capitalise on this, speak to your bank about locking in an interest rate in the next 36 months.
The rental and leasing market is still in high demand due to equally low stock levels and a large pool of eager tenants. Within our core market, we have seen an increase in demand and it’s taking about 35% less time to lease a property than March of this year. This demonstrates the market is stronger and there is more competition from tenants to secure quality properties.
This continued demand is in part due to a generational shift, with Millennials and Gen Z now representing 48% of the population, choosing lifestyle and location over home ownership. This is also driving the gradual reform we are seeing. One of the several new laws for 2019 came into effect last week and all fixed-term or periodic tenancy agreements are now subject to a limit of one rental increase in any 12-month period. What this change means for landlords is simple; your agent needs to know the market well and price the property accordingly for the following 12 months. Some agents are doing pricing well, others are still missing the mark, but in this market, how your property performs is all about price.
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