Now is a really great time to get support for your opinion on where real estate prices are going; there is the complete range of belief out there currently. Some examples from the last fortnight:
Melbourne Property Downturn Over
Australia’s house prices to fall off a cliff – and China will be to blame
House price falls may be ending, but do not expect another boom
Hold your horses: recovery for Australia’s residential property market a while off
Wow! As the saying goes, four economists, five opinions. So, whatever your opinion, you can readily get support by just clicking on one of the articles above. Each one mounts a good argument for their case. In fact, we recently predicted a period of great uncertainty in the local Melbourne market. And there are even stranger results than we were expecting.
A couple of recent sales completed in the last week resulted in prices over 10% above expectations (based on recent sales evidence). Buyers are almost falling over themselves to buy, with multiple offers on almost every sale. Almost a bit of 2017 deja vu.
So, where to now? We believe this sudden spurt will be short lived and that it is occurring due to a significant lack of stock on the market. Once the typical Spring surge of listings occurs (assuming it does), a little more balance should restored and prices will settle. Although now comfortable that we have seen the bottom of the current cycle, we are in the camp of a reasonably modest growth in prices over the next 12 months.
But if you are looking to sell soon, you might want to consider getting in before the Spring surge; it’s unlikely that this sudden little spurt in prices will last.