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:
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.