With the AFL Grand Final won and the Spring Racing Carnival well underway, Melbournians are turning their attention to another long-time Spring passion – property.
A record number of buyers are considering purchasing property this year: investors remain buoyed by low interest rates, and the number of first-home buyers has already doubled following the introduction of new stamp-duty savings.
Historically in the suburbs, the Melbourne Spring market has generated the most choice for buyers and therefore the most sales. However the city property market has evolved into a 365 day real estate proposition, with consistent buyer activity all year round peaking late Spring/early Summer.
“The city apartment market never sleeps,” confirms Chris Henson, Lucas Sales Director. “Whilst interest in property in other areas of Melbourne tapers off over long weekends and into summer, the city market is always buzzing with activity. With city homes enjoying strong rental yields, and interest rates anticipated to remain on hold, apartment living has never been more popular.”
Domain’s latest State of the Market report released this week revealed that whilst the median house price in Melbourne rose 1.3 per cent over the last quarter, the median apartment price rose 3.4 per cent to $506,334. Overall apartment prices have risen by 11.4 per cent or $52,000 over the past year in Melbourne.
Sales reported to the Real Estate Institute of Victoria reveal that the average days on market for city homes is currently only around 55 days. To capitalise on this strong buyer interest, sellers are encouraged to make sure their property stands out from the rest. With only one opportunity for a good first impression, presentation is paramount. If selling a tenanted property, sellers should work with (and consider compensating) their tenants to ensure the property is not only presented at its best, but also readily accessible.
With less than 10 weeks remaining until Christmas, the deadline to sell or buy this year is fast approaching if you were wanting to ring in the new year in your new home. To take advantage of current market interest or to find out how your home compares, contact Melbourne’s team of vertical living experts at Lucas on 9091 1400.