MELBOURNE’s spring property market will be in full swing with the Grand Final done and dusted.
Five industry players has given their forecasts for the remainder of 2017, including the types of properties that will perform and the continued impact of underquoting law changes.
See what they expect below.
Cate Bakos of Cate Bakos Property:
October will have quite a few listings, but not crazy numbers. We’ll still have a trend of people holding on to their properties, due to the cost of moving and fear of selling and not having somewhere to move to. It’s created a chicken and egg situation. First-home buyers will continue to fuel the sub-$600,000 market.
Geoff White, CoreLogic state director for Victoria:
We’ll see the highest auction numbers of the year towards the end of November and early December. After Grand Final in October, they’ll be around that 1100-1200 mark. As the volumes rise, the clearance rates have been holding relatively firm. I’d expect that to continue. There’s an air of confidence among both sellers and buyers.
Nerida Conisbee, realestate.com.au chief economist:
Melbourne is the strongest market in Australia — the star performer for house price growth. The heat has gone out of the market but it still remains pretty strong. We are still seeing very high demand but the impact on borrowing will be what slows the price growth down. It will depend on what the banks are doing.
Miriam Sandkuhler, Property Mavens chief executive:
Confusion regarding new underquoting laws will continue to have an impact. Many agencies are now quoting price ranges more accurately, while some agencies are manipulating data and using very old sales or non-genuine comparable properties as a new and deliberate form of underquoting.
Nicole Jacobs of Nicole Jacobs Property:
The market is starting to flatten out, especially with properties that are compromised; the B and C grade properties that might be on main roads or compromised floorplans. A grade properties are still performing well. There is still lower than expected stock levels, however some agents are reporting an increase in stock for October.