We’re right in the thick of the Spring selling season and no doubt all gearing up for a fabulous Summer, so I thought I’d take this opportunity to touch base and update you on the growth we’ve experienced over the past couple of years and the changes we’re now seeing in the property market.
There’s been a definite change in the housing market in the last couple of months and much of this can be attributed to the Royal Commission into banking and the tightening of the lending criteria this has translated into. The general softening of the housing market was to be expected after the recent peak we’ve experienced and it’s typical after a growth surge to see the market plateau or correct for a time.
For us in Mornington and the Peninsula in general, the biggest driver for our growth has been the influx of city buyers who now consider us a commutable distance to the CBD and are prepared to trade the traveling time to and from work for the wonderful lifestyle our beautiful Peninsula provides…. And who could blame them! The result is that the demand to live here is greater than the supply of properties available. This is not only positive reinforcement for vendors but also buffers us a bit from market downturns.
According to the latest market report from APM, the above data shows that significantly less properties have been sold this year than last year – in fact 298 so far compared to 543 sales in 2017. Buyers are still looking but they have less homes to choose from so that is definitely keeping our market healthy. The median price is up from $790,000 last year to $830,000 in 2018 and we have recorded a 5.1% growth for the year to date. Despite the gloom and negativity of the media, our market place is holding quite well against other areas of Melbourne that have fallen. The frenzy of buyer activity which pushed the prices up has clearly cooled and this is reflected in the sale prices and the perception of a significant price drop. The stats however show that we are still on target for the more realistic growth percentage for our area. Good news for vendors. The biggest issue we face is buyer hesitation and uncertainty as to whether the market will continue to soften and this has resulted in a reluctance to commit and a decided lack of urgency. All this can be addressed if you’re well informed, correctly priced and well presented to maximise your market opportunity. The right advice is crucial.
Experience really matters at this time to make sure your property is well positioned for success. I’ve been selling properties across our Mornington Peninsula for 15 years and ridden the market swings and turns, peaks and troughs. I’ve learnt a lot over this journey and am well positioned to guide our vendors in a changing market. I can confidently say you’re in good hands with the team at Susan Clavin Real Estate.
If you’d like an update on your suburb or property, shoot us an email and we’ll forward you a current market report.
I am enormously proud of the following stats;
Of the last 100 homes I have listed, I’ve sold 99
9 of those were ‘off market’ sales which is a stat I love!
My days on market average of 26 is well below the market average of 54 days.
We’re all about getting you sold – you’re not just another listing to us!
No doubt your property has increased in value particularly if you’ve made any improvements since you purchased. It’s always a great idea to keep abreast with the growth of your asset for tax and insurance purposes and I am happy to provide you with an updated appraisal for your records. You might be pleasantly surprised at the equity you’ve built!
I hope this finds you well and you’re enjoying this lovely weather. Please don’t hesitate to call me should you ever need my assistance.