Spring 2024 – Is It Really Here?
Ah, Melbourne weather—just when you think spring has arrived, the rain might swoop in! But regardless of the weather, the Spring real estate market is here.
Market Expectations
Agents are expecting stock levels to increase, but the real question is about the quality of the properties available. There’s a lot of investment-grade or ex-tenanted stock coming onto the market, but truly top-tier, fault-free properties seem to be in short supply.
Having been in this game for a long time, I’ve noticed a pattern: Each weekend, only about 1%—maybe 2%—of available stock can truly be considered prime. That’s roughly 7 out of 700 properties!
The “Magnificent 7” – A Rare Find
These top-tier properties tend to perform differently from the rest. For example, last Saturday in Beaumaris, I saw a property that was as close to “perfect” as you can get—completely fault-free.
The top end of the quoted price range was $1.65 million. (though that’s not always the most relevant figure).
I valued it at $1.85 million.
“But here’s the thing: I wasn’t entirely confident it would sell for that, despite having six interested parties. Competition was likely, but there was no solid justification for it based on recent sales.
And yet, it sold for $1.961 million.
This kind of result is exceptional in the current market and shows what can happen with prime properties.
Opportunities on the Horizon
For most of the market, conditions are a bit tougher for vendors, which could be good news for buyers. We anticipate the market may soften further into the Spring, with October through December offering potential opportunities at various price points.
Need Advice?
For personalized guidance and assistance, feel free to contact:
John Sommers at 0412 787 055
David McRae at 0407 316 199
