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Market Wrap

Aussies have spoken: now’s the time to buy

There are countless opinions from experts about the state of the Australian property market right now, but what’s most important is really consumer sentiment. The people working, living, buying and selling here are the ones who are really going to dictate how Melbourne’s property market evolves in the coming months - and their feeling is that now’s the time to buy.

At least, that’s according to Westpac’s latest consumer sentiment survey, which shows an 11.8 per cent surge in respondents who think now is a good time to purchase; the strongest percentage increase since March 2015.

What can consumer sentiment tell us?

Many may be seeing their first real opportunity to enter the property market in years, while others may be looking to increase their portfolio. Regardless, this means competition for the best properties will be fierce. Speak to an agent to find out what the latest affordable properties are in your chosen suburb and learn more about the climate on the ground there.

Sellers meanwhile shouldn’t worry about losing value. With Christmas approaching, buyers are not only buoyant about affordability, but they’re likely to spend more as they look forward to a new year in their dream home. Westpac’s encouraging survey results demonstrate a willingness to purchase, which also means there’s room for negotiation and a larger pool of people to market towards.

So when should I buy in Melbourne?

We understand that conflicting opinions on the current market can make purchasing a property even more confusing and daunting. We recommend researching all possible angles, and are ready to offer you advice and support on buying and selling in this market.

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