Optimism in the Air: 2020 Forecast
After a record-breaking December quarter, the 2020 real estate market has kicked off by scaling new heights. According to industry experts and our agents on the ground, there’s optimism in the air from both vendors and buyers across Victoria.
A record-breaking beginning
2020 started with a bang in the real estate category – bringing with it new property records across Victoria. The final quarter of 2019 saw metropolitan house values eclipse $850,000 for the first time. This followed two consecutive quarters showing property asset growth in excess of 3% - a result not observed since June 2017. Regional Victoria also forged ahead, achieving growth of 2.2% over the previous quarter and setting a new median price record of $422,500. These outstanding figures are forecast to continue throughout the new year as the property market strengthens (REIV).
Where to now?
As Melbourne’s residential real estate market moves at pace, Victorians enjoy record-low interest rates and qualified buyers benefit from easing lending terms. Major lenders are riding this wave of investment enthusiasm by rolling out new or refreshed offers to attract lending or refinancing. The First Home Deposit Scheme also kicked off on January 1, 2020 – further stimulating the market. Eligible first home buyers are now able to lend up to 15% of the purchase price of a property if they have saved an initial 5% deposit. This scheme is expected to drive buyer demand and encourage more sellers to put their properties on the market. The 2020 auction season will kick off on Saturday, and we’re looking forward to sharing great results in real time.
Our team will take the time to understand your unique circumstances and deliver the results you deserve. Get in touch today to find out how we can support your real estate goals in 2020.