What to expect this spring
August 30, 2017 Corporate News
Spring is the busiest season of the year for the Victorian residential property market. As we wave farewell to the colder months, interest spikes to sell and soon enough we’re entering an epidemic of property Spring fever. Here’s some insight and predictions into what you can expect during our industry’s peak time.
- Volume of properties on the market increases
In Spring, buyers can envision a lifestyle with much less strain of the imagination. The homes are filled with light, the gardens are looking stunning, and if you’re selling near the beach it appears much more inviting during this preferred time.
- Little or no change in interest rates
The Reserve Bank of Australia expects inflation rates to remain low until the end of the year. Therefore, it is likely that they will hold interest rates this season. This will continue to put pressure on the Victorian property market, we expect to witness high clearance rates and strong price growth continue. Lower interest rates will also enable prospective buyers to upsurge the amount of money they can borrow, and continue to assist affordability.
- Increased volume of premium properties appearing on the market
It is a common trend that upper market and more expensive houses start entering the market during Spring. Striking landscape, architectural features and spectacular views are all likely to be emphasised during Spring.
- A buyer’s dream
Buying in spring tends to be the most optimal option. Spring typically brings higher clearance rates and a consistent tendency to produce a larger number of auctions than any other season. The selection and choice means you are more likely to find and secure your dream property.
- Impressive clearance rates
With clearance rates high at 70% in recent times, it is likely that based on economic indicators such as price growth and general data they will continue to remain high. This naturally indicates a prediction of ensuring some successful sales and price records are on the Horizon.
As the Victorian property market heats up, you can be sure our property professionals are ready to spring into action. Contact your local Hodges office today, and become equipped with advice, guidance and a clear strategy to endeavour upon the next stage of your property journey this Spring. You get more with Hodges!