Market Report Spring 2019
Felicity Allen
August 2019
Current Seller and Buyer sentiment indicates for a stellar second half of the year for our local real estate market. Having had a relatively flat first half, given the uncertainty created by the Federal Election, we are now experiencing a return of solid levels of buyer enquiry. The recent cuts to interest rates have also created an increased level of enquiry from investors. Additionally, the caution Sellers were displaying to take their property to market has now dissipated and consequently we are anticipating excellent stock levels this Spring. How this will play out is yet to be determined, however, properties that are well located, presented well and priced correctly will perform and deliver a great result for Sellers and Buyers alike.
It has been an interesting year to date for our local real estate market. Regardless of the somewhat slower first half of the year there has been a high degree of “off market sales”. At Jellis Craig Country we have facilitated off market sales to a value in excess of $10 million. Every year there are always a number of these sales, however, the incidence so far in 2019 is significantly greater. This occurrence can be attributed to a frustration from Buyers given a lack of suitable stock and our Agent’s in turn being able to match that Buyer with a property due to the Agent’s existing relationship with the property owner.
Our central Victorian region is well placed to weather any market fluctuations and uncertainty given its desirable proximity to Melbourne and Bendigo and the wonderful lifestyle that it affords. This notion is validated by the strength of the off market sales, along with strong sales results for properties of the likes of Balls Lane, Pipers Creek where 2 adjoining properties sold over 1 weekend, they were marketed in the vicinity of $4 million and sold for an undisclosed amount.
To find out your property’s value or discuss any aspect of the local property market contact Terry Gibson, Jeremy Bottomley, Kate Graham, Carole Lenander, Paul Keane or Tom May.
