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PPG_Blog_August_image 7_market update

Leading into the traditionally more buoyant spring sales period, indications are that it will be a much more vibrant real estate market than for the same period in recent years.

Despite uncertainty from the looming Federal election and a range of influential concerns from mining and other industry on consumer confidence, Melbourne’s housing market is showing signs of a recovery – with recent Australian Bureau of Statistics (ABS) and REIV data across the June 2013 quarter indicating that the house price index increased by 2.4 per cent.

Interest rates are lower, while clearance rates and volumes are higher, so it would seem more important than ever to do your research if you are to take advantage of market conditions.

As we all emerge from our winter hibernation, vendors will want to make sure that they are aware of the potential for increased competition from both a supply and potential buyer perspective.

Similarly, home buyers are likely to discover more choice at all levels and increased competition as access to funds has been eased.

Researching your own needs, to ensure you are on top of market trends in your desired area, is vital. Find out as much as you can about your particular suburb or area. In addition to speaking with your local Property Profile Group real estate agent and keeping an eye on published auction results, one of the best ways to do this is to attend auctions as an observer. You’ll get a sense of the number of bidders and confidence in the market locally.

The more you keep your finger on the pulse of what’s going on locally, the better you’ll be in determining a “fair” price for both buyer and seller.

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