VIC MARKET OVERVIEW
VICTORIA
Mathew Cox - Director & Auctioneer | Buxton Mentone
Thank-you for the opportunity to share your insights as part of The Property Development Review publication - the words “housing crisis” are echoing through the media at the moment, within your market are you seeing it getting easier or harder for buyers to get into the market. I think it’s getting easier to get into the market particularly at the bottom end price points as ‘mum and dad’s’ investors are selling their investment units/townhouses because of the rising costs associated with keeping them its no longer palatable as an investment.
So I’m finding an influx of first home buyer opportunities.
MATHEW COX
What are you seeing in the market in terms of residential enquires on property? And as price guides become more accessible online, what kind of enquiry are you receiving? July and August have been busy both digitally and physically. Appropriately priced homes have seen consistent above average activity across all online portals. This has also correlated to busy open homes. Unfortunately most homes are only getting 1-2 actual bidders as a lot of buyers are just educating themselves in readiness for spring purchasers as the market opens up in September and October. Which segments & type of property in your market are exceeding expectation and what do you attribute this to? Turnkey home are in vogue. Buyers have real concerns over renovating or re-building or buying off the plan with the uncertainty of the building industries.
Finished townhouses and new homes and fully renovated home are still in demand.
52 – September / October 2024
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