There have been predictions that the property market in Australia will soon cool off and stabilise. This is partially due to Australian Prudential Regulation Authority (APRA) pressuring banks to ease on investment lending. This in turn has acted to slow demand and price growth.
While this is a promising sign for buyers after property in Brunswick, sellers might be worried that they've missed out on the golden window to make a great sale.
This is hardly the case.
According to the Real Estate Institute of Victoria (REIV), Melbourne's property market is still very much alive and kicking. The city's median price jumped to $729,500 in three months to September 30, which represents a 4.5 per cent increase on the previous quarter. This figure is a new record for the city and shows that buyers still have eyes for Melbourne.
Interestingly, this growth occurred over winter,traditionally the real estate market's most dormant season.
"Melbourne's buoyant property market has experienced one of the strongest starts to the traditional spring selling season on record," said REIV CEO Enzo Raimondo.
"This level of growth indicates a high level of buyer confidence – with sellers benefiting from high auction numbers, solid clearance rates and low interest rates."
CoreLogic RP Data seems to confirm this boom, noting that Melbourne is one of the only cities pushing Australia's value growth figures. An annual increase of 14.22 per cent in the year to September would certainly imply so.
With so much talk of the market soon to reach a plateau, people looking to sell their real estate in Brunswick in the near future might feel like they've missed out. Call Ray White Brunswick, and we'll show you that with an overflowing pool of buyers out there in the market, this is currently far from the truth.