October Market Update
By | 6th Nov 19

The month of October saw Melbourne’s property market continue to improve. There were a number of record runaway results in many suburbs across Melbourne. It is amazing that three properties have smashed their reserves by over $1,000,000 in Port Melbourne, Armadale and South Yarra. 

The first home buyer end of the market continues to be very strong as first home buyers are taking advantage of low interest rates and also the stamp duty concessions to get into the marketplace. Although they are now coming up against investors who are back in the market as they always do when the market picks up. There will be some strong first home buyer numbers in January when the government has the first 10,000 first home buyers taking advantage of their new loan deposit scheme. They will be saving lots of money by not paying $10,000 - $15,000 in lenders mortgage insurance.

The market has changed to a sellers’ market and has also shifted to give downsizers the big advantage as they are selling properties at the higher end which have been increasing in value solidly and then they are buying properties at a lower level. They are now dominating against upsizers who had the advantage when it was a buyers’ market prior to the election.