Real estate in a cooling market
All the signs point to the Melbourne– and, for that matter, the majority of Australia’s capital cities – being in a slow property market. It would appear that the peak of the market was around September last year. This is, of course, just part of a continuing property cycle and like any other part of the cycle, you need pay attention to make effective use of property information.
For sellers, a realistic price point is essential, as is finding the right person to sell the property. In a cooling market, it also prudent to make sure the first property has sold before you buy the next one.
The good news is that a cooling market can definitely favour buyers, so it’s time to organise your finance and get the pre-approval from your lender. This is time in the market cycle when you can make offers well below the advertised price, and so long as you are acting with your head and not your heart, you can sometimes find a long-term bargain.
Of course, just as it’s impossible to predict the exact peak of the market, it’s just as difficult knowing when the rock bottom arrives. In Australia, there are a plenty of doomsayers who point to the fact that our market was not affected by the Global Financial Crisis of ten years ago. They are predicting a greater downturn to redress this imbalance.
Regardless of the state of the market, Accrue Real Estate has the experience and knowledge to help you decide if the time is right for your property investment. Learn more about Melbourne property investment opportunities by contacting Accrue Real Estate today.