What a first quarter we've had in 2021! The ramifications of which have seen the Melbourne property market experience growth of extraordinary measures. That of which has taken the Melbourne Median price on a 8.8% quarterly increase, to over $1,000,000.00 for the first time ever!
Yes, ladies and gents, the property market is back. But is it for good?
We've seen an end to jobkeeper payments, which doesn't really seem to be having an impact on property prices too much, so far. The expectation, as a result of jobkeepers demise, was that there would be a surge in property supply. Evidently, the property supply of late around Pascoe Vale has been at a record low.
Now that jobkeeper is over, what's next?New reforms are on the table with potential that Victorian State Government will look into scratching the stamp duty, like neighbouring NSW. This would push prices even higher and further away from the reach of frustrated buyers who weve seen miss out over the last few months.
Buyers are starting to see advertised property price range and give up before the race has even started. Thinking that all auctions are going to 'sell for above the price range' wont help your cause! Hey there buyer, don't give up!
Although the property market seems to be hot, don't get overwhelmed in the heat of an auction. Keep your head straight, brush yourself off, and keep looking! Id definately want to get into the property market sooner rather than later. I mean who wouldn't want to capitalise on the potentially huge capital gains over the coming years?
All in all, a great mindset is to buy with your head, not with your heart. Thus, don't forget, progress beats perfection. If its not the perfect one, than close is good enough! Quickly now, before the next bidder gets in!