Driving along Melbourne’s Bayside is one of the better perks of my role as a property stylist.
I am often in my car undertaking site assessments from the Mornington Peninsula to Port Melbourne. So the Bayside drive is a perk, especially on a sunny summer day and especially as the property market recovery begins to actually be felt.
Domain recently reported that beach lovers are snapping up bayside properties off the back of recent price falls that have seen some suburbs lose 10-15% in their property value over the past year. With the market now in recovery and prices beginning to head north more and more stock is coming onto the market as buyer activity is increasing.
Factors like the election decision (bet you’d forgotten that one already), interest rate cuts, relaxing of lending criteria and then just the herd mentality that kicks in when the bottom of the market cycle is sensed, has certainly had an effect on the level of real estate activity and price results. Despite it not all being good news for the economy, it looks like after 18months of decline the market is on the up.
Prices have lifted by 3.2% in Melbourne in August and September and I believe October will be just as good based on the results we have been seeing amongst property we have styled. Clearance rates are also improving. We’ve even had property selling after just one open.
Whilst it took a couple of months to kick in, the current recovery has seen a very late spring listing season with many properties continuing to come onto the market from November onwards all with auction dates leading right up to the 21st December.
Interestingly, we even have property styling installations reserved for January 2020 which is pretty unusual for late October and early November. That usually doesn’t happen until December. Not that we property stylist’s are complaining!
If you are planning on taking advantage of a summer sale campaign get in touch to find out about the amazing discounts on offer as well.
However, we will take a break over summer with a shutdown from the 18th December to 6th January (at least!).