More homes on the market
Driving to work daily, I’ve seen an inordinate number of homes advertised for sale in Maribyrnong, Monee Ponds, Carlton North, Parkville and Blackburn.
Looking at the latest figures from the REIV has onfirmed my observations – the more than 1860 auctions scheduled for the next two weekends is an unprecedented number for this year of the year.
I wonder if it’s been fuelled by homeowners hoping to cash in at a time when the market is booming. But I think those hoping to make a tidy profit from the sale of their house will need to consider what that money would buy them. You’d by selling it at a high price yes, but you can expect to be forking out a lot more for your next house too. Then the next question you’ll have to consider is, do you sell first then buy? Or buy first then sell your existing property?
But whatever it is, there’ll be definitely now be a lot more choice and opportunities for homebuyers. I don’t think the verdict is out yet on whether higher interest rates and supply will have an impact on demand.. The clearance rate may have fallen slightly from the high 80s, but at the mid 70 per cent mark, competition is still pretty hot.
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