25 Nov 2014 By: Greg Hocking 0 Comment
As we cross from November into December, Melbourne’s property market kicks up a gear as buyers and sellers redouble their efforts to sign contracts before Christmas hits.
A whopping 35,000 auctions have been held this year and there are few signs that the market will pause for the state election – the REIV expects 3,100 properties will be auctioned between 29 Nov – 7 Dec.
Many buyers are sensing that time is on their side, with a steady flow of purchasers coming back to the market to see if they can take advantage of the ticking clock and sellers who are highly motivated to secure a sale in the last weeks of the year.
Investors are still a force to be reckoned with. The Australian Bureau of Statistics recently reported that for the first time in the 30 years that they have been tracking housing finance, investor loan approvals outstripped owner-occupier loans this September, with investor loans totalling $11.94 billion as compared to $11.77 billion for owner-occupiers. Since the Reserve Bank slashed the cash rate in 2009, investor finance approvals have grown by 68 per cent.
If a new property is on your Christmas wish-list, we can help. Call us to arrange your inspection today.