History always favours Melbourne housing market

History always favours Melbourne housing market

14 Sep 2016 By: Greg Hocking 0 Comment

As I sit down to write this report I am reminded of a simple fact. Humans are extremely resilient, hardwired to want homes for our families.

This year marks my 40th in the real estate industry and when you have been selling property for as many years as me, your perspective helps you see ‘big picture’.

Fifteen years ago this week the world was in deep shock, reeling from the scale of the 9/11 atrocity.

Markets were paralysed. Everyone was horrified by what had happened in New York City, including many Melbourne property owners and residents.

But with characteristic stoicism within a month new listings emerged. Buyers pushed on. Local families pulled together.

Eight springs ago, in 2008, Australia and the rest of the western world found itself in another crisis – this one financial.

The global financial crisis knocked local investors for a six. Auction clearances dipped in September and October.

But, again, by the end of 2008, buyers – particularly first-time buyers – were returning to weekend auctions and by early 2009 Melbourne was rebounding to its next peak by 2009/2010.

Last week Melbourne recorded its strongest results for this year to date, according to CoreLogic, 79.3% of 830 scheduled auction properties sold including a staggering 91.7% of all in the inner south suburbs.

This is timely news for our group’s just-opened agency, Elsternwick, which started trading on September 1 and also proves that when the fundamentals of a market like ours are so strong – a robust economy, growing population and enviable lifestyle – the intrinsic value of our property will always prevail.

Call our team today if you want to know more about selling your home this spring.

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Greg Hocking

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