Melbourne home buyers and sellers normally rush in to the spring property market, but many are holding back this year. | Melissa Heagney
Melbourne’s spring selling season is set for a quiet start because buyers and sellers are cautious as interest rates rise.Some sellers aren’t worried, moving ahead as they will be buying in the same type of market.Melbourne home buyers and sellers normally rush in to the spring property market, but many are holding back this year.
“It’s going to be a spring to provide better opportunities for buyers out there and activity levels are obviously going to increase, but could be lower in comparison to other years,” Powell said. “We’re not going to see a sudden rebound in prices because this spring will be in a downturn market.” Jellis Craig partner Michael Armstrong said this year was not the same as others and that he was expecting October, normally the busiest month of the year, to be much slower.Listing volumes in the upper end of the market were lower, with fewer people looking to sell their family homes, he said, similar to during the global financial crisis.
“Everything is relative. Some people will always pay a premium for a property in a really good area. Because I’m looking again, I need to pay a premium as well.” “The market is quiet because of the increased interest rates,” Yan said. “At the moment, it’s similar to 2019 and people are holding back – it’s a nervous time for people, including Chinese buyers.”
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spring property action plan for buyers and sellersProperty auctions have been increasing in the build-up to the start of an unusual spring selling season where strategy is more important than ever.
Read more »
Missing Ramsay Street? Don’t worry, Neighbours is planning a comebackBarely given a chance to go cold in the ground, the Australian soap opera will be back – this time at a live farewell event in Melbourne next year.
Read more »
Missing Ramsay Street? Don’t worry, Neighbours is planning a comebackEveryone’s favourite residents of Ramsay Street will reunite in Melbourne next year for a live farewell show, held at Melbourne’s Hamer Hall in April. | Nell Geraets Neighbours
Read more »
Missing Ramsay Street? Don’t worry, Neighbours is planning a comebackBarely given a chance to go cold in the ground, the Australian soap opera will be back – this time at a live farewell event in Melbourne next year.
Read more »
Hawkish Powell says Fed could keep lifting rates sharplyMarkets slumped as Jerome Powell signalled that the Federal Reserve would act “forcefully” to restore price stability and could keep lifting rates for some time.
Read more »
Roosters' Lindsay Collins facing potentially season-ending ban for hip-drop tackleSydney Roosters prop Lindsay Collins may not play in the NRL again this season after being charged by the NRL for a hip-drop tackle on Melbourne's Tom Eisenhuth.
Read more »