I’m sure we’ve all noticed the very different spring weather. We’ve had more than enough wet days, below average temperatures and numerous storms that have knocked out power. It’s been a very ‘wintery’ start to the spring season! Even the Cox Plate at Moonee Valley was run in record low temperatures, and that was late October!
The poor weather conditions may have actually helped real estate prices. It has been quite noticeable that there are fewer properties on the market this year. Possibly the adverse weather has had an impact in the potential seller’s ability to properly prepare their properties to go onto the market, or maybe it’s just that it hasn’t really ‘felt like spring yet.’ Whatever the reason, it has definitely created a shortage of supply.
Buyers on the other hand, have been out in force. Their numbers have been steadily increasing since August and risen dramatically since the end of the football season. With less properties on the market, they have been forced to compete with other buyers for the limited supply. This has definitely had a positive impact on price. Homes in the Maroondah area that had been selling for $600,000-$700,000 are now mid-$700,000’s or higher. With modern townhouses in the same area now trading for as much as $1 million. Sellers wishing to take advantage of this very buoyant market need to get in now.
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