Market Report
Property Market Report: September 2023
7 September 2023
by Dee Pajevikj
Melbourne in September is like a bear poking its nose from its winter den, sniffing the air, stretching its sinews, its heart rate quickening at the thought of spring selling season, as bears’ hearts do. In Melbourne new listings increased by over 7% last month. Economists tell us that the pause (Or, more hopefully, the cessation) of interest rate hike rises has created an increase in buyer demand and unusually strong market conditions that should entice vendors to put properties up for sale, bringing more relief to a still tight market.
That’s not to predict a tsunami of vendors, because there remains a shortage of family homes, for instance, being offered for sale. But Domain’s chief of research and economics Dr Nicola Powell has noted, “What we’ve seen over the last few months is sellers have become active during a period that is seasonally quite quiet, so it is unusual.
Sellers are becoming more motivated to sell their homes.” Buyer demand has risen, which, along with spring’s annually enlivening effect, should also attract more sellers into the market. Renovated homes, in particular, are garnering very strong interest and achieving premium results.
At Abercrombys we have observed over recent years that the right presentation when selling your home is now more important than ever. A whole new level of aesthetic aplomb is being achieved by property styling experts as well as by canny vendors themselves. It’s become almost an arms race of persuasive exhibition, and not to be involved leaves you vulnerable and unlikely to maximise your property’s value.