Caine`s Weekly Update: Vic Property Market

Welcome to the McFall Real Estate Weekly Update for another week.

This week we have been busy finalising a few contacts for properties that had offers accepted last week.
We are also a very deep in negotiations with some large deals that I can hopefully share with you next week.

One thing I have noticed this week is an increase in clients looking for vacant blocks, both in town and acres. We have a few developments in the pipeline and hopefully we should be able to get these to market in the near future.

While Victoria`s property market is experiencing a flat patch, I believe the long-term outlook is quite strong.

This has created a window of opportunity for people to get into the property market before the market picks up again.

• Currently there are 5.1 million people in Melbourne alone but by 2050 Melbourne will have an estimated 8 million people and Victoria will have over 10 million people.

• Many discretionary buyers and sellers have left the property market, but life will go on. People will still get married, and divorced, families will have babies, people will get a new job and many Victorian`s are going to need to move house.

• Rather than trying to time your next property purchase based on where we are in the property cycle, take a long to view and if your income is secure and the time is right for you, it may be an ideal time to get into the property market while others are sitting back and waiting for the “Perfect Time to Buy”

• Once interest rates settle, we will the market comeback with a vengeance.

• Higher price-point properties are leading the downturn.

• Areas that have a higher purchase price and therefore greater debt place households in a vulnerable position to rising interest rates.

Remember if you would like any help or advise with any Real Estate issues please don’t hesitate to reply to this email or call me on 0411132623.

I appreciate you taking the time to read this update.

Caine Hunter