Well, May is proving to be a very interesting month, very different from May 2007. The inner Melbourne market is finding its new levels and both vendors and buyers are starting to adjust to this more realistic and sustainable property market, gone are the spectacular highs and red hot prices and on with reality. . Only the select few properties are seeing the heady heights of 2007.

The auction market has changed, many deals are now done willingly before auction, agents and vendors want to get some certainty into the results and wise vendors are listening to the market. The street auction scene has changed with many buyers not willing to make public declarations by bidding, and many waiting to see what happens when a property is passed in. The smart ones are being part of the auction and getting that valuable first right. We are seeing and hearing many stories of potential purchasers that have missed out by being too smart and not realising that for the good properties there is still substantial demand, we know this because we are buying them.

Buyers will look back at some of the recent results and think, why didn’t I have ago.

Well located, well designed, well priced properties with good aspects are still selling and realising solid prices. Inner Melbourne is still king. The areas out side the 15 km of the CBD are now showing signs of stagnation and get into the new sub-divisions  with their “card board toy towns” and it is very easy to buy(not that we recommend it). Sellers are thick on the ground and buyers have all but vanished

As always when the tide starts to recede those with their pants down started to become exposed and have to get into the deeper water and unless they can keep swimming we all know what the results will be. Always remember the water is not as deep close to the CBD particularly with good land components.

Cheers

David McMillan

Director – Domain Property Advocates

www.domainbuyer.com.au

If interested in learning more about this update please contact me today!

As Domain Property Advocates continues to grow I will continue to provide superior service to those choosing to use property as their investment. It is an important choice of who to choose as the one responsible to look after your property. You can be sure that Domain Property Advocates will always strive to be the best.

 

This entry was posted on Monday, May 5th, 2008 at 2:50 am and is filed under Buying Property. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.