Given the volatility of the external factors that influence the market, we have seen some fluctuation in fortunes for both buyers and sellers. Demand for premium quality homes remains strong, with low stock levels and rising construction costs creating a sense of urgency among buyers looking for turnkey properties. This healthy competition is securing robust clearance rates and excellent results for our vendors.
There has been a marked slowdown in planning submissions and approvals off the back of significant increases in development, design, approval and building timelines. In the coming months, we are likely to see this translate into a shortage of stock.
Rising rents and limited vacancies in our area are encouraging renters to stay in their current homes and negotiate longer lease terms. In most cases, this is driven by the uncertainty of interest rates, cost-of-living increases, and the challenge of finding a new home in this environment.
Looking ahead, the next 12 months will be an exciting time in the Bayside property market. Interest rate commentary is suggesting that late 2023 could see rates start to reduce as inflation is curbed. The appetite is certainly there from buyers, and we expect to see stock levels increase once sellers see and feel the confidence in the market.
Buyers waiting for the ‘bottom of the market’ are likely to be caught out as figures are already beginning to show an uplift in prices across the area. We know that in Melbourne when the momentum in the real estate market builds, it picks up speed quickly.
In this year’s edition of The Report, we uncover five pivotal factors driving current property trends, and Jellis Craig CEO Nick Dowling reveals what’s really going on in the Melbourne property market.
We also shed light on the significant infrastructure improvements enhancing liveability in Bayside and examine how the market is shaping up in major cities around the globe.
We hope you find our 2023 edition of The Report enjoyable and informative. We look forward to sharing our expert advice and guidance to help you in the next phase of your property journey.