As we fast approach Christmas and the end of another busy real estate year it is worth reviewing 2008 and looking to 2009.

 

It’s hard to recall a year that has experienced more negative publicity. And, while the stock market has dropped substantially, and we read publicity about a $3 million property selling for $2million, the resultant headlines go nowhere near representing an accurate picture of the overall market.

 

Generally, our markets have performed well with our average prices and sales turnover little different from 2007. Our local areas are popular with purchasers and demand for good properties is always strong.

 

So, what about 2009?  There will be two major influences affecting the property market of 2009.

 

Firstly, interest rates. Rates have reduced by 3 percentage points over recent months and are likely to fall further in the New Year. With each rate reduction, more buyers enter the market and more transactions result. Compared with countries overseas, Aussie interest rates still have some distance to fall and this is likely to occur into early 2009.

 

Secondly, immigration into Victoria is still strong. This means that thousands of new families are arriving in our State every month, keen to buy or rent properties. By Australian standards, Victoria still has an under-supply of properties for sale and rent (compared, for example, with an oversupply in Queensland) and this factor boosts demand.

 

These influences, together with the enhanced First Home Buyers grant, mean that 2009 is looking to be a pretty busy year.

 

Whether you are considering buying or selling, we look forward to being able to assist you. Some of our best properties are listed below, as well as our open for inspections for this weekend.  

 

We will be working throughout the holiday period so if you are considering selling please call us for a complimentary market appraisal.

We wish you and your family a happy and safe festive season!!!