The condominium market is about to come alive again with some very attractive properties available in Melbourne, according to a new report.
The Property Investor’s Alliance says that new listings will soon become available in some of Melbourne’s most popular areas including the CBD, Fitzroy, Hyde Park and The Rocks.
The alliance, which monitors the property market, is urging buyers to get in early for the best prices.
“You need to get into early to save on the prices.
There is only a few weeks left of the auction and a lot of new listings are available to the public,” Ms Tracey Condon, the organisation’s director of real estate, said.
“We are seeing listings in Melbourne now that we weren’t expecting, so we’re really encouraging people to get on board now and to get them in early.”
It’s going to be a little bit tricky, because there are a lot more listings coming in now than we were expecting.
“We’ve been looking at new properties for a while and we’re hoping the market will rebound to normal again, but you’ve got to have some patience.”
Property Investor’s Association director Tracey Purnell says it’s still a tough market.
(Supplied: Property Investor)Ms Purner said a lot people would be looking to buy a property in the future, but would have to wait a few months for them to hit the market.
“The market is going to open up at the end of March, but that doesn’t mean people will be able to put their hands up in a month or two,” she said.
“There will be lots of houses in the market that are out for sale right now and there will be many more coming in later in the year, so there’s lots of potential buyers.”
Some of these houses are already available in the community, so you can go in and get a look and see if they’re going to fit into your lifestyle.
“If they are, then you can potentially get the best price you can, but the best way to do that is to get a property first, because then you’ll get a sense of whether they’re good value.”
Ms Condon said many buyers were looking to move into the CBD because they were seeing their property values increase in value.
“Most of the listings are in the CBD or Hyde Park, so people want to get some new space, which they’ve been asking for in the past,” she told News24.
“For the first time in my experience, the prices are coming down in that area, and the city is booming.”
The Property Investor is not the only organisation looking to boost the property price.
In recent months, other property agents have also been releasing new listings.
The Victorian Association of Realtors has also issued a statement on the current market, warning that people should expect to pay more for their property in coming months.
“Prices will continue to increase, especially in the luxury segment,” the association’s chief executive, Rob Latham, said in a statement.
“Many of our members will be getting new listings in the next few weeks and are keen to keep their prices up.”
Property investors are not the first ones to be affected by the market downturn.
Last year, a report from the Australian Bureau of Statistics showed the number of new homes under construction in Melbourne fell to 4,826, the lowest since 2008.
“As demand for housing continues to fall and prices rise, affordability in the city continues to be compromised,” the report said.
The report said Melbourne’s property market was “at risk of further deterioration” because of rising home prices, a shortage of supply and high levels of indebtedness.
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