2019 has been a year filled with highs and lows. The beginning of the year saw prices under tremendous pressure with the market easing between 10-15% off the high being mid to late 2018, depending upon the suburb. Some buyers even opted out of the market and rented properties during this period.
In May of this year we had a frenzy of activity in the $1-2million range where properties that had been on the market for 6 months or more suddenly started selling, even during a federal election. Following on from this during the winter months, properties in the $500,000 – $900,000 range started selling as people who were scanning the market started to see real value. Credit was also starting to free up (post royal commission) and so then stock started to dry up with people buying anything that was available.
The past 8-10 weeks has seen vibrant activity, with competition in the market back to the levels we saw in early to mid-2018 where the dilemma was not enough properties for sale and a huge buyer demand. The message is that we’re now listing strongly throughout all the price ranges, with the improving market conditions now is the time to buy before pricing is back to where it was in the height of the market.
Rental returns are also strong, and Bell Real Estate are the market leaders throughout the Yarra Ranges when it comes to property management. It doesn’t matter whether you’re selling or renting, Bell Real Estate through one of its 7 office throughout the Dandenong Ranges and Yarra Valley can assist you.
Did I say 7 offices, yes that’s right there’s a new office opening shortly, so no matter where you are there’s an office close by.
The management and staff of Bell Real Estate take this opportunity to wish everyone a safe and happy Christmas, and as we welcome in another year we trust that you’ll have a little extra time to spend with loved ones and family in 2020 and the New Year will be everything that you’re hoping for.
Trevor Bell – Managing Director
Bell Real Estate