The short weeks and public holidays which surround Easter as well as the upcoming election have once again seen reduced stock levels as property takes a backseat. Whilst there hasn't been any major property initiatives from either party, the talk of imminent rate rises and negative press around the market means there is uncertainty in the air.

Uncertain markets provide great opportunity provided you focus on quality stock. It's important to know what the right call is and not to rush in just because something is achievable.

Over the past few months, we have secured properties well within our client's budgets and have seen countless properties selling within or below the advertised range. History shows us that in a moving market the gap between vendor and buyer expectations widens but they eventually find their level.

The sub $1.5mil market is more volatile and faster to react. The premium market is holding firm, however, it seems more people are waiting until spring to "see what happens". As clearance rates and median house prices drop, off market transactions are on the up with agents and vendors working with the leftover buyers who couldn't get in last year. As we await the next few months the uncertainty will settle, as it always does, but the pendulum feels like it is swinging back in the buyer's favour.

With a number of high volume auction weekends behind us, the state of Melbourne's market remains as elusive as ever. Noise around interest rate rises and broader economic conditions suggest the market is slowing which in parts it appears to be, but with borders opening and immigration likely to increase, one could argue the market will slowly level out this year.

Currently, properties priced around $2m to $5m are still attracting good interest but beneath that bracket, others appear to have limited interest. Common outcomes point to properties passing in, selling after auction or not selling at all. From $1m to $1.5m, it seems sales prices have softened since December. Whilst clearance rates across greater Melbourne have dropped to mid 60%, inner Melbourne is still maintaining clearance rates of over 75% plus, which is in line with the conditions we saw last year. We do feel the frantic energy has come out of the market as people focus on other aspects of life other than buying houses.

What does this all mean? The market is in a state of change and if you need weekly or monthly updates, you should consider engaging us or chatting to us about your next purchase. We can summarise the latest market insights relevant to your search and share our knowledge on potential opportunities. In short, there is no better time to engage us for our advocacy expertise.

On behalf of all of us at G&G, we wanted to wish our clients, friends and family compliments of the season and here is to enjoying a break everyone needs!

It's very clear 2021 was a challenging year, for some a tough year and for us a positive year of growth with Jacinta joining the team in May, which has really added and rounded off our service offering across Melbourne. Here is to a brighter 2022 for everyone!

Whilst we could go into detail about market growth, interest rate movements, changing lending rules and plenty else, what we will say is that the Real Estate market continues to bring reward to those people who have a plan, persist and when necessary, reach out to us for guidance and prudent advice.

We don't believe anyone, regardless of experience can accurately predict what lies ahead but already in talking to key agents, listing volumes in February and March will be healthy so maybe the pendulum is swinging back towards a more balanced buying environment.

To all our clients who sought our advice this year, thank you for trusting us. It was a pleasure helping you all and to those that haven't engaged us yet, feel free to reach out when you are ready.

November has been a very interesting month – the first two weeks saw relatively competitive auctions but as the doors opened across the state it appears the majority of buyers may have exited. The clearance rate has steadily dropped from near 90% to the sub 70% range this weekend and appears no sign of stopping.

The change is a result of several factors - whispers of an interest rate rise, less buyer depth, increased listing numbers and a significant drop in the quality of property as many people late to the party try to offload investment including unloved and main road properties. Agents have caught up on accurate quoting, but some vendors expectations appear to have crept higher.

One market immune to these changes is the $2m-$5m+ premium market which has gone from strength to strength in the inner north.

We anticipate this trend to continue into the new year and things to become more consistent as buyers who have purchased this year bring their properties to market.

If you need help deciding what is value in an ever-changing market or to get a competitive edge please do not hesitate to reach out.

The demand for property and strong results continue with the return of inspections just two weeks ago, however, some agents are reporting significantly lower inspection numbers for new campaigns. Is this an early sign of buyer fatigue and perhaps things to come?

Apart from the merits of why you should engage a buyers advocate to assist you in succeeding to buy a property, the questions we are often asked include:

Do you think values will keep going up? If listing levels and interest rates remain low, then yes, demand is exceeding supply and values will continue to rise in the short-term.

Do you think the market is overheated? Arguably yes, due to a lack of supply, but this is driven by demand so ALWAYS take a long-term view to buying and holding, where 10 years plus is sensible.

Should I wait until next year to buy? If you are not ready to buy and concerned with points one and two, then consider whether you need to rush to buy before Christmas. However, prices may continue to rise and at the end of the day, no one has a crystal ball.

When considering purchasing risks, key considerations include the ability to absorb interest rate rises, moving to one income if your family is growing or if your employment circumstances are likely to change. There are always risks to purchasing property as there are with any major investment, but as someone who has bought and sold property for 30 years, if I hadn't taken some calculated risks, I'm sure my financial security would have been significantly impacted.

We are always here to steer you through the property maze.

Hamish, Jacinta and I send our best wishes to you, your family and friends and we look forward to brighter days ahead this summer!

A couple can deliberate longer over what to watch on Netflix or what to order on Uber Eats than they do on purchasing their biggest asset. In the past week, 295 properties have been sold virtually across Victoria. Many of the larger agencies have been promoting sales volumes well into the hundreds each week since the beginning of lockdown 6.0. The majority of these sold sight unseen or via a digital inspection.

I commend agents for working creatively under the current restrictions and supporting clients in genuine need of a sale but as buyers, it is impossible to get a 'feel' for a property via video and a biased representation of the property is inevitable with the vendor operating the camera lens.

This market is being fuelled by lack of supply, low interest rates and increased household savings. Whilst buyers may feel they are getting an edge in a competitive market, fortune does not always favour the brave. A house requires much more than a sweep through the premises, the risk of buying in this fashion far outweighs the upside.

The Victorian government has slated September 23rd for a reopening of private inspections for unoccupied homes. Once this lockdown ends the market will be flooded with property. Resist the temptation, take a break and resume your search when you can properly inspect a home.

Whilst we have held back on our market updates this year, we look forward to keeping you up to date more regularly on what's happening all things property wise with interesting interviews along the way. In the past 18 months, we've seen an unpredictable and competitive property market that has maintained resilience and an upward spiral with no short-term end in sight.

As the end of last year's lockdown showed - pent up demand, a lack of supply, low interest rates and an inability to travel encouraging homeowners to invest in their own homes which sees no tax on capital gains or monies spent on improvements - the market will likely continue to rise through to Christmas and into 2022.

When the current situation improves and we can all inspect property once again, agents in many Melbourne suburbs have listings waiting to be launched. You may have more choice but given in the three months prior to July there were 1.4 houses sold for every new listing, that tells us demand is still high and competition will continue to be fierce.

As we navigate unfamiliar territory, we've not only bought for many clients, we've also acted as Advocates for those selling property, very successfully managing their sale, marketing and agent selection process. If you, family, a friend or colleague needs property assistance, reach out to us at info@gertrudeandgore.com.

We are thrilled to welcome Jacinta Phare to the G&G team. Jacinta has more than 10 years’ experience across Melbourne real estate. Empathetic by nature, Jacinta is particularly gifted at understanding the individual needs of clients, working in close collaboration with them through the process of buying and selling. As a mother of two, Jacinta recognises the significance of the family home and her personal, informed insights have led many people to make the right decisions for their property. A Richmond local, Jacinta’s intimate knowledge of the inner eastern suburbs and beyond will ensure her clients are in exceptional hands.