Buying right now could save you 10%

The Reserve Bank of Australia’s recent 0.25% rate cut to3.85% has injected renewed optimism into Melbourne’s property market. While this move offers immediate relief to mortgage holders, it also sets the stage for a potential surge in property listings as sellers anticipate increased buyer activity.

This influx of properties could temporarily stabilise prices, presenting a unique opportunity for buyers to negotiate favourable deals. However, this window may be short-lived. As more buyers re-enter the market, spurred by improved borrowing conditions, competition is likely to intensify, potentially driving prices upward.

Data indicates that Melbourne’s median dwelling price remains approximately 5.4% below its March 2022 peak, suggesting room for growth. However, inner Melbourne has recorded the strongest quarterly growth nationally, with house prices rising 3.6% and unit prices surging 5.9% since early February.

For buyers, the current market conditions may offer a strategic advantage. Acting promptly could result in significant savings and position you ahead of the anticipated price increases. Delaying could mean facing a more competitive market with higher prices.

If you're considering a purchase, now is the time to act. Let's discuss how you can capitalise on these market dynamics to secure your next property at a favourable price. If you’re considering selling, now is a good time to start getting serious about preparing your property for sale come spring.