Melbourne’s spring selling season is set for a quiet start because buyers and sellers are cautious as interest rates rise.Some sellers aren’t worried, moving ahead as they will be buying in the same type of market.Melbourne home buyers and sellers normally rush in to the spring property market, but many are holding back this year.
“It’s going to be a spring to provide better opportunities for buyers out there and activity levels are obviously going to increase, but could be lower in comparison to other years,” Powell said. “We’re not going to see a sudden rebound in prices because this spring will be in a downturn market.” Jellis Craig partner Michael Armstrong said this year was not the same as others and that he was expecting October, normally the busiest month of the year, to be much slower.Listing volumes in the upper end of the market were lower, with fewer people looking to sell their family homes, he said, similar to during the global financial crisis.
“Everything is relative. Some people will always pay a premium for a property in a really good area. Because I’m looking again, I need to pay a premium as well.” “The market is quiet because of the increased interest rates,” Yan said. “At the moment, it’s similar to 2019 and people are holding back – it’s a nervous time for people, including Chinese buyers.”
Interest rates heading towards 10%. Electricity bills sky rocketing. Enjoy the life under Labor-Greens