Been wondering why you can’t find the house you want?
Ok we know about “the now” – during the COVID-19 enforced shutdown there are almost no new listings. And when you go back to the end of 2019, Inner Melbourne median house prices surged, up 5.0% Q4 vs Q3 according to REIV data. However, it was on significantly reduced sales volume levels. So really 2020 never got going, with low stock levels and only February operating under conditions even close to normal.
The long term trend
But well before these recent events, there has been a decade long trend with average homeownership years rising. The latest data from Core Logic shows that homeowners are holding onto their property for much longer than they were 10 to 15 years ago.
Nationally, the average length of homeownership has risen to 11.3 years, but Greater Melbourne sits at 12.5 years the highest in the country.
Ten years ago, Greater Melbourne was 7.1 years – this increase to 12.5 years has had a significant impact on the supply of established houses.
Adding to the length of ownership, the latest REIV data for days on the market for Metro Melbourne is important. It takes just 28 days today to sell a house versus one year ago when it was 46 days. These two trends help you understand why it has been so hard to buy your new house.
So what can you do to be a successful buyer?
Well, we think the acute stock shortage will continue for many years.
Today, you must have everything going for you, and that’s where we come in – we source, research and prepare you for success. We access pre-market and off-market properties and conduct an intensive search – an area our clients generally don’t have enough time for in their busy schedules.
And, with selling days down to just 28 days, you must act decisively. When we locate the home that fits your needs, we ensure your preparedness to act decisively, with research and due diligence completed, pricing researched and finance approved in writing,