Is The Glass Half Empty or Full?
According to the Chinese calendar, it’s the year of the snake but according to property analysts, 2013 may also be the year of the investor. At Compton Green, all of the evidence pinpoints the fact that the upcoming months should be marked by success as our results have reflected a strong start to the year.
Real Estate Institute of Victoria Policy and Affairs Manager, Robert Larocca said the health of the market in 2013 will be dictated by confidence. “The REIV is predicting that 2013 will be an improved one with more consumer confidence in the marketplace,” he said.
While our auction clearance rate did not skyrocket over the weekend, the market remains in a healthy state, especially since our most successful January in three years has been recorded.
Data released this week from the Housing Institute of Australia and Australian Property Monitors emphasises a nationwide housing improvement. While other basic indicators signalling a return of confidence to the market, include:
- Melbourne auction clearance rates have continued to rise from their lows in late 2011 and early 2012.
- We are seeing large numbers at inspections.
- Overall prices remain stable.
- Consumer confidence levels are above this time last year.
- Low interest rates (a number of economists are speculating that they may dip even further.)
- Since the middle of 2012, residential building approvals have increased, rental yields have moved higher and prices in the established housing market have picked up.
- The number of enquiries have picked up in comparison to this time last year.
Compton Green Senior Sales Executive, John Galea provides his personal insight into the way the market is tracking. “We are set for an exciting year at Compton Green due to steady growth, consumer confidence and a stabilising economy,” he explained.
“I have found that the City of Maribyrnong is a standout area as there has been a recent surge in buyer activity and numbers at inspections have increased considerably. There is also a healthy balance between supply and demand in The City of Hobsons Bay and homes continue to sell well in this region. Compton Green is excited to be a part of this next phase of real estate and we look forward to continuing to grow with our community,” he said.
At Compton Green, the glass is definitely half full.
Adrian Butera conducts another riveting auction.
