Spring 2019 Cover Image Final

New confidence as market turns







Conditions across Melbourne’s residential property market have shifted dramatically in recent months, with the upward trend reflected across Banyule and surrounds.

Confidence and overall positive market sentiment have lifted due to a combination of factors, including the May federal election result and the Reserve Bank’s two recent interest rate cuts. Meanwhile, the relaxing of bank lending criteria has enabled more buyers to confidently borrow and enter the market.

Buyer activity throughout Banyule has increased substantially, with open-for-inspections attracting strong attendance. Auction clearance rates have risen across Melbourne, sitting in the 70% to 80% range most weeks.

Here at Miles Real Estate we have achieved a 100% clearance rate on several weekends, reflective of the keen demand for homes throughout the suburbs we proudly serve. Our recent listing of 310 Upper Heidelberg Road, Ivanhoe (pictured) is testament to the quality of properties we are seeing coming onto market this spring. 

Current conditions have resulted in an increase in ‘off market’ sales. Our agents have sold a number of properties - both houses and units - off market, bringing strong sales results for our vendors without a traditional sales campaign. To see our recently sold residential properties click here.

Despite the improved market sentiment and higher numbers of active buyers, the number of properties available for sale remains well below average. This situation has helped deliver some very favourable sales results for Banyule property owners.

Astute vendors are taking advantage of pent up buyer demand. If you’ve been considering your next property move, act now to secure a great result in these ideal market conditions.

To gain a clear understanding of the value of your property, please contact the Miles residential sales team today for an obligation-free appraisal click here. 


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