February 24th, 2020Great time to sell

VICTORIA’S property market is humming along with multiple quarters of sustained growth, boosting prices across the state, according to REIV CEO Gil King.

“This period of property growth has resulted in an increased amount of buyers looking to get onto the market and purchase their slice of paradise.

“Property owners are being rewarded with increased value on their investment, with many looking to sell their home and either upsize/downsize.

“Victoria’s auction market is back to top form, with the first weekend of February recording a massive clearance rate of 80 per cent.

“The last time Victoria recorded an auction clearance rate over 80 per cent was back in April 2017.

“Our market is in great shape and this month’s decision by the Reserve Bank of Australia to keep interest rates on hold will allow the party to keep going.”

Mr King said the RBA, in early February, voted to keep interest rates at a record low 0.75 per cent, where it had remained since October last year.

Despite natural disasters and bushfires over summer, the real estate market has performed better than many expected, he said.

“Record low-interest rates make it easier and more affordable to purchase a property.

“Combined with easier lending protocols and the first home buyers incentives, prospective buyers have a much more inviting path to become property owners.

“Increasing the number of homebuyers has a flow-on effect in our local economies. More homes being bought or built create direct jobs in our community, it is imperative to make it easy as possible for buyers to purchase land.

“Victorians who invest in real estate are seeing great growth with their investments and with an increase in buyers, the market requires more sellers to keep up with demand.

“Selling your home is easier than before with properties taking less time to sell. Properties for sale are attracting massive interest from buyers and are sold quickly.”