Well the new year is upon us and we’ve already moved into February, so let’s talk about the current real estate market. Despite speculation and media coverage around our country’s real estate ‘crisis’, I want to provide you with an update on what’s actually happening in the industry on the Mornington Peninsula. There have been a few factors contributing to the state of the current market, but there’s one thing that’s remained consistent; when priced correctly and marketed properly, homes are still selling for great results!
The market has slowed a touch, but that doesn’t mean your home won’t sell. In all types of market conditions there will always be buyers looking to snap up properties on the Mornington Peninsula. This was clearly evident during the final quarter of 2018; Adam Dureau Real Estate sold 20 properties which was a record-breaking quarter for the team.
If you are considering selling, it is absolutely critical that your home is assessed and appraised correctly taking into consideration the current market conditions, not past market conditions. House prices have dropped far more aggressively in the inner-city suburbs compared to the Mornington and Mount Martha areas. This is due to the number of ‘City’ buyers wanting to relocate into the area because of the fantastic value for money and lifestyle that can be acquired when making the move to the Peninsula.
The Royal Commission has handed down their findings in the past week, however the drawn out decision has taken a huge toll over the past few months. The banks are continuing to make it more challenging for buyers to obtain finance approval for home loans. Lending might start to become more regulated now which poses a challenge to buyers, however if you’re finances are in order, you should see little change to your situation.
As a seller, you only get one opportunity to make a first impression to the marketplace. Buyers will continue to look for value, therefore marketing your property and pricing it inline with buyer’s expectations is a must. You want them to feel as if they would be losing out by not attending your next home open and the being lucky buyer securing your home.
Overall, the Mornington & Mount Martha property market is still in high demand. There are buyers looking to take advantage of the slower city market, especially retirees and families looking for a sea change without losing their lifestyle.
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