Potential buyers are becoming more optimistic, hoping for interest rate cuts and tax cuts, although the effect is stronger in some areas than others.
Experts say popular and affordable auction markets had the strongest activity.Melbourne’s property market is picking up in a handful of areas such as the north-east and sought-after inner east this autumn, as buyers become more optimistic about the prospect of interest rate cuts.
The inner east was also in demand. The region includes Kew, Hawthorn and Box Hill, and recorded value growth of 0.3 per cent over February and a clearance rate of 65.1 per cent. “There’s a strong correlation between clearance rates and changes in values,” she said. “ could be high because the market is a little cheap or sluggish. Melbourne in general is relatively affordable, given what we’ve seen over the past three years.”
Ray White agent Ian Dempsey sells in Preston and Reservoir, two of the north-east region’s southernmost suburbs. He said the area’s relative affordability was its biggest drawcard. Gray and his family were planning on an interstate move, and wanted to sell as close to summer as possible to take advantage of a garden in full bloom. Gray said they were not as worried about trying to catch the property market at the perfect moment.
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