Why have I not waited until after the election result is announced to provide this update? Simply because no matter what happens in the poll, I think the impact on the property market will be minimal, if there is any impact at all.

The reason I say this is not related to politics. It’s simply a reflection of what has been happening lately despite the politics.

For example, it seems that at least 95 percent of economic forecasters right now are expecting the Reserve Bank to announce another cut to official interest rates later this month. The only debate seems to be around how much that cut will be…either 0.25 percent or 0.5 percent?

What we do know with certainty is that the last cut in February had an immediate impact on confidence levels among home buyers. According to the PropTrack Home Price Index data, Melbourne’s home values rose by 0.2 percent in March, leading the way for the nation for the first quarter of 2025. This was followed by further growth of 0.3 percent in April, confirming a slow but steady growth trend since the RBA’s announcement.

For those with an eye on the longer term picture, PropTrack reports that Melbourne’s home prices have risen by over 15 percent since March 2020, when the first rumblings about Covid were beginning to be heard. So the underlying confidence in our market, (despite the challenges of a pandemic, rising inflation and interest rates), is clear to see.

It’s that underlying confidence that provides my confidence in our local market, no matter what the election brings.

As I said above, the home buyers have been voting with their feet.

Of course, if you’d like an obligation-free chat during the week regarding your own property plans, you can give us a call any time at Barry Plant Thomastown on 9466 3233.

We look forward to being of assistance.

Regards,

Con Constantinou

Barry Plant Thomastown