Having said that, however, it seems to me that we have reached a point where the changing landscape is actually providing some segments of society with an increased level of confidence, and the Melbourne property market is one of those.

Now there’s an old saying that “Time in the market is more important than timing the market”, and to a certain extent I think that’s true. But there are also a substantial number of Melbourne residents who have been watching the market and trying to pick the ideal time to make their next move. If that sounds like you, I would suggest that there is a growing argument that the time to buy is here, particularly if you are buying your first home, or upgrading to a larger or more upmarket home.

Why?

Simply because the signs are growing stronger that median house prices have not only begun rising, but they are likely to continue to rise as the year goes by.

As you may have seen in recent news reports, Melbourne’s median house prices began rising in February, when the Reserve Bank announced their first cut to official interest rates in a couple of years. What is more interesting though, is that most commentators are forecasting that we will see multiple cuts before the end of this year. Some are saying this could be three or four cuts, others are saying the next cut will be as soon as May, whilst some are even talking about the next cut being as much as 0.5 per cent.

Whatever eventuates, the one thing you can be sure of is that all this talk of cheaper home loans will push even more buyers to react, with competition impacting prices. So the chances are that whatever you plan on buying, you won’t get it any cheaper than you will today.

So if you would like an obligation-free update on what your current home could be worth in today’s active market, you can give us a call this week at Barry Plant Thomastown on 9466 3233.

Best wishes,

Con Constantinou

Barry Plant Thomastown