2022 ended up being a turbulent year for the Melbourne property market. Home values fell -9.6% from the February 2022 peak, but there are already signs that things may be turning around. April brought the second consecutive month of growth after a year of falls. Lenders are actively introducing enticing offers to attract customers, with many reducing fixed interest rates. According to Steve Mickenbecker, Executive of Financial Services at Canstar Group, 32 lenders listed on Canstar’s database have recently decreased fixed rates for owneroccupiers. This trend indicates that the market is expecting a decline in variable rates in the near future. Furthermore, a significant number of Australians will soon qualify for the Federal Government’s Home Loan Guarantee Scheme. This scheme enables prospective home buyers to purchase a house with a mere 5% deposit and avoid the expense of mortgage lender’s insurance, as the federal government acts as a guarantor for up to 15% of the loan. Starting from July 1, the eligibility criteria for the scheme will be expanded to include friends and family who wish to pool their resources and purchase their first home together. Within the local market, there are distinct segments, including A-grade family homes and neat investment-grade properties, which continue to experience robust demand. These segments are expected to perform exceptionally well and are likely to retain their value, with many demonstrating resilience in the face of market fluctuations. As local market experts, we have the knowledge and experience it takes to achieve outstanding results for our valued clients and our long standing reputation proves that. If you’re like most Australians, your family home is your biggest asset – and yet you possibly don’t know how much this asset is actually worth. Call us today for an obligation-free market appraisal. Scott Joyce Director & Licensed Estate Agent Flynn & Co Real Estate Welcome
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