WELCOME Narre Warren South property market update: holding firm despite softening trends Welcome to our latest property market update that covers property statistics for the July to September 2022 period. There’s no doubt that we’re in an evolving market right now. The Reserve Bank of Australia (RBA) is navigating a tricky balancing act, as it raises rates to combat rising inflation. They want to make sure that it finds a ‘neutral’ interest rate - not too low to fuel inflation and not too high to cause us to go into recession. But while they find that sweet spot, both buyer and seller confidence is fragile in Melbourne’s property market, so many discretionary buyers and sellers are just sitting on the sidelines until things become more clear. As a result, there has been a slight decrease in the number of properties sold, the number of offers we’ve received for each property and the median sale price, this quarter. The average number of days on market also increased slightly. However, this re-adjustment will not last forever and the ongoing robust growth in population and infrastructure development are good indicators that the local area will remain strong. In the property management market, our team has continued to experience strong demand for homes available to rent, with most homes being successfully leased in less than a week. The median rent has risen, while the number of people inspecting the property and applications have both doubled. Whatever your situation, it’s always best to consult with a professional before making any major decisions about the real estate market. Stay informed and stay ahead of the curve - that’s the key to success in today’s market! Kind regards, P&G Real Estate 03 9587 8881 admin@pgrealestate.au Photo by Filipp Romanovski from Unsplash
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