Like the seasons changing so has our market.  We have seen continual growth of stock since March 2022.  And we now observe that our stock levels have doubled from previous time last year.

Over the past two years we saw interest rates wind back to almost zero levels so we could cope with the economic unchartered waters that covid brought.  The 4 hikes to date in 2022 has contributed to the slowing of the property market and power has swung back to our buyers- it is proving to be easier to purchase with more options and less competition.  Locally we have seen this translate into less sale results, longer time on market and reposition of pricing on properties which has reached between 5-10% off listing prices, but let’s not forget that prices across our regional towns jumped up to 40% through the pandemic.
 

Though the media continue with doomsday our team continue to observe strength and buoyancy in our market as the demand for living in regional Victoria continues on post Covid.  The flexible working environment which many people have introduced into their lives has meant that proximity to the city is becoming less valuable for many over lifestyle areas with so many people moving to their dream location rather than waiting on retirement.

A few key points to hold onto while we move through this change is that buyers are now wanting dedicated spaces to work form home and zoom from.  Lifestyle choices are becoming more important with appeal of attractive backyards and fire pits increasing.   

Our rental market continues with historically low vacancy rates, over the past three months our property management team have processed record amounts of leases and are just recently observing lower numbers of applications.