2015 has been a tough year for Melbourne homebuyers. While buyers have enjoyed a period of record low interest rates, Melbourne properties have been in hot demand and sellers have held the upper hand… however the tables might be starting to turn.
More opportunities for homebuyers
Homebuyers might still find that the market is competitive in 2016, but there isn’t expected to be anywhere near the frenzy we have seen this year, with tougher restrictions on investor lending having the intended effect of slowing down the number of new investors entering the market.
With less investors in the market, the Melbourne real estate market is expected to return to a more balanced state for buyers and sellers, which is good news for buyers who might have given up hopes of breaking into the market in 2015.
Renovations on the rise
With property values expected to grow at a much more sustainable rate in 2016, many homeowners will be looking to renovations to add value to their property. But when renovating for profit, it’s important to do a little bit of research and find out what improvements will help sell homes in your area. Chat to your Professionals real estate agent to get an idea of what attracts buyers to homes in your neighbourhood and be careful if you plan to DIY. Renovating is much harder than it looks on TV, so it’s always a good idea to get professional advice before tackling any major home improvements.
Buyers looking for affordability
First homebuyers in particular will be looking to buy in lower priced areas in 2016. The great Australian dream of buying a home is still alive and well, however buyers have been priced out of many inner-city suburbs and so they will look for affordable options elsewhere. Some buyers might decide to make a tree change to regional areas, or to affordable pockets in the outer suburbs where they can still find access to employment, transport and other amenities.
If you’re interested in buying or selling your home in the new year, or would like any advice on the local property market, then feel free to get in touch with us at Arbee Real Estate.