Mitcham to attract more home buyers

July 5, 2018 by  

The property market of Mitcham may do better than some other Melbourne suburbs.

The housing market of Melbourne is really fragmented which can result in gains for specific areas of the city. Mitcham benefits from the local transport infrastructure so it could attract more home buyers than some of its suburban rivals.

The inner suburbs of Melbourne have not performed quite as well as might have been expected at recent auctions. Buyers have been tempted by properties elsewhere. Some sellers in Baldwyn, Brighton, Sandringham and Toorak have been disappointed.

The overall clearance rate for Melbourne might have nudged upwards slightly. However, there is still some uncertainty among vendors. If the seller has a decent property in an appropriate location then they may have nothing to worry about. John Bongiorno, the director at Marshall White, stated:

“The better buyers in the marketplace acknowledge that the market is probably firmer than many journalists would have you believe and those buyers are acting quickly when good opportunities arise.”

In the last few weeks, major banks have suggested that house prices in Melbourne and Sydney are likely to dip further. Nevertheless, the stamp duty exemption that will continue to apply to some first-home purchasers could prevent the decline from being consistent. Brochure printing or leaflets can help advertise exemptions available to certain buyer groups. Vendors may have to be realistic in the future, but hot bidding from investors is yet to disappear from the scene.