Australia following US and UK experience on number of Transactions
As an experienced Property Buyers Agent and Chairman of one of Australia’s largest property valuation firms WBP Group , I have never seen the supply of housing stock for family homes priced over $2m this low in Melbourne. I am sure this trend is starting to play out nationally. The fear and uncertainty has certainly spooked Vendors and they have retreated in droves, withdrawing their homes from the market.
This weekend there is only one auction for a house over $2m in Melbourne’s vast bayside region from Port Melbourne to Mentone covering some 15 suburbs. It is not much better in Melbourne’s eastern suburbs where there are only 7 homes being auctioned this week across 18 inner and middle eastern suburbs. This is extraordinary!
I know it’s a long weekend, but I suspect this trend will continue into winter.
In my experience, when stock is acutely tight like , this we don’t see wholesale falls in property prices.