Property Market update - Sept 2021

Updated: Sep 5, 2021

What was expected to be a 2 week lockdown, to allow the authorities to control the COVID19 Delta variant, quickly turned into a perpetual lockdown, with no end in sight.

Despite Lockdown 6 taking hold of the entire month of August prices still managed to rise 1.2%.

Over the 12 months to August 2021, Melbourne property prices rise "only" 13%, an average of 1% a month, making Melbourne the worst performing property market in Australia.

This is not the true story though. If we were to dive deeper and remove the apartments from this chart, and just focus on the suburbs that are in demand, prices have risen between 20 to 30% since last year. That's a price growth of more than 2% every month.

Significantly what this tells us is, if you're in the property market to buy your property, every month's delay is costing you 2%. You'll be paying 2% more for a similar property, for every month's failure in buying your property.

This leads us into the next question:

How long does it take for a typical property buyer to buy his property?

A Canstar report suggests it takes a seasoned buyer between 9 to 12 months to buy their properties. And it is, unfortunately, double that, for a typical first home buyer. Ie, a first home buyer can take up to 2 years before they finally bought one.

So, if you're in the market to buy your property, be prepared to pay 24% more than your budget, or 50% more, if you're a first home buyer.

How do you buy your property faster?

Getting the appropriate help from a property professional will definitely help you buy faster. Through our property buyers advocates service, our property buying clients have been buying their properties in under 2 months.

That's a savings of between 7 and 22 months.

How much can a buyers advocate save you?

And if, on average, property prices grow by between 1 to 2 %, that's a savings of between 14% and 44%!

It's shocking, isn't it? We were surprised that for a tiny 2% fee, our clients are saving between 14 and 44% of the property price!

So, if you're in the market to buy your property, do feel free to get in touch. For a small fee, look at how much you can save, simply because you can buy your property faster.

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