This could be the strongest spring for those selling their houses in at least three years, a Bendigo real estate agent says, as analysts predict Melbourne’s prices to drop.
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Spring is traditionally a good time to sell a house in Bendigo as people take advantage of warming weather.
Real estate agents also generally expect that people will be more likely to move in and out of town in Spring and early summer.
PRDnationwide Bendigo director Tom Isaacs said the period starting in April had seen a lot of buyers.
“As they talk about Melbourne slowing a little bit we are expecting our spring is going to be strong,” he said.
He was predicting local housing prices would rise by four to six per cent.
As Mozo property expert Steve Jovcevski gazed into his crystal ball at Melbourne’s upcoming season he predicted a market decrease of six per cent.
Prices there have remained stagnant for much of the year, but experienced a more pronounced drop in the last quarter, he said.
Victoria’s capital city would likely follow Sydney’s lead, where prices were predicted to drop five per cent.
“With a sizeable first home buyer’s market and booming population growth, to date Melbourne has weathered the price correction storm better than Sydney,” Mr Jovcevski said.
“That said, with the same stringent lending criteria applying nationwide and an 11 per cent increase in listings from July 2017 to July 2018, it is expected that prices will finally drop by around 6 per cent, bottoming out at the end of the year.”
Related: Which housing data do I trust?
Bad news for Melbourne homeowners was good news for Bendigo’s.
“I think local confidence is up, in terms of our local market,” Mr Isaacs said.
“That generally is a wave that comes down the freeway from Melbourne as (that market) cools down.
“Affordability in Bendigo is exceptional. We are one of the most affordable major cities in Victoria.”
Geelong and Ballarat had bounded ahead over the last 12 months, Mr Isaacs said, which was typically a barometer of where the Bendigo market would head.
“They are almost at their peak price point,” he said.
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