December Market Update .pdf

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Original filename: December_Market_Update.pdf
Author: Todd Schulberg

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2017 Market Wrap – The year that was and the year to come.
How did the Spring market perform?
2017 has been a big year for the team at Gary Peer, and as the market comes to a close, I
wanted to take this opportunity to update you on the year that was and give you some
insights on what I anticipate will unfold in 2018.
To finish spring, the final two weeks of November provided 2806, following on from 4,956
auctions in October, the highest number ever recorded ever for October and a strong supply
of property for buyers throughout the Spring months.
The Spring clearance rates for the market hovered around 70% compared with a 75% + rate
for the last 12 months – however, with the large volume of auctions on offer, it is not
surprising that the clearance rate has fallen slightly.

Is it a buyers’ market?
Some have cited that because the clearance rates have fallen slightly and with the large
volume of stock on the market, it makes it a ‘buyers market’. Data from the REIV would
support that with Metropolitan Melbourne house prices recording its lowest increase in
almost two years, up just 0.7% in the September quarter to $817,000 – one reason that the
median price has not sky rocketed was that Spring has a lot of properties transacted under
the $600,000 value – indicating a lot of first home buyers being proactive and getting in to
the market.

Figures do indicate that the median house price has risen 14% Year on Year – so the
‘average’ Melbourne property, which simply means that you are paying 14% more for
property than this time last year.

Where to for 2018?
There are a lot of factors that make up property values, and as we look forward to 2018, we
investigate the following:

Unemployment & Interest Rates:

Unemployment looks like it will stay relatively low, which is an indicator for strong property
prices as people are more likely to get financial approval and invest in assets for their long
term future. The current rate is hovering around 5% .
One of the key market drivers is how cheap it is to access money, with record low interest
rates; it has driven continued property investment. If interest rates do remain low, expect to
see investors continue to snap up property for their portfolio as they look to land bank.

Unexpected events:
Like any market, our property market is driven off confidence and the global economy. As it
stands, the market has been solid and relatively secure but unforeseen world events can
shake the market – it’s important to remember we aren’t immune from global movements,
the market is confidence driven and the market confidence in 2018 will go a long way to
how the market moves.

Why I am excited for 2018!

The launch of Gary Peer’s new office – a brand new boutique display suite to show
off our newest development projects
The marketing of some of Melbourne’s premiere real estate projects across
Ripponlea, St Kilda East and Caulfield.
Working with new and existing clients to achieve some incredible results!

Thank you!
I want to take this opportunity to thank all of you who take the time to read my updates and
engage with me, I truly do appreciate your support and genuinely value the time you invest
in working with me. Have a safe and happy holidays.
Kind Regards,
Todd Schulberg

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