What Happened in 2022?
It was a turbulent year for real estate in Victoria. The year started with a bang and slowed down with news of interest rates and an election resulting in 50% less property & buyers on the market vs. the year before.
However this could only last so long, and while interest rates continued to rise towards the end of the year, prices balanced, then began to rise once again and overall averaged as below:
What will 2023 look like?
Interest rate rises are set continue in an effort to reduce inflation and post covid immigration from China is expected now the government is opening the country back up.
For the above reasons, buyer demand should increase and a steady interest rate will hopefully result in less uncertainty with buyers + sellers that have been in standby mode waiting for changes to occur.
With a significant amount of homes (house only) sold in 2021 across Glen & Mount Waverley (1031) compared to last year (592)
We are expecting more homes to hit the market this year and soak up current high demand!
Then now is the best time to re-finance!
Get a better deal, perhaps take some equity out to update/renovate your home or simply save by switching banks.
talk to our Mortgage broker from Loan Market - Susan Matthews 0421 327 113
Contact Courtney Matthews 0403 438 457, lets assess the value, opportunities, method of sale and changes/improvements we can make to plan your sale
Time to organise deposits, finance, and start your market research. Contact Susan Matthews from Loan Market 0421 327 113 and Courtney Matthews for researching your next purchase 0403 438 457
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