We have seen a shift in the market with the sub $1m market experiencing strong demand. This is occurring due to a few factors including the rental crisis. Within our own rent roll we are seeing strong competition for affordable rentals, often leasing at the first open. The Melbourne vacancy rate is now sitting under 1%. Most properties we have purchased over the past few weeks in the sub $1m range have had multiple offers, often only after two inspections. Proving decisive action from buyers is key to securing property in these conditions.

We have also seen a shift at the top end of the market with properties over $2m experiencing a market correction. There is good buying to be had in many cases within these markets but with rates remaining stable, itis only a matter of time until confidence returns to the market and we see another upcycle. We are urging the buyers we are speaking to not to wait until later in the year when we feel things will pick up again.

We have continued to see a lot of off market transactions taking place with many vendors still cautious in the current climate. This has been of course to our clients benefit, often purchasing without competition.

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