Have you been wondering what’s going on in the Melbourne Property Market? As the owner of a property styling business in Melbourne it has kept me up at night over the past year.
Happily, it seems the Melbourne market is well and truly on the rebound although Melissa Heagney noted that there are reports some vendors are still holding off to get a better price in the next few months.
So what does this mean for Melbourne’s property styling industry?
Well, we had a much higher and earlier level of inquiry in January with prospective vendors preparing for listings from February onwards. As property stylists, we experience a crush around Australia Day as many RE Agents and their Vendors, use this date as a typical marker for a return to usual trading after the extended summer break.
There were about 3000 more properties on the market in January than there were in the peak of the slump (does a slump have a peak?) during January 2019.
The majority of the property traffic in Melbourne’s Property Market is still occurring in outer suburbs, either east or west with places like Clyde North and Tarneit or Pakenham added most new listings. However overall total numbers are still down.
This means that the Melbourne Property market place is still tighter than usual with buyers attempting to catch the tail of the slump. There is apparently some frustration reported among buyers with the lack of stock.
I personally know of one family that has been on the hunt for months and when they finally found ‘the one’ it was just three hours from inspection to offer. I guess it pays to be prepared in a competitive Melbourne Property Market.
From the point of view of Property Styling Melbourne, we are using any pause or breath in the market to move on our old property styling stock, check and refresh our property styling stock and to work on back end property styling systems and processes.
There have been multiple property styling businesses going up for sale or simply closing their doors in states right across Australia, not just in Melbourne. To what extent that has been created by the market conditions the property sector found itself in over the past 18-24 months is unknown. For most small businesses and even really big ones, surviving any downturn in the market conditions can be seen as a win.
Or as my husband says; tough times don’t last, tough people do.