The recent Commonwealth Bank-CoreLogic Home Buyers Index (HBI) showed that Victoria has seven locations in the top ten best seller's markets in Australia.
In the report, the property market of South-Eastern Melbourne was deemed an "extreme seller's market". With an abundance of offers, homes are selling swiftly, which is driving values higher. Demand for homes in the area is outstripping supply.
Whether you're a property investor or simply a homeowner, this is great news for those looking to sell real estate in Bentleigh.
Lending for the housing market has steadily grown over recent months, in harmony with an improved trend in household demand, said Reserve Bank of Australia Governor Glenn Stevens. This is largely due to the drop in interest rates, allowing more people to buy a home with more affordable mortgage repayments.
"Low interest rates are acting to support borrowing and spending, and credit is recording moderate growth overall, with stronger lending to businesses of late," Stevens said.
According to Victoria's Department of Human Services, the low interest rates make purchasing property a reality for many first homebuyers.
Despite all this, the HBI found that housing markets in Queensland, Western Australia, Tasmania and Northern Territory were slightly buyer-skewed – which could indicate that Victoria is a more desirable place to live.
Well-priced homes in the South-Eastern Melbourne market are being turned over rapidly in the current sellers-oriented conditions. Bentleigh is no exception. If you own real estate in Bentleigh and are thinking of selling, now is certainly a good time.
Get in touch with Matt Hurlston and the team at Ray White Carnegie if you're interested in taking advantage of the present market position. Our knowledge of the local market could be instrumental in helping you not only selling your property, but also getting the best price.