Carnegie real estate owners may be encouraged to hear that one expert believes the Melbourne property market is experiencing a resurgence.
Mark Armstrong, director of iProperty Plan, wrote in an article for Property Observer that the Victorian capital often undergoes fluctuating conditions.
He remarked: “The Melbourne property market is like an incoming tide. It ebbs and flows on the waves of confidence and buyer demand.
“In some cases the property market slips backwards but it always seems to get back to where it once was.”
And Mr Armstrong, who writes a regular column for his website, claimed that while it seemed there was a drop in demand, buyer interest has been building slowly under the surface and the sector is showing signs of picking up.
He noted that property values have slipped by around five or ten per cent in the last couple of years, but this is starting to change and the market is now taking up the slack “very quickly”.
People shopping around for a home recognise interest rates are low and steady, he explained, with many realising now might be the time to make a move in the market.
This means activity is reaching levels not seen since 2010, the expert said, with employment stability also driving the trend.