Scarcity Isn’t Seasonal

A perennial question from buyers: “Will there be more stock after Cup Day? After summer? After Easter? After winter?”

Short answer: probably not.

We live in a market of scarcity at the best of times.

Excluding new apartments, Stonnington has a finite pool of detached and semi-detached homes – around 14,000 houses in total – and that number is only shrinking as some larger period homes make way for new developments.

So, for buyers, there’s never enough choice.

While it may not feel like it, listing volume right now is solid – higher than the five-year average, though slightly down on last year. There’s a reasonable amount of stock across most price points.

But when you’re an active buyer, refreshing REA or Domain every few hours with a narrow filter for suburb, property type, bedrooms, and budget, it’s easy to feel deflated.

Many listings won’t fit your criteria on price, layout, condition, or street appeal – and the ones that do will probably appeal to everyone else, too.

Buyers tend to want the same things:

• Good perceived value (how a home stacks up compared to other properties at a similar quoted range)
• Great location / street
• A functional floorplan
• Street appeal
• Excellent condition

Those homes that tick all the boxes will always be competitive.

Buying a house is a bit like dating – if you’ve got a checklist of 27 must-haves, it’ll be tough to find “the one.” Sometimes you need to take the plunge, accept a few imperfections, and trust that you’ll grow to love it later.

So don’t fall into the trap of waiting for more stock. There’s every chance you’ve got more choice today than you’ll have in the months ahead.

Feature Image: 20 Union Street, Armadale