Melburnians love property. For decades, buying a house has been seen not just as somewhere to live, but as one of the safest ways to build wealth. Buy a house. Hold it. Become a millionaire. Easy. Except the last 10 years haven’t really worked like that in Melbourne. I’ve been saying for a while that […]
Read more "A fresh look at Melbourne property prices"
On Saturday, it felt a little like the old days. The sun was out, the streets were full, open homes were busy and there were big crowds at the auctions. We even had the Domain coffee cart out. Perhaps it was all the caffeine, but the bidders certainly came ready to compete. As part of […]
Read more "First to spring delivers a strong start"
If you’ve been wondering where all the new listings have been lately… so have the buyers. The past five or six weeks have been about as quiet as winter usually gets in Stonnington. Plenty of buyers have been refreshing REA and Domain like they’re trying to buy Taylor Swift tickets, only to discover there wasn’t much to look at. […]
Read more "What 140 groups on Saturday told me…"
The market is quieter. That doesn’t mean it’s stopped. After a short break from my market updates (no, it wasn’t a sabbatical in Europe), I thought it was worth sharing what we’re seeing on the ground. There’s no doubt conditions have become more challenging over the past nine months. Higher interest rates, ongoing economic and […]
Read more "State of the Market"
Every year I speak to buyers who tell me they’re going to wait. Wait for more certainty. Wait for prices to come back. Wait until spring. Wait until after the next interest rate decision. Wait until after the election. Wait until after winter. The reasons change, but the logic is usually the same: surely there […]
Read more "Timing the Market"
After a very busy March, the market has clearly shifted gears a little over the past few weeks. There’s a lot going on. War. Inflation. Tax reform. For some people, buying and selling has understandably fallen down the priority list. And that’s ok. If you’re looking for an excuse not to move right now, there’s […]
Read more "A More Selective Market"
One of the most common things I hear from homeowners is this: “We’ll probably sell once the market improves.” Reasonable thought. The problem is that timing property markets is far harder than it sounds. Many owners spend years waiting for the perfect moment, only to find prices have moved far less than expected. And in […]
Read more "Should You Wait for Prices to Rise?"
I’ve been looking for a home for about eight months now, and I haven’t seen a single property where I thought, “this is the one.” It’s surprisingly hard to find a good home. Granted, I’m looking in half of one suburb, so I’m restricting my options. And I’m one of those annoying buyers who is […]
Read more "Why It’s So Hard to Find the Right Home"
I was speaking yesterday with one of my best mates, a real estate agent in Miami, and we got onto the topic of multiple offers. What he told me genuinely surprised me. Over there, agents aren’t even allowed to disclose competing offers. Buyers submit their “highest and best” and that’s it. No transparency. No back […]
Read more "Transparency Wins – Why Auctions Work"
Australians love to talk about real estate. This is the basic premise: “Property always goes up.” Not only is this overly simplistic, but it’s also false. Sure, if you’re a Baby Boomer with a fifty-year time horizon, property has been an unbelievable investment. You’ve ridden a tidal wave of price growth that is likely helping […]
Read more "Your home is not an Investment"
David Sciola 