Property Update: 16 December 2019
As another year draws to a close, we wish all our clients, associates, friends and family a Merry Christmas and a Happy New Year! Thanks for all your support in 2019, and we look forward to catching up in 2020.
This year, the Melbourne real estate market spectacularly recovered with gains across most regions. More broadly, a Federal election delivered certainty to investors, banks loosened their lending criteria, the Reserve Bank dropped the cash rate to record lows, and FOMO (the fear of missing out) returned to the market. Twelve months is a long time in property!
So, what’s in store for 2020? The majority of commentators predict solid price growth in the Melbourne market of between 5 and 10 per cent with blue-chip properties set to increase in value the most. There is already buyer urgency in several pockets throughout the suburbs. The Reserve Bank has signalled an intent to lower the cash rate 25 or even 50 basis points, so expect even more record lows on the interest rate front. All in all, we’re expecting a bumper year ahead!
The Eton Property Group office will be closed from Friday, 20th December 2019 to Monday, 13th January 2020.