Market Comparison – Melbourne v Gippsland
May has seen the onset of the Gippsland we all recall, and the wintry weather is well and truly upon us.
As we head into the colder months what does this mean for our market? You may have seen that according to industry publications, auction clearance rates are well down across Melbourne with rates hovering either side of 60% depending on when and where you get your data from; and in Sydney we have seen similar things…if not worse. In fact, if you listen to many of our metropolitan agents in both Melbourne and Sydney, the general market is down both in price, clearance and also days on market is growing. So how does this affect us here?
Well, generally we do tend to follow our big brother market of Melbourne but usually with a lag of 6-12 months, which could mean we may see a slight change in market to occur here by the end of the year. That said… the best thing about regional markets such as ours, is we tend not to see the same volatile corrections. The Drouin and Warragul markets have for years been steady performers without the massive highs, but also with the major lows, and given the fact that our affordability remains incredibly high compared to the likes of markets as close as even Pakenham, Berwick and Cranbourne, that in reality although we expect some of the heat to dissipate, we believe our local market will continue to impress.
In a quick local shout out, we should also mention the “Beat the Blues Gippsland” team are again running in the upcoming Run Melbourne event on Sunday 29th July. The team get together every year to help raise money and awareness but also support those who suffer from mental illness. If you would like to know more about this amazing event and team, please just head to the Facebook page ‘Beat the Blues Gippsland’ or contact our office for more details. More importantly, if you or anyone you know suffers from mental illness, please remember…it’s ok, not to be ok…and it’s ok to ask for help.