In a dramatic turnaround, Melbourne Property prices is continuing its climb to recovery.
In September alone, Corelogic has reported that prices has risen an impressive 1.9% compared to previous month.
Echoing our observations a couple of weeks ago, Corelogic also reported that the fear of missing out (FOMO) is back. It is normal to see property sold at auctions for up to $200k above reserve.
It is anyone's guess if this upward trend will continue. As the trade war between US and China and the global economic slowdown is starting to impact local businesses.
Australian property prices is likely to be affected if the Australian economy does slow down. If that happens, property buyers who had overpaid in the last couple of months is going to feel the pain.
Doing the right research to determine a fair value for a property is not easy. There are lots of factors to consider, to derive at a fair value.
Have a chat with us, if you want to find out more.