Considering the current flat market and negative press surrounding sales figures, only those vendors who need to sell in 2011 are likely to do so. However buyer demand looks set to increase now we have some clarity over increased banking competition, and the Reserve Bank of Australia indicating interest rates ‘may’ be on hold for a while.
The Victorian state election resulted in a win for Ted Baillieu and with a new face comes fresh optimism. As well as incentives to purchase in rural suburbs, Melbourne’s metropolitan prices are likely to see a boost when (and if) Ted Baillieu’s promised 20 per cent cut on stamp duty for first home buyers comes to play on July 1 2011 for properties below $600,000.
However until supply tightens again, and the over-hang of stock still on the market clears, the window of opportunity for buyers remains open – albeit for a limited time!