As the first day of winter settles upon us, the Victorian property market continues to defy expectations, presenting a host of opportunities for homebuyers and sellers. Buyers are now actively engaging in the market, despite recent interest rate hikes, as they gain a reasonable degree of confidence to plan their moves. With limited new construction approvals, a booming population, and soaring rents, the appeal of homeownership over renting has never been more apparent. Meanwhile, the challenges and costs associated with building have made affordable housing options a distant prospect.

For sellers, although we approach a traditionally quieter period with the upcoming school holidays, it is important to recognize that buyers are currently starved of opportunities. Selling now when supply is down is a very viable option, especially when leveraging the guidance and expertise of experienced professionals who can provide tailored advice and support.

The Victorian property market has proven resilient beyond expectations riding the wave of interest rate hikes. This resilience brings forth attractive prospects for those inclined towards substantial renovations or construction projects. Land values have become increasingly alluring compared to 18 months ago, hinting at significant upside potential for landowners who can patiently await the normalization of the construction industry.

Notably, the month of May has been a remarkable period for our Buxton network, with enquiry and listings numbers closely aligning with the figures from the same time last year. This achievement instils a sense of optimism, highlighting the ongoing opportunities available to both buyers and sellers in the Victorian property market.

In summary, as we enter the first day of winter, the Victorian property market stands resilient and packed with opportunities for both homebuyers and sellers. Buyers should carefully assess their options, considering the scarcity of affordable housing and the potential for future growth in land values. Sellers, despite the upcoming quiet period, can still explore viable options with the support of experienced professionals. In this dynamic landscape, staying informed, adapting to market conditions, and making well-informed decisions are paramount to success.

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