Market Update

With a decrease in the number of properties currently for sale across Melbourne, many buyers are opting to compete for fewer listings or purchase off-market. The recent interest rate cut has boosted confidence, intensifying buyer activity in the first-home and investor market. Lucas has sold five properties in the past week, including two high-end apartments negotiated quietly off-market.

Lucas Director Baden Lucas states, “during the past month there has been lots of investor activity and we have seen definite signs of first home buyers returning to the market. The suburbs of the Inner City provide many affordable property opportunities for would-be buyers and coupled with strong rental demand, continue to make an attractive proposition for investors. First home buyers are incredibly active in the $400,000-$700,000 segment of the market.”

To find out how the current market conditions can add value to your existing home or investment property, please contact your local area experts on 9091 1400.