With the first Australian interest rate hike in 12 years, likely as soon as May, Thrive looks at the positive for vendors.

Traditionally, spring-into-summer is considered the time to sell, but autumn and winter can also benefit vendors. With buyers who have missed out on securing a home in the warmer months looking to get active, it can be an opportune time for sellers as more competition for property may be present in the market.

Despite the looming interest rate rises, homeowners may still be able to capitalise on the market due to conditions and price growth in recent years.

With COVID-related lockdowns derailing the last few years, things look to improve again throughout the cold seasons of 2022. There’s plenty of stock that hasn’t yet hit the market.

“Many are now keen to cash in on the market, especially since Melbourne’s auction median house price hit a record $1.215 million in March,” admits Domain chief of research and economics, Nicola Powell.

So far this year, auctions and sales have been favourable, with the Easter interval continuing to witness a busy patch.

House prices are expected to fall somewhere between five and ten per cent before the year’s end depending on the severity of The Reserve Bank of Australia's interest rate hike, so it’s a 'watch this space' time, according to Powell.

There’s further positives for vendors, with Melbourne real estate prices climbing by 3.9 per cent in 2020 and a whopping 18.6 per cent in 2021, so as a seller, you may still benefit by selling before the predicted downturn in the market.

The start of any property market downturn driven by interest rate inflation can be daunting, but we will advise you on your best positioning during this period.

So now is a good time to talk with Thrive as we continue to achieve excellent results for our clients, no matter the season or state of the market. Give us a call!

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