Wakelin auction market preview 3 May 2019
Jarrod McCabe, director, Wakelin Property Advisory:
"May is often a solid month in the Melbourne property market, unlike April where we see a lot of interruptions, in regards to public holidays with a Easter and Anzac Day, but also with the school holidays that typically come.
"May is usually fairly interruption free. We regularly see auction weekends in the super Saturday mode, well in excess of a 1000 auctions per Saturday.
"However, May 2019 is shaping up to be fairly eerily quiet. Auction volumes looking to be almost half of what they were for the same time in 2018. And these levels are typically more likely to be saying even in a July, in the middle of winter than what they are in a fairly buoyant autumn market.
"Many prospective vendors have certainly decided that winter's come early and looking to hibernate at this point in time and then perhaps wait until after the federal election to see if there is a change of government and how the market will respond to that.
"So although winter can quite often be that quiet time, I won't be surprised to see that, perhaps spring might come a little bit earlier once there is a little bit more confidence and certainty in the marketplace, not necessarily around pricing, but just more so in what's likely to happen going forward for the remainder of the year.
"And also, just to bring to your attention speaking of elections, I'm hosting a webinar with Stuart Williams, Wednesday next week. So if you have any interest, where we will be discussing the potential changes to negative gearing and capital gains tax and what implications they may well have on the property market. Thanks very much."