Whats happening in the property market?

I’m constantly asked about the current market conditions, I suppose that to be expected but what I find more interesting is that so many people expect some profound, exaggerated response.  The way I see it, we are currently in what is called a ‘balanced market’, one in 2 properties are selling under the hammer!   We specialise in property located within a 2-12k radius of the cbd so I can only speak of those areas but from what we can see properties are still selling, albeit not with the over the top price tags and perhaps not always under the hammer but when a vendor gets real about price the properties are still moving.   There was an article in one of the major papers over the weekend which discussed that there are large numbers of stock levels available, what the article didn’t say was that these large numbers of stock levels are across greater Melbourne and whilst many vendors in housing estates on the outskirts were struggling to sell, many of the inner suburbs are moving along relatively nicely.   From an advocates point of view we haven’t seen too many extra properties that we can avail to our clients that tick all the boxes – It would be great is the news accurately articulated this and instilled some confidence back into the market.   Then again, commentary in the paper is just that, it’s all a matter of opinion and if a genuine buyer or seller wanted to get a feel for what’s happening they would do just that – attend some opens & auctions.   Interestingly – In Australia, most people’s financial position has not changed over the last 12 months yet confidence in the property market remains low, people are opting for the ‘wait and see’ approach, yet they will only be effected by global changes if they are pushed to sell rather than selling a home or investment by choice.   If you hold onto your real estate in a blue chip area historical data shows us the value will still increase despite the economic peaks and troughs..