MARCH MARKET UPDATE

Don’t Let an Election Cost You

With house prices now starting to increase, and renewed confidence in the market, buyers and sellers who sat on the sidelines last year may now be realising they’ve missed the lowest point of the market.

Which begs the question – is now a good time to buy and / or sell, particularly given we have a looming Federal election and Trump is out there slugging tariffs around.

Election time? Don’t Let It Hold You Back

With a Federal election on the horizon (though no official date yet), it’s common for people to pause, thinking, “I’ll wait until after the election to buy or sell.” But history tells us elections have little to no real impact on the property market or auction results. The reality is, some people will always look for a reason not to act. If you’re buying to hold long-term, an election is irrelevant. 

Trying to perfectly time the market is nearly impossible—those who waited last year are now finding themselves paying higher prices. If you’re buying and selling in the same market, external factors like elections don’t matter. Make your move when it’s right for you, not because of external noise.

Where Are the Best Buying Opportunities?

For those ready to act, there are great opportunities across Melbourne. In the Bayside suburbs of Brighton, Hampton, and Sandringham, the prestige market is seeing limited buyer depth—often just one serious buyer per property. This means negotiation is key. But this window won’t last—other competitive markets like Stonnington and Boroondara are already seeing multiple bidders per property, and Bayside will soon follow.

The best value in Bayside? Homes that need renovation. Construction costs are stabilising, making it more feasible to buy and improve. If you’re willing to do the work, you might secure a blue-chip location at a price you never thought possible.

Looking further afield, the Mornington Peninsula presents phenomenal buying opportunities. This market soared 20-30% during COVID, so a correction was inevitable. Now, we’re seeing properties sell for less than what vendors paid in 2021-22. The same trend applies to other regional lifestyle markets like Macedon and Daylesford, where buyers can now snap up properties at pre-boom prices.

Pick Your Advocate Carefully

In a market like we have, where negotiation is king, you need an advocate on your side. I’ve written previously about the challenge of underquoting and how buyer’s advocates can determine realistically what’s in your budget. 

What we’re seeing right now though is a real influx of advocates – up to 400 new advocates are entering the market every month, eager to capitalise on the current conditions. But not all buyer’s advocates are created equal. A great advocate doesn’t just help secure a property; they deeply understand negotiation, know how to select homes that will appreciate over time, and have strong industry relationships. Some may enter the field with a slick sales pitch, but the real value lies in expertise, connections, and the ability to navigate the complexities of the market with substance. So when considering an advocate, consider longevity in the market. Experience counts here.

The Bottom Line? Act Now

The key takeaway is simple: don’t wait, and don’t make excuses. The market is already shifting, and if you delay, you could be paying more down the track. If you’re ready to make a move, do it now—because in 12 months, you’ll be buying in a different market entirely.

Lauren Staley
Managing Director
Infolio Property Advisors.