Shaun Higgins’ $3m Hampton residence assessments Melbourne’s ‘cussed’ property market

Retired AFL star Shaun Higgins and his spouse, Heidi, are chasing a $3m-3.2m win as their Hampton residence goes to public sale Saturday.

After 260 video games with the Western Bulldogs, North Melbourne, and Geelong, Higgins has hung up his boots on his Bayside residence at 8 Lagnicourt St and is now able to go on his household residence in certainly one of Hampton’s most-desirable pockets.

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However whereas the Higgins household’s residence guarantees an enviable way of life, the market circumstances in Melbourne are testing sellers’ value expectations.

A brand new PropTrack report highlighted a 22.7 per cent drop in new listings in Melbourne final month, at the same time as whole listings stay at their highest ranges since 2012.

PropTrack Senior Economist Cameron Kusher mentioned the rationale was a cussed stand-off between patrons and sellers on value.

“Sellers are holding agency on their value expectations, at the same time as patrons hesitate to satisfy these costs,” Mr Kusher mentioned.

“This creates a backlog of properties lingering available on the market – we’re seeing an oversupply relative to demand as a result of sellers are unwilling to regulate to what patrons are ready to pay.

“Till this mismatch is resolved, excessive inventory ranges are more likely to persist.”

Mr Kusher mentioned patrons have extra selection than ever with the abundance of inventory decreasing the urgency for patrons to transact.

“They (patrons) really feel much less stress to behave shortly once they know there are many choices accessible,” he mentioned.

“In the meantime, sellers who don’t must promote are holding out for his or her supreme value.

“Sellers who modify their value expectations to align with market circumstances usually tend to safe a fast sale.”

In line with PropTrack 1103 auctions are scheduled throughout Melbourne this weekend with Reservoir, Wollert and Craigieburn that includes essentially the most auctions.

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