Melbourne Property News Monthly Wrap – April 2017

Read our FREE eBook and get the most out of selling with our 4 steps to success CLAIM YOUR FREE EBOOK

Melbourne Property News Monthly Wrap

April numbers break records. Supply going down, prices up.

April’s 5 weekends (with no stats for Easter) saw in excess of 3509 auctions reported to the Real Estate Institute of Victoria (REIV). More than 2847 sales were recorded. Approximately 662 properties passed in with 257 of those on a vendor bid. The clearance rate averaged 79%, up on April last year at 73.5%.

Melbourne’s powerful auction churn rolled on with red flags flying. April auctions were the highest on record for the month – more like a Spring market than Autumn. Low stock in urban Melbourne keeps pushing values up, with higher than expected prices achieved for homes and apartments. Looking forward to Winter with its traditionally lower supply, demand is likely to see rising prices continue.

With price growth surging above predicted levels, Investment Bank UBS joined the many other institutions warning the Melbourne/Sydney property market has peaked. But determined buyers weren’t put off.

April saw Consumer Affairs Victoria act on under-quoting with new regulations. From May 1, the advertised price must be either a single figure, or a price range not greater than 10 per cent. This is a bit of a sticky wicket, with many properties on April’s last weekend selling more than 10% above expectations including homes in Carlton, Brighton, Kew and Sunshine. And dozens of properties sold more than 15% above reserve (Domain, The Age).

April brought another boost for first-home buyers with new Federal Government salary-sacrifice style tax breaks on savings. Getting in soon applies more than ever, because the leg-ups for first-home buyers will create rising demand and values for entry level properties.

Craig Knudsen
Principal Advisor
Vendor Marketing

Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates

Comments are closed.

Vendor Marketing eBook Front Cover


Want a Proven Better Sale Result for your Property?

Enter your details below to download our FREE Essential Property Selling Guide and learn our 4 steps to success!

1. Real Estate Agent Selection – how we choose the best selling agent for your property
2. Accurate Price Quoting – why is getting this right so important
3. Making The Most Of Presentation – how to best present your property
4. Effective Property Marketing – how we create a winning property marketing strategy

Vendor Marketing – Melbourne’s most qualified vendor advocates will not disclose any of your personal information.