Melbourne Property News Monthly Wrap – April 2024

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Melbourne Property News Monthly Wrap

High clearance rates and strong demand, as values ease in first quarter

Over April’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,605 auctions. 1,903 properties sold. 1,359 at auction, with 522 passed in. 541 properties were sold before auction & 3 properties were sold after auction. The clearance rate averaged 78.75%. A little up on March’s 78.20%.

According to the just released Domain House Price Report, Melbourne’s gradual but steady value recovery which we saw across most of 2023 has stopped gaining ground in the first quarter of 2024. The median house value eased by 1.5% (Domain) over those three months. But values are still 0.7% above the same time last year. Demand remains very strong though and homes are selling very well.

More people are bringing homes to market than at this time last year. Figures differ a bit among the data analysts but CoreLogic reports 849 Melbourne auctions last week, compared with 737 same week last year. About a hundred more.

Some suburbs are up, some are down

Performance across Melbourne is quite patchy. This is not so surprising because the rise in interest rates means borrowing capacity for many people in pricy areas has been cut by $200,000 to $300,000 from a year or two ago. Some of the best performing inner city suburbs post-Covid, like Elwood, Brighton, Hawthorn or South Yarra, have dropped back in value. More affordable middle ring suburbs are still enjoying value growth though.

Mortgage size comparison, Melbourne and Sydney

According to Forbes financial advisors, the average home loan size in Melbourne is currently $613,000. In Sydney it’s $785,000. Sydney-siders are managing to service loans that are $172,000 higher. This means Melbourne has plenty of room before borrowers here start to hit an affordability ceiling.

The strongest position for a home seller

Selling a home in the Melbourne property market is challenging and competitive. It can run counter to what’s happening nationally and its doing that now. Having the right seller’s advocate in your corner is what puts you in the strongest position – to sell quickly and for the best possible sale price.

How we do it

We start by making sure you have the best real estate agent for your sale. It’s a choice we make carefully. We then ensure you have the most accurate valuation for your property, including the correct reserve price strategy if it goes to auction.

The next step is making sure everything is done with presentation to make your property as appealing as possible for buyers. And we make sure the marketing is razor sharp and reaches exactly the buyers you need!

Craig Knudsen
Principal Advisor
Vendor Marketing

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

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