Melbourne Property News Monthly Wrap – August 2023

Listings jump as market gears up for Spring

Over August’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,820 auctions. 1,745 properties sold. 1,336 at auction, with 594 passed in. 407 properties were sold before auction & 2 properties were sold after auction. The clearance rate averaged 74.5%, just down on July’s 75.5%.

More sellers going to market

Listings over August are up by 9.7% compared to August 2022. Spring is prime selling time and this year the market is back on track for a dynamic season with banked up stock now being released. Rising listings are usually associated with rising values and that’s the case right now. There is very strong buyer demand and well presented, quality properties that are marketed correctly will get a great result.

What is the Melbourne home values outlook?

Broadly, the market is stable, which enables sound planning for selling or buying. According to the latest data from the Proptrack Property Market Outlook, Melbourne home values are still down overall by -2.4% over the 12 months from June 2022 to June 2023, with the fall driven by rising interest rates and happening mostly between April and December 2022, but values have been recovering gradually since then.

Despite the rate rises and although more are possible, moderate home value increases are expected to continue over the coming months. Market analysts Proptrack are now forecasting Melbourne home prices will be around 2% higher by the end of 2023. Looking further ahead into 2024 is more difficult, given there are many factors in play, but at this stage 3% value growth is predicted for that year.

Properties selling faster

Properties are currently selling faster, reflecting the high demand. Average time on the market before a sale was shorter this June, at 20 days, than it was in June 2022, when it was 23 days.

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