Melbourne Property News Monthly Wrap – February 2021

February keeps the boom going

In February the Real Estate Institute of Victoria (REIV) recorded more than 2,938 auctions. 2,266 properties sold, 1,648 at auction, with 374 passed in. 617 properties were sold before auction & 1 property was sold after auction. The clearance rate averaged 86.5%, up on January’s 82%.

There’s so much going on the property market in 2021, starting with a wide-based national residential property boom, that Melbourne has caught up with quickly!

The last two weekends in February were both Super Saturdays, with some auctions achieving way beyond expectations. A home in Flemington for example went $610,000 above reserve. A Seddon house that failed to sell during the 2020 lockdown went back to market and sold $140,000 above reserve for a $1.67m.

National home values surged another 2.1% in February which is the sharpest month-onmonth rise since August 2003 (CoreLogic). Looking specifically at Melbourne, the value rise continued, at 2.1% across February, and 3.6% over the last 3 months.

Melbourne house values surged 9.5% in last quarter

According to the REIV (Real Estate Industry of Victoria) Melbourne Metropolitan houses jumped a huge 9.5% in 2020’s final (Oct -Dec) quarter to $941,000, the strongest quarterly increase since 2000.

Regional Victoria also jumped, by 9.2%, recording its highest quarterly growth since 2003. Leading this charge are sea-change and tree-change places like Flinders, Portsea and Ballarat, which are close enough to dash to the central office in Melbourne if you have to.

Melbourne tops for first homers

Melbourne is Australia’s first-home buyer capital with nine out of ten most popular suburbs for Australian first timers being here in Melbourne. Craigieburn, Tarneit, Point Cook and Pakenham topped the list for houses, while Melbourne CBD attracted the most unit enquiries from Australia’s eager new wave of first home buyers.

With demand so high across the board it’s a great time to sell!

Craig Knudsen
Principal Advisor
Vendor Marketing

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