Melbourne Property News Monthly Wrap – February 2024

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Melbourne Property News Monthly Wrap

Melbourne auction market powers into 2024

Over February’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,800 auctions. 2,375 properties sold. 1,757 at auction, with 644 passed in. 592 properties were sold before auction & 26 properties were sold after auction. The clearance rate averaged 78.25%, way up on December’s 73.50%.

New data shows the Melbourne auction market (Australia’s biggest) started 2024 on a high recording 27.8% more new listings (on realestate.com.au) over the first month than the same time last year. It has been the busiest start for new listings since 2008. Broadly speaking we are still in the early stages of price recovery and values across many parts of the city are treading water value-wise. 

Although buyers are keen to land a home before the anticipated interest rate cuts later this year the Reserve Bank has remained cautious making no promises and has even stated that an increase in rates cannot be ruled out.  

Units are hitting a purple patch

Prices have grown 4% annually and a shortage of rental stock is forcing rents up dramatically. There are a few reasons – firstly, many Melbourne unit investors have rejected the State Government’s new taxes and have sold up instead, which has reduced rental stock, at the same time great numbers of incoming migrants need accomodation. 

Also apartment ownership is becoming more of a lifestyle choice in Melbourne. The affordability means people can buy into a better location, especially commuters wanting proximity to the CBD. 

Victorians pay the highest stamp duty

Victorians don’t seem to realise they are paying Australia’s highest stamp duty. In Melbourne, buyers must pay the equivalent of 6 months average income ($42,500) to meet the stamp duty on the average home. Proportionately this is six times more than what they were paying in the 1980’s when it cost one month of income. It’s the biggest increase for any Australian capital city.

Sydney buyers pay less stamp duty although homes there are 20 to 30% more expensive. Brisbane buyers only pay an averaged 3.7 months of income for stamp duty. Melbourne stamp duty really is out of all proportion. It’s a block to home ownership. Why do we put up with it? 

Maximising your sale price with presentation

Vendor Marketing’s proven strategies at each step of the sale process will maximise your sale price. We also advise you on the preparation of your home. Street appeal for example is so important – this means the garden, the approach to the front door, the exterior paintwork, can all get your property ‘looking like a million dollars’ before people even step inside! Of course inside the home we know a raft of ways to make it more desirable and engaging for buyers.

Vendor Marketing are Melbourne’s most qualified vendor advocates. Contact us today for more information about how we’ll help you maximise your sale price!

Craig Knudsen
Principal Advisor
Vendor Marketing

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

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