Melbourne Property News Monthly Wrap – February 2025
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February brings long awaited rate relief
Over February’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,932 auctions. 1,785 properties sold. 1,352 at auction, with 354 passed in. 426 properties were sold before auction & 7 properties were sold after auction. The clearance rate averaged 83.75%. 943 homes sold by private sale.
What the rate cut means for vendors
February was highly eventful, bringing some dramatic changes to the property scene. The interest rate cut finally arrived which brings instant relief to customers of the big four banks who passed the cuts on immediately. The cash rate dropped from 4.35% to 4.10%. The majority of Australian lenders have not passed the cut on yet. Less expensive mortgages means more home purchasing activity and consumer spending in general. This is good news for home sellers.
We’re currently in a home seller sweet spot
With the rate cut, buyers will be upgrading their borrowing power. The upshot is, more buyers will feel the urgency to act now, before values start to rise.
Stock market hit a high, then took a hit
In the middle of February the stock market hit an all time high. Which is also good news for home vendors. Australians are keen investors in equities, either privately or through super funds. A booming stock market adds to many people’s assets (on paper), and buyer confidence. But unfortunately before the benefits translated to the property market, Trump turned up. He is usually good for the world economy, but this time his unpredictable moves are causing global uncertainty. So the stock market has dropped again, winding back most of the recent gains.
Melbourne says no to concrete jungle
There was outrage last October when the State government proposed 50 new high-rise development zones on suburban high streets. Known as ‘activity centres’ the zones would encroach deep into surrounding residential areas by up to 800 meters. In February the government back-pedalled. It revised the proposed maximum building height in the ‘activity zones’, from around 20 stories down to 3 or 4 stories. The planners thought hyper-development typical of Singapore or Dubai was a good idea. But the people of Melbourne said no.
Home truths for vendors!
Market conditions will always vary, but getting a successful home sale has aspects that do not change. Like how strategic marketing delivers better results. We know the right marketing is crucial for achieving the best sale price.
Vendor Marketing’s proven strategies make sure you get a maximum price when you sell your property!
Craig Knudsen
Principal Advisor
Vendor Marketing
Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates
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