Mixed July market has two parts
Over July’s five weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,624 auctions. 1,367 properties sold. 1,054 at auction, with 735 passed in. 312 properties were sold before auction & 1 property was sold after auction. The clearance rate was 66%, slightly down on June’s 68%.
July sellers adjust to a mixed market
As we head into August and towards Spring the Melbourne market has two parts. The affluent top end has easing values while some more affordable areas, not far away, are getting strong price growth.
For example the Mornington Peninsula’s spectacular value growth is now going backwards according to the latest June Quarter figures (Domain House Price Report) easing down 2.6% to a median of $950,000. But values are up in some nearby lower bayside neighbourhoods like Edithvale (up 27.5%), Frankston South (up 28.6%) and Bon-beach (up 35.5%), as they play catch up.
Unit values across Melbourne are on the rise with more entry level buyers, new parents and downsizers buying into the apartment lifestyle.
Borrowing power reduced
Experts estimate rising interest rates and cost of living expenses have reduced the average person’s borrowing power by 5 to 10%, with home values adjusting to that. Overall, Melbourne values have eased for two quarters now, down 0.9 % in March Quarter and by the same again over the June Quarter (Domain House Price Report).
Maximise your sale price
Good homes are still in high demand and vendors can achieve a great result – as long as you have the right marketing. Besides our strategic and negotiating skills Vendor Marketing knows from experience little things can also make a huge difference. Like fixing any defects, decluttering, adding fresh paint if it’s peeling anywhere, or sprucing up the garden so it’s picture perfect. You can’t leave any stone left unturned. In current market conditions it’s more important than ever. Vendor Marketing’s total expertise gets our vendors the maximum possible sale price!
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