June market finishes in top gear
In June the Real Estate Institute of Victoria (REIV) recorded more than 2,613 auctions. 1,956 properties sold, 1,313 at auction, with 338 passed in. 642 properties were sold before auction & 1 property was sold after auction. The clearance rate averaged 87.25% up on May’s 83%.
What a relief June ended with Melbourne’s property market free of most Covid restrictions. Melbourne shrugged off June’s early shutdown and auctions rolled on strongly like it was still Spring. There was some added urgency with a rush to beat the new State government extra Stamp Duty grab that applies from July 1 on property sales over $2 million.
Great time to maximise your sale price
Buyer demand remains at near record levels. The 0.1% interest rate is still not expected to start rising until 2024. This certainty is rare, with rate movements usually being less predictable going forward, not to mention a whole lot higher. This is one of the strongest drivers of current buyer demand and rising prices. Stock levels are at near historic lows and conditions are good for sellers, especially if you have Vendor Marketing working to maximise your sale price!
Long lockdowns harmed Melbourne’s home prices
Corelogic reports home values in Melbourne lifted 1.8% in May and 5.5% for the 3 months to May. But CoreLogic also reports Melbourne has had the weakest annual performance for home values, among the capital cities, as a direct result of Melbourne’s 2020 lockdowns.
Melbourne tops offshore investors list
Just released data from the Foreign Investment Review Board shows that up to the start of the pandemic, Melbourne was the top Australian city for overseas investors spending on property. Offshore buyers, mostly from China, were approved to spend $17.1bn on Australian residential real estate in 2019/20.
A confirmed $3.5 billion was spent in Victoria. More than twice the confirmed $1.7bn spent in NSW. Absence of these buyers at auctions now has also contributed to Melbourne lagging behind the rate of price growth in the other capitals.
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