Melbourne Property News Monthly Wrap – June 2024

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Melbourne Property News Monthly Wrap

June brings a strong winter market again

Over June’s five weekends the Real Estate Institute of Victoria (REIV) recorded more than 3,345 auctions. 2,082 properties sold. 1,443 at auction, with 666 passed in. 638 properties were sold before auction & 1 property was sold after auction. The clearance rate averaged 77.80%, up a touch on May’s 76.75%.

Besides the auction total, 1447 homes were reported sold by private sale through June. That’s about half of all home sales. Buyer demand is running high and auction numbers remained strong through June. Traditionally (before Covid) there would be 400 or 500 auctions on most weekends through June as the market slowed down for winter, but this June numbers are much higher – more often in the 600’s.

3 bedroom apartments gaining value

According to the REIV’s Unit Index, 3 bedroom unit values are on a rising trend and are now on par with 3 bedroom house values in the same suburbs, in many parts of Melbourne. Both at around $860,000. Traditionally units are worth about 25% less than houses. The new growing popularity is because 3 bedroom units are sought after by ageing downsizers.

Cash rate holds steady in June

On June 18 the RBA kept the cash rate steady at 4.35%, at the same level since the last rise in November last year.

What lies ahead for Melbourne values this Financial Year?

Respected market analysts PropTrack are bullish, predicting a shift in direction for Melbourne with projected house price growth of +3 to +6% over 24-25 FY.

Getting the best sale price for your home in 2024

As the Financial Year concluded, property values kept rising again in other capital cities through June, but Melbourne values eased back 0.2% (CoreLogic). But for Melbourne sellers it’s very important to know there are proven ways to boost gains when selling in this kind of market. The right preparations will produce a better sale price. Vendor Marketing knows a long list of proven ways to add value. For example do not underestimate street appeal – everything about the front of the property must look great, from fresh spruced-up paintwork, to a perfectly presented garden, to a perfect nature strip.

Eco-efficiency is increasingly important. It saves money and that helps with mortgage repayments. Solar panels are a major plus. LED lighting and efficient appliances, effective insulation, or native garden plants that require less watering, are all very appealing selling points.

Vendor Marketing knows a raft of points to improve the presentation of your home, both inside and out, to maximise your sale price.

Vendor Marketing are Melbourne’s most qualified Vendor Advocates. Call us today to discuss how we help you achieve a proven better sale process!

Craig Knudsen
Principal Advisor
Vendor Marketing

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

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