Melbourne Property News Monthly Wrap – March 2024

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Melbourne Property News Monthly Wrap

Demand runs hot through eventful March

Over March’s five weekends the Real Estate Institute of Victoria (REIV) recorded more than 4,085 auctions. 2,476 properties sold. 1,886 at auction, with 766 passed in. 587 properties were sold before auction & 3 properties were sold after auction. The clearance rate averaged 78.20%, the same as February.

Otherwise booming auction numbers in March slowed for the Moomba weekend and the Easter break, but powered through the Grand Prix weekend. The figures show Autumn has been a good time to sell a home and these conditions should continue through winter. Demand is high and the Melbourne market is stable at the moment which means sellers and buyers can plan ahead with confidence. (Also knowing interest rates have been tipped to drop later this year).

Drilling down on figures – as of March 31 Melbourne’s median home value is $778,882 (CoreLogic Home Value Index). Values overall are up 3.2% over the last 12 months, but eased a bit at -0.2% over 2024’s first quarter. However, property market analysts PropTrack claimed this week that Melbourne home prices lifted 0.27% over March itself.

How much exactly are interest rates tipped to drop?

No one has a crystal ball but top Financial analysts BIS Oxford Economics predict the cash rate will head down a total of 1.75 percentage points over the next year and a half, and expects this incremental process will start in December.

Big savings will follow

According to their (BIS Oxford Economics) projections this would put about $700 back into Australian homeowners’ budgets each month. And following that, home buyers will be able to borrow six figures more by the second half of 2026.

In this cashed up environment, demand will increase, which should add momentum to the value growth cycle due in much of Melbourne. Melbourne has some catching up to do compared with the much higher value growth levels seen in other capital cities across 2023 and 2024.

Maximising your home sale price

Melbourne buyers are picky. Because quality A-grade homes are in the most demand, vendors should make sure their home presentation puts their home firmly in this category. B-grade properties take longer to sell and C-grade properties are avoided by informed buyers. You have to be A-grade! Vendor Marketing will advise you on the best ways to maximise the appeal of your home both inside and outside, across everything from street appeal to interior presentation. Our strategies for all stages of the sales process make sure your home has the best chance of achieving its maximum possible sale price.

Craig Knudsen
Principal Advisor
Vendor Marketing

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

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