Strong May sales at the end of Autumn.
3080 auctions were reported to the Real Estate Institute of Victoria (REIV) over the 4 weekends of May, with 2275 sales recorded. 805 properties were passed in, 327 on a vendor bid. The clearance rate averaged 73%, marginally down on April’s 73.5%. This time last year the clearance rate was a very high 80%.
A trend continuing to firm in May was sales results in Melbourne’s southern and northern suburbs outperforming sales in the east. On May’s last Saturday Coburg showed its strength when a California bungalow there sold for 1.37M after 3 wouldbe buyers parked their pushbikes and started bidding. Bonbeach in the south had 4 bidders vying for a small cottage that went for 1.89M. Absolute beachfront boosted the price.
With less stock available through winter, competition at Melbourne auctions was keen in May with a strong clearance rate and buyers reassured by the latest drop in interest rates. By dwelling type, houses continue to outperform apartments across Melbourne. Villa units are also more popular than apartments, showing the preference owners and investors alike have for properties with at least some kind of a yard or garden. Downsizers may be willing to go smaller but they are used to enjoying a garden and having their own green space is still a high priority.
In the apartment category, blocks from the 60’s and 70’s, or art deco, continue to grow well in capital appreciation and are perceived by many as having more appeal than new apartments and Home Improvement shows on television almost every night show there’s plenty of potential for would-be renovators.
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