Big November hits a billion in sales
In November the Real Estate Institute of Victoria (REIV) recorded more than 5,024 auctions (compared to 5,459 in October). 3,266 properties sold, 2,269 at auction, with 842 passed in. 990 properties were sold before auction & 7 properties were sold after auction. The clearance rate averaged 79.25%, down on October’s skyhigh 88%.
Melbourne has powered back to regain its traditional spot as Australia’s auction capital, with an average of 1400 auctions a week for the past eight weeks. More stock is coming onto the market but there are plenty of buyers keeping clearance rates high. Over $1BN in residential property was sold in November’s last week adding up to Victoria’s biggest auction week ever.
+6% house value growth in September Quarter
Melbourne’s house value median has hit 1.07M after posting a full 6% price growth over September’s booming quarter, and 13.8% annual change, rounding out four consecutive quarters with the highest-ever value growth (REIV). Key factors were low interest rates, low stock and a shift to remote work supercharging demand for upgraded living space.
20% of homes sold prior to auction
In November about 20% of homes scheduled for auction sold prior to auction day. With more stock being released the market is now stabilising – and that’s a good selling environment, especially with Vendor Marketing at your side to maximise your sale price.
CoreLogic has nominated Keysborough as Melbourne’s top value growth suburb as people rush there for value causing a 22% annual value growth. Beaumaris was second with 16.6% value growth, with its mid-century homes becoming a red hot item.
Big spenders stepping out
The heat was on in hotspots like Albert Park in November, where two properties in St Vincents Place sold for more than $11 million each. A Middle Park home at 76 Armstrong Street sold for $9.8 million on November’s last Saturday.
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