Melbourne Property News Monthly Wrap – November 2023

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Melbourne Property News Monthly Wrap

November home sales deliver higher prices

Over November’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 3,201 auctions. 1,800 properties sold. 1,324 at auction, with 740 passed in. 472 properties were sold before auction & 4 properties were sold after auction. The clearance rate averaged 70.25%, slightly down on October’s 72.75%.

November performed in typical strong style as Spring market buyers raced to find a new home before Christmas and the summer holidays. The property market loves November when homes usually look and feel their best, with blooming gardens and interiors glowing with light.

Spring and Summer sale prices hailed the best

PropTrack has just published data claiming you actually do get a better selling price in Spring. Melbourne homes average a plus 1.14% sale price premium if sold in the month of October. And a .97% higher sale price in November. With a current average Melbourne house value at $937,736, this translates to between $9,096 potential bonus for a November sale and $10,690 extra for an October sale. A handy bonus for sure!

Happily, February is also another time PropTrack claims top prices are likely to be achieved. The real good news though is Vendor Marketing has the proven strategies that will also maximise your home sale price, regardless of the time of year! It’s all about the results we get through our optimum marketing planning and presentation guidance.

Buyers keep getting in before auction day

The trend of Melbourne homes selling pre-auction surged in November with PropTrack reporting almost half of the properties sold in Victoria (of a total of 629 they recorded) on November’s last Saturday, were by deals negotiated ahead of the scheduled auction. This time last year only about one third of homes sold before auction day.

Did home values change in November?

The cash rate had a 0.25% rise on November 7 to 4.3%, which adds some downward pressure on home values but the latest data from market analysts CoreLogic says the average Melbourne home value rose 0.5% in October. So the overview is the city is still slowly on the mend – from the big dip that hit the nation across 2022. Melbourne values had peaked in April 2022, but then headed downwards (as interest rates went up) for the next 10 months finally bottoming out in February 2023. Broadly, Melbourne then clawed back a 4.1% rise in home values over the ensuing 9 months of 2023, but is still 3.6% down from the peak (in April 2022).

Looking a bit wider for perspective, Sydney values have come all the way back to within 1.8% of their 2022 high and are about to strike even. Brisbane, which gets the benefit of retirees moving north and Asian immigrants who like it hot, shrugged off the dip and has now reached a new all time high, after getting 11.3% growth over the last 12 months. Perth has also reached a new high after getting 12.3% annual value growth.

Craig Knudsen
Principal Advisor
Vendor Marketing

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

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