Melbourne Property News Monthly Wrap – November 2024
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Big November boomed for sellers
Over November’s five weekends the Real Estate Institute of Victoria (REIV) recorded more than 3,927 auctions. 2,578 properties sold. 1,872 at auction, with 778 passed in. 701 properties were sold before auction & 5 properties were sold after auction. The clearance rate averaged 78.50%, up on October’s 77%. 1,334 homes sold by private sale.
Spring’s last month lived up to its reputation for peak selling with a very strong clearance rate and 726 more auctions than November last year. People are pushing ahead with their important life-moves with property and things are shaping up for a very busy Summer also.
Melbourne is tops with international buyers
Domestic buyers rule in Melbourne of course but international buyers continue to influence the market. PropTrack’s new Overseas Search Report shows Melbourne leads Australia with the most property searches over October, by international buyers on realestate.com. Gold Coast came second and Brisbane third. The nationalities doing the most searching for Australian properties at the moment are New Zealanders, followed by Brits and then Americans. Melbourne is the top destination for Chinese buyers too.
Why Summer is a great time to sell your property
In the last few years Melbourne’s traditional peak selling season (Spring) has been extending into Summer. This is not surprising, particularly if your home has great outdoor values like a deck, leafy courtyard, bbq space or a swimming pool. These kind of homes feel great when the sun is shining. Buyers who come to inspect imagine themselves enjoying these spaces – BBQ’s with family or friends, or just relaxing in the garden. Or in a pool if your lucky. Sydney’s peak property selling time is March, smack bang in the warmest weather, for exactly this reason.
You can get things done in Summer
For a home seller, the finer weather and long daylight hours through December is ideal for getting minor renovations underway and completed. Like quick-drying painting outside and in, and getting the whole home looking great from front to back. It’s how you make sure your property clearly stands out against the competition.
Things shut down for the Christmas & New Year break, but quickly ramp up again. Some buyers may be out of town at holiday homes during January, but they will certainly scoot back for an auction, if it means securing a great home.
Getting the best marketing and negotiating advice
Vendor Marketing makes sure your strategies for marketing and presentation are finely tuned. From the start of the sale process to the finish, whether at auction or off-market, Vendor Marketing has the negotiating skills to make sure you, the seller, holds the advantage at every step. The successful outcome we aim for is getting a maximum sale price for you!
Wishing all our clients and contacts the very best for the Festive Season and a prosperous and Happy New Year!
Craig Knudsen
Principal Advisor
Vendor Marketing
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