Melbourne Property News Monthly Wrap – October 2021

October never felt so good!

In October the Real Estate Institute of Victoria (REIV) recorded more than 5,459 auctions (compared to just 967 in September). 3,969 properties sold, 2,713 at auction, with 548 passed in. 1,236 properties were sold before auction & 20 properties were sold after auction. The clearance rate averaged 88%, easing from September’s 94.5%.

With the easing of lockdowns the Spring market has powered back into action with home sellers prospects looking very good. We also have new State government rules for inspections and auctions that vendors need to know.

Open for Inspections & Auctions

Fully vaccinated people can attend home inspections but entry limits still apply. If a person’s vaccination status is not being checked or is unknown, inspections can take place by private appointment only and the property’s residents must stay outside during the inspection.

Fully vaccinated residents can attend auctions with a limit of one person per four square metres indoors, and one person per two square metres outdoors. Outdoor auctions are capped at 500 people. That means if you are expecting 500 people you’d better have a property that’s one square kilometre in size!

A COVID Check-in Marshal has to be present at the entrance to a property to check the vaccination status of patrons attending auctions. Masks must be worn indoors unless you are exempt. And one for antivaxxers: If all the workers and patrons are not fully vaccinated or their status is unknown then the auction can only be conducted remotely.

House prices still rising but rate has slowed

Melbourne dwelling values rose .99% in October, bringing the annual change to +16.37%. (CoreLogic). The average house price has hit another new record high at $1.03 million. Demand is still running hot but analysts predict a bit of cooling in the market ahead as greater numbers of properties hit the market. In this ever changing environment Vendor Marketing’s knowhow puts you in the best position to maximum your sale result!

International buyers head to Queenland

According to realestate.com.au Melbourne has currently lost its place as top choice for overseas investors, to Queensland. New Zealand buyers are driving this trend. But when borders fully reopen Melbourne will most likely regain its mojo.

Craig Knudsen
Principal Advisor
Vendor Marketing

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