Melbourne Property News Monthly Wrap – October 2024
Read our FREE eBook and get the most out of selling with our 4 steps to success CLAIM YOUR FREE EBOOK
Auction numbers bloom in glorious October
Over October’s four weekends the Real Estate Institute of Victoria (REIV) recorded more than 3,375 auctions. 2,192 properties sold. 1,550 at auction, with 676 passed in. 642 properties were sold before auction & 0 properties were sold after auction. The clearance rate averaged 77%, a touch down on September’s 78%. 1,064 homes sold by private sale.
Auction capital shines
On October’s last weekend more than half the total of all Australian capital city auctions took place in Melbourne, with 1635 homes going under the hammer. It was the second busiest auction week of the year, with perfect weather for showcasing homes and gardens. Besides ideal selling conditions, October brought some dramatic new developments.
Allan Government cuts stamp duty
In a dramatic move to increase housing supply and affordability, the State Government has announced an immediate 12-month concession on stamp duty, with no price cap, for off-the-plan townhouse and unit purchases. Something similar was already available to first home buyers, but the new scheme is open to all, including investors and off-shore buyers. This is about developing new housing stock and also promoting higher density living. It comes in tandem with new Government plans for ramped up urban ‘in-fill’ development.
High-density development – coming soon to a neighbourhood near you
The State government announced target areas for new housing development zones would be near rail stations or tram routes in dozens of urban high streets. There will be some benefits for locals (like retirees) who may want to downsize and live above their favourite shopping strip. But this doesn’t go down well with many residents who prefer their urban villages the way they are now, without injecting hundreds more on-site vehicles, thousands more people, and built-environment bulk.
Certainly, not everyone agrees with the Big Australia program, with Melbourne as the biggest part of it. The plan to double the city’s population over the next couple of decades raises questions about sustainability and reduced living standards.
What’s the outlook for the market, from here?
According to analyst Cameron Kusher, Director of Economics at REA Group, any interest rate cuts are unlikely until February. Some buyers are holding back waiting for this. Kusher notes that despite Melbourne’s stalling property values (the median house price dropped 1.5% in the September quarter), the stock market is performing well and if it continues to do so, will help underwrite household wealth, as we move into 2025. When interest rates do go down, borrowing will jump up a gear, with Melbourne home values likely to follow.
Maximise your home’s sale price with Vendor Marketing
Vendor Marketing knows the best ways to maximise the appeal of your home both inside and out before you take it to market. We advise on everything from street appeal to interior preparation and presentation. We have proven strategies for every stage of the sales process, whether at auction or negotiating off-market. Our goal is achieving the property’s maximum possible sale price for you, the seller!
Craig Knudsen
Principal Advisor
Vendor Marketing
Brought to you by Vendor Marketing – Melbourne’s most qualified vendor advocates
FREE eBOOK
Want a Proven Better Sale Result for your Property?
Enter your details below to download our FREE Essential Property Selling Guide and learn our 4 steps to success!
1. Real Estate Agent Selection – how to choose the best selling agent for your property
2. Accurate Price Quoting – why is getting this right so important
3. Making The Most Of Presentation – how to best present your property
4. Effective Property Marketing – how to create a winning property marketing strategy
Note: Vendor Marketing – Melbourne’s most qualified vendor advocates will not disclose any of your personal information
