Melbourne Property News Monthly Wrap – April 2023

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Melbourne Property News - Buyer Marketing

April floods Melbourne with new renters and buyers

Over April’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,531 auctions. 1,025 properties sold, 772 at auction, with 289 passed in. 251 properties were sold before auction with 2 properties selling after auction. The clearance rate averaged 78% sharply up on March’s 75%.

Auctions numbers slumped with the Easter holidays, but then powered right back. The property market has continued to stabilise through March into April, helped by the hold put on interest rates. Competition is heating right up as more buyers step up to grab a home.

So many buyers, limited supply

Immigration has resumed pumping thousands more people into Melbourne every week and they all need accomodation. Students are coming back too. More workers are returning to metro Melbourne now it’s post pandemic.

Pressure on available rental properties is growing, sending rents higher. Up more than 10% nationally over the last year (CoreLogic). Of course mortgage costs have risen too, as interest rates went up. Even so, more renters are wanting to take the leap and buy a property, adding more buyers to the pool.

How to beat the competition

Competition is fierce and in this environment Buyer Marketing makes the difference in finding and securing your perfect property. Besides locating and assessing the latest properties going to auction we’re also straight onto those off-market listings that can go under the radar and get snapped up quickly. And once we target a property, we have the right strategies to negotiate the best possible buy for you!

Why this is a good time to buy

Some analysts are optimistic about the housing market’s potential for price growth going forward because there are signs the downturn could be bottoming out or already has. Many households made strong savings through the low interest rate period, which is a buffer against mortgage stress. So there’s reasonable stability.

Employment is very high and looks like holding for the moment, which underpins home values. In parts of the market there will be some exposure to mortgage stress as some variable rate mortgage holders are stretched over the next couple of years. People will be cutting down on spending to conserve money, but having interest rates on hold is at least one good bolster for consumer confidence.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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