Melbourne Property News Monthly Wrap – April 2024

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Melbourne Property News - Buyer Marketing

April starts with excellent buying conditions

Over April’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,332 auctions. 896 properties sold, 640 at auction, with 259 passed in. 256 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 78.50%, on par with March’s 78.20%.

What home buyers need to know April values

Melbourne values are continuing their very slow growth (compared to other capitals) tracking at 1.7% over 12 months to the end of March. In this period Sydney increased by 8.1%. Brisbane went up 12.9% and Adelaide went up by 13.4% (CoreLogic).
 
Looking at March alone, the strong national growth is still happening with another 0.6% surge. But Melbourne stayed static over March, with no gain or decline. This stability makes for a very steady platform for buyers to assess home values accurately and also to plan your finances. 

Units a solution to affordability

As the price of detached houses keeps rising making affordability more difficult for lower/middle income families and first-home buyers, we’ll see units increase in value as demand for them starts to increase. Getting on the housing ladder is essential and must start somewhere. If moving to the outer fringes of the metro area for a house and land is not practical, an apartment closer to work and closer to the city is a very good option. As demand grows for units the price gap between them and detached housing will lessen and profitability of units as an investment will improve. Also, the current surge in net overseas migration (the highest population growth ratio in 72 years) is causing a tough rental shortage around the country and a spike in rents. This is pressuring buyers to purchase a unit or house sooner than they otherwise might have.
 
How Buyer Marketing assists you

Firstly we do the legwork to locate your ideal property. Importantly this involves sourcing off-market properties. Then we accurately evaluate your potential purchase. The acquisition comes next which we help you do for the best possible price we can negotiate. If the property goes to auction we bid for you, using our extensive experience to get the best result for our buyer. More than often this involves informed negotiating when a property is passed in. We then make sure all legal & financial requirements are in order with the property and sale documentation.

Have a look at our buyers Testimonials

Buyers Testimonials on our website will tell you more about exactly what people like about Buyer Marketing and how they benefited from buying with us on board! 

Call Buyer Marketing today for more information about how we can secure the perfect property at the best possible price for you, the buyer. 

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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