Melbourne Property News Monthly Wrap – August 2022

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Melbourne Property News - Buyer Marketing

Prices spike in August – but not for homes

Over August’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 954 auctions. 581 properties sold, 449 at auction, with 262 passed in. 132 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 69%, up on July’s 66%.

August came with the highest inflation rate for 32 years. But home values are easing which is the silver lining for buyers. Borrowed money of course costs more and anyone buying a home has to wonder just how high will interest rates go? Some good news is some of the first glimmers of hope for easing interest rates are starting to appear.

When will interest rates start falling?

According to property market analysts CoreLogic, the RBA (Reserve Bank of Australia) now believes inflation will hit a peak towards the end of this year, and the cash rate should stabilise. This means potentially the cash rate could actually go backwards and reduce a bit through the second half of next year. Analysts are forecasting an RBA interest rate peak at 3.32% by March next year followed by an easing back to 2.99% by the end of 2023.

A great August buy for Buyer Marketing

A very good purchase just achieved by Buyer Marketing was 29 Lisheen Road Cockatoo, a 3 bedroom home on a 2,059 m2 property, with dual access, nestled in a magnificent forest location. Our clients are over the moon with the well negotiated buy.

Another client was interested in purchasing 26 Lindsay Street, Bulleen, an ‘expressions of interest’ property that was quoted at selling between 2.8 to 3M. It sold last week in the current market, with strong interest, for 3.1M. In this case Buyer Marketing advised our client not to bid for this property, as we will find a better home, presenting better value!

The best way to buy a home.

With 30 years of expertise in off-market buying and auction bidding, Buyer Marketing has the experience and the strategies to negotiate the best possible buy for you. We do the searching, the evaluation, and the acquisition – all the time focussed on getting the greatest advantage for our buyer. Buyer Marketing gives you the winning edge!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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