Melbourne Property News Monthly Wrap – August 2023

More listings in August as Spring market starts to build

Over August’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1.232 auctions. 795 properties sold, 622 at auction, with 293 passed in. 172 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 73.5% easing on July’s 75.5%.

The month started well for home buyers on August 1 with the Reserve Bank’s decision to resist a rise and keep interest rates steady at 4.1%.

Spring selling season only weeks away

Auction numbers are rising again with more stock trickling into the market as winter tails off and the ramp up to the Spring market builds momentum. Now is a great time to get ready to buy!

Not everyone has deep home buying experience and you certainly need someone on your side who does. It means steering a skilled course and avoiding the numerous pitfalls, while knowing how to take advantage of the opportunities when they arise.

Get the advantage you need with Buyer Marketing

We have that experience and it does give you an edge when you buy a property. We secure the best quality buy for you, while making sure you don’t pay too much.

Melbourne buyers adjust to the ‘fixed-rate cliff’

According to market analysts CoreLogic, the property market has been facing a so-called ‘fixed-rate cliff’ – the three month span when about a million existing Australian borrowers who had established a home loan with low fixed-interest rates, have to move to current high variable rates.

We are now in the middle of that peak 3 month transition period but the major banks are telling us their home loan customers are generally showing resilience. The banks say people are cutting back on household discretionary spending to concentrate on meeting the higher mortgage payments.

Another reason for the low loan defaults the banks are reporting, is most people have enough foresight to sell a property well before they have real difficulty with loan.

Your best chance of buying the property you want

Spring brings opportunities for great buying. With Buyer Marketing’s 30 years of experience on your side, you’ll have the best chance of locating, negotiating and securing your perfect property – at the best possible price!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing