Melbourne Property News Monthly Wrap – December 2022

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Melbourne Property News - Buyer Marketing

Race is on for value as we head for Christmas

Over December’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,725 auctions. 1,088 properties sold, 808 at auction, with 518 passed in. 280 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 68.5%, slightly up on November’s 68%

The outer rim getting most attention

With another interest rate rise on December 6, affordability is more important than ever. Melbourne’s outer rim is in the most demand from buyers at the moment, getting the most enquiries when houses are listed. Mount Cottrell in the west, Wollert in the north, Belgrave South in the east and Cranbourne in the south are on the outer, but not when it comes to being the most attractive for value.

With less stock than usual coming to market in Melbourne in November and December, getting the edge in buying a home is about the right ‘homework’ – meaning locating the right property (with many selling off market) and working the deal to your best possible advantage and of course making sure you’ll meet your financial planning targets. 

What to expect in 2023 

For home buyers, 2022 has been all about interest rate rises and managing them going forward. Property analysts CoreLogic forecasts more upward movement on rates in 2023 before they level out and then may even start to lower late in the year. In this kind of market, home sellers have to be prepared to negotiate – having 30 years experience gives us unique strengths that get the best outcome for our buyer. 

Our experience makes the difference – we take the initiative with buying strategies and then guard your interests at every turn – it’s the advantage you need in this super competitive environment. 

Now Christmas is just two weeks away we wish all our clients and contacts a relaxing, joyful and well-earned break – and the best possible New Year!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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