Melbourne Property News Monthly Wrap – December 2023

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Melbourne Property News - Buyer Marketing

December ends the year with a strong buyer’s market!

Over December’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,733 auctions. 1,052 properties sold, 791 at auction, with 390 passed in. 256 properties were sold before auction with 5 properties selling after auction. The clearance rate averaged 73.50%, up on November’s 70.25%.

2 more great buys with Buyer Marketing!

Buyer Marketing has had two great purchases so far this month. 9/22 Bent Street, Bentleigh, was secured by Buyer Marketing before going to campaign. With 2 bedrooms, 2 bathrooms and a large north facing courtyard, this great property met the clients brief and was exactly what they were hopeful of finding – the result is very happy clients with a much appreciated 5 star Google review! Also, 22 Ithaca Road, Frankston South, a 4 bedroom, 2 bathroom, large home on 1008m block with Bay views, in one of Olivers Hill, Frankston South’s most sought-after locations, purchased for $100,000 under the vendors expectations. A great outcome, and a well negotiated result for our clients who are over the moon!

What home buyers need to know this December

Monthly home value movements keep you right in touch with how the market’s travelling now and how to plan your finance. Melbourne was out of step with most other capitals across 2023. Because home values shot up in most cities the Reserve Bank kept raising interest rates. But Melbourne values did not lift much compared with the rest of the country. One result of this is we’re still seeing very good value buying in Melbourne right now.

RBA keeps rates on hold in December

Fortunately for people paying out mortgages the RBA held the cash rate steady at 4.35% at their December 6 review. This is because the 0.25% rate rise in November had the desired effect of cooling national home values.

According to CoreLogic’s Home Value Index (HVI) national values lifted just 0.6% in November, the smallest monthly gain since the current value surge started last February. National home values rose 8.3% over the past 10 months and are at a new record high. But we’re seeing the end of that strong growth period right now.

But Melbourne was not part of that club. According to CoreLogic, Melbourne is now at the front of the slowdown, with home values here falling by -0.1% across November. This gives buyers some more negotiating room.

Which star suburbs are the best at holding value?

Performance in Melbourne is patchy of course, with some districts seeing a strong recovery this year, like Monash which had 8.2% value growth and neighbouring Knox (7.1%) and also Whitehorse (7%) (PropTrack). This conjoined area is underpinned by Asian-Australian buyers.

What’s the latest outlook for 2024?

After seeing a 1.9% value growth in Melbourne in 2023, PropTrack expects modest rises of between 1 and 4% in 2024. So this also means it’s a good time to buy, with a positive outlook ahead.

Buyer Marketing wishes all our clients and contacts the very best for the Festive Season and a prosperous and Happy New Year!

We can find the perfect property for you, then with our 30 years of experience in buying strategies, negotiate the best possible outcome for you, the buyer.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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