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 Institute 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

Google Reviews

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Gail Lobo profile picture
Gail Lobo
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter's knowledge and expertise were invaluable when purchasing my first home. He guided me through every step and kept me informed regularly, which made the process easier and less stressful. I felt supported and in good hands throughout. Everything fell into place within a few weeks, quicker than expected! I would highly recommend Peter and his services.
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Charlotte St John profile picture
Charlotte St John
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter Fox is an outstanding buyer’s advocate. I am so glad that I hired him. It was incredibly helpful to have someone so experienced in real estate navigate the ins and outs of buying a home on my behalf. He achieved the result I was looking for in record speed, and took the stress out of everything. Thank you Peter.
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Colby Hart profile picture
Colby Hart
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter was a fantastic buyers advocate - identified and negotiated our dream home for us extremely quickly. Couldn't recommend higher.
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Beatrix Neville profile picture
Beatrix Neville
Google star 1Google star 2Google star 3Google star 4Google star 5
I had an excellent experience working with Peter in purchasing my first home. Peter has a calm demeanour and is a clear communicator - never once did I feel stressed, pressured or uncertain of where I was in the journey or what the next steps would be. Peter understood me and my brief, selected quality properties to inspect and took me through off-market properties to compare. Within 3 weeks of contracting Peter we secured the perfect place. I am absolutely thrilled with my purchase, and believe I would have missed out on the property without Peter's rapport and expertise in communicating with Real Estate, and then guidance once the negotiation process started. Peter made the process of finding a property so fun and exciting that I was almost sad when it was over! Thanks Peter!
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Jean-Pierre Eid profile picture
Jean-Pierre Eid
Google star 1Google star 2Google star 3Google star 4Google star 5
We engaged Peter Fox for bidding and negotiating, hands down one of the best decisions we ever made. He was clear and comforting ahead of auction and on the day witnessing Peter go to work was awe inspiring. Having done his due diligence beforehand, he was quick to assess a sizable field of interested parties and surgically execute a winning strategy securing for us our dream home. All that aside Peter was empathetic and understood our worries and motivations while also demonstrating strong discipline and an ethical approach throughout. Thank you Peter Fox
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Jessica Fagioli profile picture
Jessica Fagioli
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter is nothing short of a real estate king. I engaged Peter because I was looking at buying a specific house in a very competitive area, and which was being sold under a complex set of circumstances. Before even formally engaging him, Peter had gone to see the house in question, had spoken to the real estate agent, and had a good idea of what we were working with. From that moment on, I knew I was in safe hands. Peter was always available to alleviate any concerns and answer any questions, and when he wasn’t in a position to know the answers, he knew exactly how to get them in a prompt manner. Peter established a strong rapport with both the vendor’s solicitor (which ensured my lawyers and I were comfortable with the state of affairs before auction day) and the selling agent (which was critical to my ultimate success at auction). I cannot even begin to describe Peter’s mastery on auction day: there is no way I would’ve succeeded had he not been there. I cannot recommend Peter highly enough. Infinite thanks to you, Peter!
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patty goodman profile picture
patty goodman
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I purchased an investment property through Peter and he made the process so easy and stress free. I saved so much time being able to work while he inspected multiple property’s and negotiated a good deal for the right one. Highly recommend this bloke!
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Peter Mallen profile picture
Peter Mallen
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter Fox from Buyer Marketing helped us buy a property in Vermont South recently. We have been looking to downsize for some time and, honestly, are fairly fussy with our criteria. So when a house came along which ticked many of the boxes for us, we enlisted Peter's help to negotiate with the agent and to get the deal across the line. Peter was friendly, approachable and professional throughout. His knowledge and experience of the real estate market and the buying side in particular meant that we could leave the conversations and timing of offers to Peter. We were able to secure the property we wanted at a price that met our budget and met our criteria. So we are very grateful for Peter's advice, assistance and good communication throughout the process.
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Peter Villinger profile picture
Peter Villinger
Google star 1Google star 2Google star 3Google star 4Google star 5
With Buyer Marketing’s Peter Fox I was in good hands from the beginning. An initial meeting with Peter set me on the path to a successful purchase of a property. This was an informal chat whereby he was able to understand precisely what my requirements were.From there the process was clear and efficient, Peter explaining not only what he would do but also how and why those were his strategies.Regular updates and the knowledge that he was up for a chat anytime was most reassuring. Peter V
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James Ireland profile picture
James Ireland
Google star 1Google star 2Google star 3Google star 4Google star 5
Peter provided us with deep knowledge of the local areas, the real estate market and contacts within the industry that allowed us to quickly purchase a property that suited us perfectly. He gave us calm and thoughtful recommendations and was there for us at every step. He gave us insights we would not have otherwise known, and made the whole process simple. He conducted all the negotiations on our behalf and we came away with the perfect property at the right price. Could not recommend his services higher.

Buyers Agent Melbourne

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