Melbourne Property News Monthly Wrap – February 2020

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Melbourne Property News - Buyer Marketing

Get in sooner before the rises say agents.

Over February’s first three weekends more than 1,090 auctions were recorded by the Real Estate Institute of Victoria (REIV). 649 homes sold at auction with 231 being passed in, 112 on a vendor bid. So far in February the clearance rate has averaged 75.5%, matching last December (2019) exactly.

Melbourne home values are on the rise again with further gains expected by the end of the quarter. The current citywide median house price is now sitting at $895,500. Price growth across the year certainly does look likely. With some agents predicting a 10% or more rise now. So not surprisingly, agents are recommending buyers go in sooner.

As usual in Melbourne’s highly varied market, the highest growth areas over the last six months are widely dispersed, with Mt.Martha, Mitcham, Strathmore and Cheltenham included in the top ten (REIV). Inner city suburbs Kew, Hawthorn East, Balwyn North and Coburg are also top performers.

But many Melbourne owners are still showing resistance to putting their homes up for sale. Buyers are back however and have doubled their numbers since the turnaround started. Multiple bidders are making auctions highly competitive.

Buyer Marketing has had two very good outcomes so far in February.

A successful acquisition at auction was 6 Wimble Street Northcote. We navigated carefully against a very determined bidder, to win the property for our client at $1.265 million, well within the budget. Our relieved client Fiona had been looking to buy for six months prior to engaging us. The auction was featured on Channel 9’s ‘Your Domain’ program (click here to view segment). It’s a good example of Buyer Marketing working for you at auction.

Another successful outcome was 11 Quirk Road, Pakenham, purchased for $630,000. The Agent had another buyer for the property, subject to finance, but we were able to get the job done with an unconditional offer. Our client Pat was very happy!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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