Melbourne Property News Monthly Wrap – February 2023

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Melbourne Property News - Buyer Marketing

February starts with buyers rushing in

Over February’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 783 auctions. 568 properties sold, 435 at auction, with 215 passed in. 133 properties were sold before auction with 0 properties selling after auction. The clearance rate shot up to 72.5%, after December’s 68%.

Buyers hurry to beat rising rates

This February, concerns over rate rises are actually adding to a rush to buy. According to realestate.com.au, some agents reported more than twice the number of active bidders at auctions this February than at this time last year.

Home buyers are competing with investors to lock in a purchase before rates go higher, bringing more pressure on borrowing limits. It makes competition pretty fierce right now given the limited supply of properties for sale.

Great Buyer Marketing win in St Kilda

A great outcome so far this month for BuyerMarketing was purchasing 2/24 Crimea Street, St Kilda – a fantastic two bed, two bath, two courtyard apartment in one of the most highly sought after leafy locations in St Kilda for 620K. Originally wanting high 600s, it was a very well negotiated purchase, and a very happy client. BuyerMarketing has been going through many open for inspections in the past few weeks seeing strong numbers inspecting these properties with up to 20 to 30 groups, contrary to any expected hesitancy about increasing interest rates!

Don’t over-reach your budget

In this heated environment buyers have to be careful not to be swayed (by others or by yourself) into buying a home outside your price range. It can happen when the pressure’s on. This is why it’s wise to have Buyer Marketing there competing for the best buy for you while keeping your budget right on track. With the official rate lifted to 3.35% on February 7 and another possible rise in March, buyers need to plan carefully and to stick to the plan.

We have the experience to get the best buy

And besides buying at auction, we have decades of experience in negotiating your best buy if a property passes in. Or, if we buy “off-market”. 

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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