Melbourne Property News Monthly Wrap – July 2021

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Melbourne Property News - Buyer Marketing

Lockdown 5 doesn’t cramp the market

Over July’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 2,471 auctions. 1,660 properties sold, 1,208 at auction, with 337 passed in. 449 properties were sold before auction & 3 properties sold after auction. The clearance rate averaged 83.5%, down on this time last month’s sky high 94.5%.

Here we Covid again

Although Melbourne’s back on the lockdown merry-go-round, auction clearance rates stayed high so far in July.

Median house value keeps climbing

The just published REIV June Quarterly Report shows the median house price in metropolitan Melbourne has climbed to $1.01M. CoreLogic estimates a 4.6% rise over the last quarter.

A great new aquisition by Buyer Marketing

1/19 South Avenue, Bentleigh is a fully renovated 3 bed, 2 bath, double garage, double front Victorian in a highly sought after tree lined location, close to East Brighton boundary, keenly negotiated and purchased by Buyer Marketing, prior to auction, for $1,125,000. The clients had only moved from Spain two years ago to Melbourne, and were extremely happy with our process and skills that got them into their great new home.

Metro hotspots

In metro Melbourne some stellar price rise suburbs right now are places that are playing catch up to their more expensive neighbours. Hawthorn East had a 42% quarterly value increase and is catching up with Hawthorn and Kooyong. Ringwood East had a 32% quarterly increase as it catches up with Ringwood North and Heathmont. 

When buying a home you can’t play catch up. You must be up to speed and ahead of the game. Having Buyer Marketing on your side negotiating a purchase is more important than ever!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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