Melbourne Property News Monthly Wrap – July 2022

Read our FREE eBook and get the most out of buying with our 4 steps to success CLAIM YOUR FREE EBOOK

Melbourne Property News - Buyer Marketing

July slowdown an opportunity for buyers

Over July’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,147 auctions. 737 properties sold, 568 at auction, with 410 passed in. 169 properties were sold before auction & 0 properties were sold after auction. The clearance rate averaged 65%, easing down on June’s 68%.

A series of rapid hikes in interest rates has brought a market slowdown to many parts of Melbourne. For buyers the easing home values are a great opportunity!

How long will the downturn last?

Most downturns last about 18 months, which means we’re already halfway through this one. What remains the priority for buyers though is choosing very well, buying very well, and making sure it’s an asset that will grow very well when the cycle turns back to value growth, which will be based on the home’s quality, location and appeal. With Buyer Marketing on your side you’ll have the expert advice to get it right.

It’s still about the asset, not just the market

In other words keep your focus on quality when you buy because that will deliver the most rewards when the market returns to value growth. Buyers who holding off and waiting for a ‘bottom of the market’ only find vendors are unwilling to sell in that kind of environment and good homes are even harder to find.

Building costs inflating 10% annually

Home prices may be easing but supply chain issues and inflation are causing big spikes in construction costs – up 10% annually. Building and renovating is more expensive than ever which can only be passed on as rising home prices.

Melbourne running out of rental properties

With more people returning to work in the inner city there’s a rental crisis developing with a property shortage and rents rising. All this while 10% of investment properties in Melbourne are supposedly untenanted. Many of these would be overseas buyers or local investors who prefer an empty property to having to manage renters.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing


Want to get the best outcome with your property purchase?

Enter your details below to download our Essential FREE Property Buyers Guide and learn our 4 steps to success!

1. Search – how to find the ideal property to match your needs
2. Evaluation – what you need to evaluate with your potential purchase
3. Acquisition – secure your property with minimum fuss and for the best price
4. Legal & financial requirements – how to ensure all is in order with the property and sale documentation

  • This field is for validation purposes and should be left unchanged.

Buyer Marketing – Melbourne’s most experienced buyer advocates will not disclose any of your personal information.