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July brings a healthy Winter market, with value growth ahead
Over July’s first 2 weekends the Real Estate Institute of Victoria (REIV) recorded more than 889 auctions. 600 properties sold, 413 at auction, with 165 passed in. 186 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 80.50%, slightly up on June’s 77.80%. Besides the auction total, 502 properties have been reported sold by private sale so far in July.
Total auction numbers have eased back a bit so far in July as would be expected with mid-winter weather and school holidays under way.
Plenty of Australians are upgrading
Although inflation and increasing living costs are certainly a concern, Australia is largely shrugging off predictions made earlier this year that rising mortgage stress might be a worry among home buyers this year. In fact so far this year, according to market analysts PropTrack, there is a growing trend of buyers upgrading homes after only a few years of ownership. One in eight home owners who bought in 2021 are trading up already. These figures are mostly driven by states with higher home value growth than Melbourne, but it means the national market is healthy and thriving!
What’s currently happening with home value growth
According to property analysts CoreLogic, latest figures for the June Quarter show big differences around the capital cities. Perth tops the list with spectacular growth, rising +6.4% over the quarter while Melbourne eased back -0.6%. But our turn for growth will come!
Will Melbourne rents keep rising sharply?
CoreLogic notes that although rental fees for units in the capitals have been flying up over the past couple of years, the growth rate has come down from an average of +15.1%, to a lower +7.6% over the last 12 months, with the biggest slowdowns in Sydney, Melbourne and Brisbane. So rents are still on the rise, but at a slowing rate. This coincides with reduced incoming migration during the last 12 months (according to ABS) which has taken some pressure off the super high demand.
What lies ahead for Melbourne property?
Confirming that it’s a good time to buy, property analysts CoreLogic expect Melbourne will have pulled its socks up and be on par with predicted home value growth in Brisbane and Sydney across 2025 – all three cities should see homes rising in value by between 3 and 6%.
How Buyer Marketing secures your perfect property
Securing a great property in 2024 is a very competitive exercise. But we help find and buy the perfect property for our clients again and again successfully for years. We know the strategies that will get you the best outcome whether it’s buying off-market, or bidding on auction day. Sometimes it’s about buying the property before the auction. Or negotiating after an auction, if a property passes in. With our experience and expertise you’ll avoid a lot of the time-consuming exercises, and very importantly, any of the occasional pitfalls that arise along the way. Renowned for our practical and down to earth style, we make the process stress-free and ensure the best possible outcome – getting you the right property, in the right location, for the right price!
Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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