Melbourne Property News Monthly Wrap – June 2018

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Melbourne Property News - Buyer Marketing

Clearance rates hit six year low.

Over the first 2 weekends of June more than 1,167 auctions were recorded by the Real Estate Institute of Victoria (REIV). 541 homes were sold at auction, with 400 homes being passed in, 210 of those on a vendor bid. The clearance rate so far in June has averaged 60.5%, down on May’s average of 64.5%.

The Queen’s Birthday weekend meant a drop in auction numbers to about 25% from the week before. Clearance rates have continued to plummet in June hitting a six year low (CoreLogic). Generally, in a classic about face, we’re seeing investors continue to retreat from the market and first home buyers dive in – taking up 17% of all owner-occupier mortgages.

The retreat by investors is contributing to a lowering of home values. One flow-on from this is that consumer spending can also slow, because households feel less well off. Some economists have noted this could even trigger an economic downturn.

Buyer Marketing attended three auctions in Port Melbourne on June’s first weekend, seeing two homes sell and one pass in. A contemporary home at 5 Bath Place, Port Melbourne sold for $1.41 million with 3 bidders vying. 1/97 Cruikshank Street Port Melbourne had 2 bidders but passed in at $1.16 million. 502/65 Beach Street, Port Melbourne sold for $1.325 million, with 4 bidders.

As we saw, homes are still selling well in some locales. New data (realestate.com.au) has identified Kallista in the Dandenong Ranges to be Australia’s fastest selling suburb. It takes an average of 10 days to sell there, for a median of $704,500. Australia’s second top fastest seller is Millgrove in the Yarra Valley, where homes sell in just 12 days. The Millgrove median of $365,000 would help those quick sales along! Melbourne’s leafy hill towns always look a treat and are selling at high speed at the moment.

And parts of regional Victoria are also having their time in the sun. Over the 12 months to March, median values in Geelong increased by 15.8% for houses and 12.2% for units. In the Latrobe-Gippsland region, house values have increased by 5.9%.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

Google Reviews

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Gail Lobo profile picture
Gail Lobo
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Peter's knowledge and expertise were invaluable when purchasing my first home. He guided me through every step and kept me informed regularly, which made the process easier and less stressful. I felt supported and in good hands throughout. Everything fell into place within a few weeks, quicker than expected! I would highly recommend Peter and his services.
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Charlotte St John
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Peter Fox is an outstanding buyer’s advocate. I am so glad that I hired him. It was incredibly helpful to have someone so experienced in real estate navigate the ins and outs of buying a home on my behalf. He achieved the result I was looking for in record speed, and took the stress out of everything. Thank you Peter.
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Colby Hart profile picture
Colby Hart
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Peter was a fantastic buyers advocate - identified and negotiated our dream home for us extremely quickly. Couldn't recommend higher.
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Beatrix Neville profile picture
Beatrix Neville
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I had an excellent experience working with Peter in purchasing my first home. Peter has a calm demeanour and is a clear communicator - never once did I feel stressed, pressured or uncertain of where I was in the journey or what the next steps would be. Peter understood me and my brief, selected quality properties to inspect and took me through off-market properties to compare. Within 3 weeks of contracting Peter we secured the perfect place. I am absolutely thrilled with my purchase, and believe I would have missed out on the property without Peter's rapport and expertise in communicating with Real Estate, and then guidance once the negotiation process started. Peter made the process of finding a property so fun and exciting that I was almost sad when it was over! Thanks Peter!
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Jean-Pierre Eid
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We engaged Peter Fox for bidding and negotiating, hands down one of the best decisions we ever made. He was clear and comforting ahead of auction and on the day witnessing Peter go to work was awe inspiring. Having done his due diligence beforehand, he was quick to assess a sizable field of interested parties and surgically execute a winning strategy securing for us our dream home. All that aside Peter was empathetic and understood our worries and motivations while also demonstrating strong discipline and an ethical approach throughout. Thank you Peter Fox
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Jessica Fagioli
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Peter is nothing short of a real estate king. I engaged Peter because I was looking at buying a specific house in a very competitive area, and which was being sold under a complex set of circumstances. Before even formally engaging him, Peter had gone to see the house in question, had spoken to the real estate agent, and had a good idea of what we were working with. From that moment on, I knew I was in safe hands. Peter was always available to alleviate any concerns and answer any questions, and when he wasn’t in a position to know the answers, he knew exactly how to get them in a prompt manner. Peter established a strong rapport with both the vendor’s solicitor (which ensured my lawyers and I were comfortable with the state of affairs before auction day) and the selling agent (which was critical to my ultimate success at auction). I cannot even begin to describe Peter’s mastery on auction day: there is no way I would’ve succeeded had he not been there. I cannot recommend Peter highly enough. Infinite thanks to you, Peter!
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patty goodman
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I purchased an investment property through Peter and he made the process so easy and stress free. I saved so much time being able to work while he inspected multiple property’s and negotiated a good deal for the right one. Highly recommend this bloke!
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Peter Mallen
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Peter Fox from Buyer Marketing helped us buy a property in Vermont South recently. We have been looking to downsize for some time and, honestly, are fairly fussy with our criteria. So when a house came along which ticked many of the boxes for us, we enlisted Peter's help to negotiate with the agent and to get the deal across the line. Peter was friendly, approachable and professional throughout. His knowledge and experience of the real estate market and the buying side in particular meant that we could leave the conversations and timing of offers to Peter. We were able to secure the property we wanted at a price that met our budget and met our criteria. So we are very grateful for Peter's advice, assistance and good communication throughout the process.
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Peter Villinger
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With Buyer Marketing’s Peter Fox I was in good hands from the beginning. An initial meeting with Peter set me on the path to a successful purchase of a property. This was an informal chat whereby he was able to understand precisely what my requirements were.From there the process was clear and efficient, Peter explaining not only what he would do but also how and why those were his strategies.Regular updates and the knowledge that he was up for a chat anytime was most reassuring. Peter V
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James Ireland profile picture
James Ireland
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Peter provided us with deep knowledge of the local areas, the real estate market and contacts within the industry that allowed us to quickly purchase a property that suited us perfectly. He gave us calm and thoughtful recommendations and was there for us at every step. He gave us insights we would not have otherwise known, and made the whole process simple. He conducted all the negotiations on our behalf and we came away with the perfect property at the right price. Could not recommend his services higher.

Buyers Agent Melbourne

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