Melbourne Property News Monthly Wrap – June 2022

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Melbourne Property News - Buyer Marketing

Buyers market shaping up as inflation bites

Over June’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,350 auctions. 928 properties sold, 666 at auction, with 416 passed in. 259 properties were sold before auction & 3 properties were sold after auction. The clearance rate averaged 68.5%, down on May’s 70.75%.

Another great buy for one of our clients!

Buyer Marketing has just achieved another acquisition for one of our clients. 8 Walker Street Coburg is a free standing weatherboard Victorian on a deep block with excellent potential rear access. The vendors were hopeful of 950-980K, Buyer Marketing negotiated the property very well for $875,000. This was a great outcome for our very happy clients, who gave us a 5 star Google review. Another fantastic outcome, for another very happy client!

What’s happening with the economy right now?

The RBA lifted Australia’s official cash interest rate to 0.85% on June 7. Loans cost more and inflation is increasing the cost of food, petrol and other bills.

What does this mean for buyers?

Home values in Melbourne were already easing off because of affordability ceilings. Now more expensive loans means more sharp downward pressure on home values. A falling stock market adds to this as people get more conservative and will borrow, or spend less. Clearance rates will keep gradually dropping and days on the market before a sale are likely to grow.

The best properties still sell quickly though and people compete briskly when they come up. That’s why having Buyer Marketing on your side puts you in the best position, using all our experience to negotiate the best buy for you that’s possible!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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