Melbourne Property News Monthly Wrap – June 2024

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Melbourne Property News - Buyer Marketing

Plenty of homes coming to market in June. But you have to make the right moves if you want the best!

Over June’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,879 auctions. 1,236 properties sold, 854 at auction, with 417 passed in. 381 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 76.50%, pretty much on par with May’s 76.75%.

Apart from the quiet King’s Birthday weekend, auction numbers are very high this June – with 25% more than this time last year. So there are plenty of great homes being listed – and it’s a good time to buy.

How we get you your dream home

Buyer Marketing will locate the best homes in your preferred area and then seal the deal on the perfect property. Some of the best homes are snapped up quickly because they’re sold off-market. Most hopeful buyers don’t even get to see them. But we track them down. Also, nearly half of all homes scheduled for auction are bought before auction day (REIV). They are snapped up by good negotiators. So to beat the pack you need to work with someone who can move quickly and skilfully. To conduct a thorough search, then do an appraisal, then an evaluation and then begin negotiations. 

Melbourne buyers have the best conditions

Homes are selling well as buyers take advantage of the unusually flat value-growth conditions. Averaged Melbourne values have been treading water this year and according to the latest data have just dropped a little. This is good news for buyers. In most other capitals home values have shot up. Interstate buyers are having to borrow about 10% more than they needed 12 months ago. But not in Melbourne! 

What’s the latest forecast for interest rates?  PropTrack says cuts in March/April

Buyers have been anticipating rate cuts this year and the big four banks are still saying this could happen towards the end of 2024, but market analysts PropTrack believe it’s more likely to happen around March or April, 2025. The Reserve Bank kept rates on hold on May 7 but they actually also considered putting them up at the time – because inflation is still not slowing as fast as expected. 

Check out our testimonials

For a clear picture of how Buyer Marketing helps you secure the perfect property, have a look at some of our Google reviews and testimonials at www.buyermarketing.com.au It says a lot about how we work!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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