Melbourne Property News Monthly Wrap – March 2023

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Melbourne Property News - Buyer Marketing

March starts with jumping clearance rates

Over March’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,052 auctions. 653 properties sold, 481 at auction, with 229 passed in. 171 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 73.5% slighly up on February’s 72.5%.

March’s first weekend was very busy, with a sky-high clearance rate (77%), but auction numbers dropped right off on the second weekend, with the Labor Day holiday break.

Home buyers need to adjust with the times this Autumn. Over the last few years almost every new season brought shifting market conditions.

When the goal posts move, move with them

The Fed cash rate rose to 3.60% on March 8. For many borrowers, the $800,000 mortgage loan that was affordable last Autumn could be reduced by up to 20% by now. So with many buyer’s borrowing capacity going down, home prices must adjust if sellers want to get that sale and move forward themselves.

The game remains the same – that is, stretching across the loan gap to get that great property you want, with the ability to service the mortgage going forward.

The key circuit breaker here is buying very well because it provides one of the best ways to close the gap. It’s the bridge that makes all the difference.

Getting the most advantageous buy

With us on your side you know the purchase will be strongly negotiated pulling out all stops to achieve the best possible buy for you. Buyer Marketing has deep expertise in locating the right properties for our buyer, carefully assessing them, and negotiating the deal!

Rents still going through the roof

Sands are shifting for apartment renters this year too with the median weekly rent up by 20% over the last year. Analysts say it’s largely a byproduct of Covid with more people wanting their own space rather than share houses. Makes buying your own property even more attractive!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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