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Hot March sees Melbourne values start to rise
Over March’s first 3 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,708 auctions. 1,104 properties sold, 775 at auction, with 286 passed in. 323 properties were sold before auction with 6 properties selling after auction. The clearance rate was high, averaging 84.5%. 829 homes sold by private sale.
March had over 1,023 auctions on the first weekend, dropped to just 280 on the hot Labor Day Weekend, and had over 405 auctions on the third, Grand Prix weekend.
The figures show there’s plenty of keen buyers out there – but they sure disappear on a long weekend.
Fantastic buy this month
Buyer Marketing just had an excellent outcome, purchasing 9/32 Williams Rd, Prahran, for $515,000. A double-brick, Deco Style renovated apartment at the rear of the block. Our very happy client purchased well under budget. A great result, through experienced negotiation!
Home values up
February was a turning point for Melbourne, with home values rising 0.4%, ending a ten-month streak of falling home values (CoreLogic).
Some pockets in Melbourne have maintained gradual price rises, because of affordability. But a spike in rising values is showing up in the Upper Quartile now (top 25% of properties by value). This follows a pattern, because the top end in Melbourne is usually the first to react to rate cuts, with confidence bouncing back the fastest.
Foreign buyers out
Responding to home-buyers concerns, the Federal Government is about to ban foreigners from buying existing homes for two years. The ban starts April 1, 2025. The ban includes temporary residents studying or working in Australia, and foreign-owned companies. New homes are fair game though.
Looking closer at this, according to the latest available data from the ATO, there were 5,360 real estate purchases made by foreign individuals between July 2022 and June 2023. This actually represents just 1% of the 538,861 national home transactions in that period. And only one third of the 5,360 were established homes, the rest being new homes.
This would surprise some who might believe offshore buyers are snapping up quality properties everywhere. Reality is, the vast change we’ve seen in recent years in ethnic homeownership across Melbourne is driven almost entirely by immigration, not by foreign buyers.
Springvale on a roll
Springvale is getting attention with a jump in average values of 30% over the last 12 months in the apartment market. This is because of all the development going on there. People are snapping up swish new units. This is happening in Preston and Box Hill North also, where unit values are showing a 20% rise. Part of the success is because the new apartments attract both first home buyers and down-sizers.
With Buyer Marketing you’ll get your dream home
Buyer Marketing has the experience to help you find the perfect property, negotiate the whole buying process to your best advantage, and secure your dream home. Call us!
Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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