Melbourne Property News Monthly Wrap – May 2021

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Melbourne Property News - Buyer Marketing

The Budget is good news for home buyers. And so is Buyer Marketing!

Over May’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 3,462 auctions. 2,418 properties sold, 1,876 at auction, with 549 passed in. 542 properties were sold before auction.The clearance rate averaged 80.5%.

Melbourne home values continue to grow, up 1.3% in April alone (CoreLogic) to a new median of $744,679. But despite some successful big sales at the top end in mid May there’s some cooling in the market. The clearance rate is still strong, but more properties are passing in now as sellers’ expectations run so high.

New help for single parent buyers

Scott Morrison’s new budget has a ‘Family Home Guarantee’ guaranteeing 18% of a home loan for 10,000 eligible single parents. This means buyers need only a 2% deposit.

Based on a typical entry level dwelling valued around $430,000 it reduces the deposit from $86,000 to just $8,600. Another good Federal Government stimulus that aids home buyers, while preserving market values.

Buyer Marketing has had three great outcomes this month:

14 Helsal Court, Frankston, was purchased by Buyer Marketing prior to the running of the sales campaign, for $766,000. It’s a neat 3 bedroom, double garage brick home in good condition in one of Frankston’s highly sought after locations. A very happy client.

502/668 Swanston Street, Carlton, is a quality-built Fender Katsalidis designed 2 bedroom apartment, purchased by Buyer Marketing for $800,000 before going to in-house auction. Our client was extremely happy not having to compete with other potential bidders.

A fantastic off-market bespoke three-level townhouse in Abercrombie Street, Deepdene was purchased by Buyer Marketing for $2,100,000, before going to campaign. The clients are over the moon with the outcome, securing the home of their dreams through Buyer Marketing’s excellent negotiating skills!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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