Melbourne Property News Monthly Wrap – May 2023

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Melbourne Property News - Buyer Marketing

May market brings stability – and more confidence for buyers and sellers

Over May’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,172 auctions. 808 properties sold, 625 at auction, with 218 passed in. 183 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 78.5% just up on April’s 77.8%.

So far in May the market has continued to stabilise, with very high clearance rates, plus gradual house price growth the most likely scenario going forward now. Trends usually show up in the volatile Sydney market first and new data shows values there have lifted by 1.3% in the year’s First Quarter (Domain).

Is now a good time to buy?

According to the recently released Domain House Price Report, the Melbourne median house price was $1,023,116 in March. Over the last year the Melbourne median house value went down 6,2% (about $70,000). 

Although some suburbs are recovering faster than others right now, the Melbourne median value eased by just -0.5% in the first quarter of 2023, showing this return to more stability. 

So yes, it’s a good time to buy. But the problem is low supply. Quality properties that are correctly priced will go quickly. 

Buy successfully with Buyer Marketing

Clearance rates are running high and competition is hot. Buyer Marketing not only has the experience and the strategies to find the perfect property, but also to negotiate the buy and secure it for you. 

With our assistance you can maximise your chances of a successful purchase! Call Buyer Marketing today to learn more.

Will the new Budget have any impact on the market?

The newly announced Federal Budget will have little effect on current market conditions for most home buyers. The more important factors are people’s borrowing capacities which are dictated by current interest rates, and the demand for Melbourne houses underscored by high immigration.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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