Melbourne Property News Monthly Wrap – May 2024

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Melbourne Property News - Buyer Marketing

Great buying in May with homes under their peak values! 

Over May’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,495 auctions. 997 properties sold, 724 at auction, with 329 passed in. 273 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 76.50%, slightly down April’s 78.75%.

Only 1.5% of suburbs at their peak.

Values have eased back with only 1.5% of Melbourne suburbs currently at their peak (CoreLogic). This compares with 30.5% of suburbs currently at their peak value in Sydney. And 85.1% of suburbs in Brisbane.

Melbourne housing is more affordable now compared to two years ago. This means the buying is very good, knowing values will rise when the cycle turns, as it always does a bit further down the track

Rate cuts in 2024? Or no rate cuts?

It was only a couple of weeks ago that many economists were forecasting a rate cut late this year but that’s looking increasingly unlikely now.

The RBA kept interest rates on hold on May 7, which is good for market stability. But the RBA also said any drop in the rate is still out of sight given the uncertainty about where inflation is going, after the higher than expected figures in the March Quarter.

The experts are not agreeing. Angus Coote writing in the Financial Review this week, with 20 years experience in bond and money markets, says “I believe the RBA’s next move will be a rate cut later this year as the economy continues to slow down”.

Units power on

Buyer demand for units in Melbourne keeps rising, as buyers are being priced out of the house market. This is sending rents up. According to market analysts CoreLogic rents have risen an average of 0.8% every month in the last year up to April 2024. That’s 9.6% over the year.

Demand stays high

Despite rate hikes over the last 2 years and the rising cost of living, demand for housing remains extremely high. Australians are more determined than ever to get their foot in the door of home ownership. It’s very competitive. You need Buyer Marketing on your side!

Secure the perfect home with Buyer Marketing

Buyer Marketing has over 35 years experience in property search, evaluation, and acquisition. We assist every type of buyer – first home, investors, expats, upsizers and downsizers, as well as developers. We will find and secure your perfect home!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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