Melbourne Property News Monthly Wrap – November 2019

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Melbourne Property News - Buyer Marketing

Spring market hungry, but homes in short supply.

Over the first three weekends of November more than 2,002 auctions were recorded by the Real Estate Institute of Victoria (REIV). 1,068 homes were sold at auction with 456 passed in, 178 on a vendor bid. In the first half of November the clearance rate has averaged 74%, slightly down on October’s 75.25%

Melbourne Cup weekend meant a quiet start to November, but we have a strong and stable market right now, with the clearance rate hovering around 75% for the past few months. Supply is notoriously low this Spring but starting to trend marginally higher, spurred on by improving seller confidence.

Values are trending higher – but surging is maybe a better description. CoreLogic reports that values shot 2.3% higher over October, which is the biggest month-onmonth gain Melbourne’s had since November 2009. This means Melbourne housing values have lifted by an extraordinary 6% since reaching the bottom of the trough in May this year.

Helping to boost this rise in values is the continued short supply of really good stock plus plenty of active bidders at auction. We can expect this momentum to continue.

Looking at economic trends, the latest Reserve Bank interest rate cuts were supposed to stimulate retail spending and boost the economy, but great numbers of Victorians have been using the cuts to repay more off their home loans instead. This was an unexpected result, but it’s logical. And sensible.

Notable sales so far this month have included the 5 ‘The Block’ renovations on Grey Street St Kilda on November 10. The top price was $3.62M for 38/B Grey St.reet ‘The Block’ renovations in 2018 and 2019 have delivered a breath of fresh air for St Kilda that’s almost as good as the breeze off Port Phillip Bay. You don’t have to cross the street to get safely past The Gatwick anymore.

Some of Melbourne’s wealthiest people believe the time is right to make a move, with big off-market deals. In South Melbourne 41-42 Howe Crescent was bought for a record $12.5M. And 43 Marne Street South Yarra was bought for $36M.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

Google Reviews

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Gail Lobo profile picture
Gail Lobo
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Peter's knowledge and expertise were invaluable when purchasing my first home. He guided me through every step and kept me informed regularly, which made the process easier and less stressful. I felt supported and in good hands throughout. Everything fell into place within a few weeks, quicker than expected! I would highly recommend Peter and his services.
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Charlotte St John profile picture
Charlotte St John
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Peter Fox is an outstanding buyer’s advocate. I am so glad that I hired him. It was incredibly helpful to have someone so experienced in real estate navigate the ins and outs of buying a home on my behalf. He achieved the result I was looking for in record speed, and took the stress out of everything. Thank you Peter.
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Colby Hart profile picture
Colby Hart
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Peter was a fantastic buyers advocate - identified and negotiated our dream home for us extremely quickly. Couldn't recommend higher.
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Beatrix Neville profile picture
Beatrix Neville
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I had an excellent experience working with Peter in purchasing my first home. Peter has a calm demeanour and is a clear communicator - never once did I feel stressed, pressured or uncertain of where I was in the journey or what the next steps would be. Peter understood me and my brief, selected quality properties to inspect and took me through off-market properties to compare. Within 3 weeks of contracting Peter we secured the perfect place. I am absolutely thrilled with my purchase, and believe I would have missed out on the property without Peter's rapport and expertise in communicating with Real Estate, and then guidance once the negotiation process started. Peter made the process of finding a property so fun and exciting that I was almost sad when it was over! Thanks Peter!
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Jean-Pierre Eid
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We engaged Peter Fox for bidding and negotiating, hands down one of the best decisions we ever made. He was clear and comforting ahead of auction and on the day witnessing Peter go to work was awe inspiring. Having done his due diligence beforehand, he was quick to assess a sizable field of interested parties and surgically execute a winning strategy securing for us our dream home. All that aside Peter was empathetic and understood our worries and motivations while also demonstrating strong discipline and an ethical approach throughout. Thank you Peter Fox
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Jessica Fagioli profile picture
Jessica Fagioli
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Peter is nothing short of a real estate king. I engaged Peter because I was looking at buying a specific house in a very competitive area, and which was being sold under a complex set of circumstances. Before even formally engaging him, Peter had gone to see the house in question, had spoken to the real estate agent, and had a good idea of what we were working with. From that moment on, I knew I was in safe hands. Peter was always available to alleviate any concerns and answer any questions, and when he wasn’t in a position to know the answers, he knew exactly how to get them in a prompt manner. Peter established a strong rapport with both the vendor’s solicitor (which ensured my lawyers and I were comfortable with the state of affairs before auction day) and the selling agent (which was critical to my ultimate success at auction). I cannot even begin to describe Peter’s mastery on auction day: there is no way I would’ve succeeded had he not been there. I cannot recommend Peter highly enough. Infinite thanks to you, Peter!
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patty goodman
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I purchased an investment property through Peter and he made the process so easy and stress free. I saved so much time being able to work while he inspected multiple property’s and negotiated a good deal for the right one. Highly recommend this bloke!
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Peter Mallen profile picture
Peter Mallen
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Peter Fox from Buyer Marketing helped us buy a property in Vermont South recently. We have been looking to downsize for some time and, honestly, are fairly fussy with our criteria. So when a house came along which ticked many of the boxes for us, we enlisted Peter's help to negotiate with the agent and to get the deal across the line. Peter was friendly, approachable and professional throughout. His knowledge and experience of the real estate market and the buying side in particular meant that we could leave the conversations and timing of offers to Peter. We were able to secure the property we wanted at a price that met our budget and met our criteria. So we are very grateful for Peter's advice, assistance and good communication throughout the process.
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Peter Villinger profile picture
Peter Villinger
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With Buyer Marketing’s Peter Fox I was in good hands from the beginning. An initial meeting with Peter set me on the path to a successful purchase of a property. This was an informal chat whereby he was able to understand precisely what my requirements were.From there the process was clear and efficient, Peter explaining not only what he would do but also how and why those were his strategies.Regular updates and the knowledge that he was up for a chat anytime was most reassuring. Peter V
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James Ireland profile picture
James Ireland
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Peter provided us with deep knowledge of the local areas, the real estate market and contacts within the industry that allowed us to quickly purchase a property that suited us perfectly. He gave us calm and thoughtful recommendations and was there for us at every step. He gave us insights we would not have otherwise known, and made the whole process simple. He conducted all the negotiations on our behalf and we came away with the perfect property at the right price. Could not recommend his services higher.

Buyers Agent Melbourne

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