Listings surge in a glorious November
Over November’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 2,178 auctions. 1,564 properties sold, 1,089 at auction, with 340 passed in. 473 properties were sold before auction & 2 properties sold after auction. The clearance rate averaged 81.5%, down on 89% this time last month.
Listings up. Clearance rate lowering
Melbourne’s home market ramped right up over the past four weeks with 10,914 new listings added to the market in October (CoreLogic), which was a 37% jump above September’s figures. At last vendors are really on the move again and buyers are getting more choice. Like same time last year it’s an auction market in recovery mode so it should power on through December, without much of the usual slow down.
Value growth easing
But what is slowing right now is the rate of value growth, which is a good thing for buyers. It’s a worry when you’re trying to buy but homes are going up in value $20K every four weeks. And it’s certainly a relief when you successfully secure one and Buyer Marketing puts you in a stronger position to do that!
Looking closer at home values from the buyers’ perspective, Melbourne averaged rises hit a peak in March this year at 2.4% but have since slowed to 1.0% for October. So value growth is still on the upswing but less steeply. Affordability issues are impacting and the volume of new listings is taking some pressure off too. This trend is expected to carry into 2022.
Looking nationally, Perth escaped most of the Covid effect and had no log jam in listings, but after value rises peaked in February at +2.7%, price movement has actually just gone negative there, at -0.1% for October. So their boom is over for now. Brisbane is going up the most right now with a 2.5% rise over October and growth still surging there.
Principal Advisor &
Licensed Estate Agent
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