Melbourne Property News Monthly Wrap – November 2022

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Melbourne Property News - Buyer Marketing

Listing shortage in November, but buyer numbers grow

Over November’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,335 auctions. 804 properties sold, 591 at auction, with 357 passed in. 211 properties were sold before auction with 2 properties selling after auction. The clearance rate averaged 70%, on par with October.

Don’t miss out on that great property!

Finding the perfect property is harder when there’s a shortage of listings. So you have to search harder. Working with Buyer Marketing can make the critical difference because nothing gets by us – we have the resources to find all the best off-market homes for sale as well as on-market listings. Many properties are sold without ever being advertised. And these silent sales also have crucial info about value and price moves in your target range.

Buyers keep coming

The regular Spring rush of sellers is more like a trickle this November. According to CoreLogic’s data 920 homes went to auction last week (Nov7 – Nov13) compared with 1564 this time last year. But buyer interest keeps on rising, with open for inspection check-ins in October increasing by 9.1% over September (Domain). So the competition for available properties just keeps growing.

How home values changed in the October Quarter

Home prices are still falling but the rate is slowing down, suggesting the market is heading for more stability. According to Domain, in the October Quarter generalised value falls in Melbourne were 3.6% in the higher end, 3% in the mid-market and 1.9% for the more affordable lower end. (Melbourne’s top end being above $1.07M and affordable end less than $600,000).

Buyer Marketing makes the difference

Despite hesitancy among some sellers caused by rising interest rates, the opportunities are still there for great buying. With Buyer Marketing’s expertise and 30 years experience on your side, you’ll have the best chance of finding, negotiating and securing the right property at the right price!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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