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November buying season fires up, with big wins for our clients
Over November’s first 3 weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,047 auctions. 1,411 properties sold, 1,030 at auction, with 430 passed in. 377 properties were sold before auction with 4 properties selling after auction. The clearance rate averaged 78%, slightly up on October’s 77%. 669 properties were sold by private sale.
The long weekend meant November’s first week had a slow start but went full throttle over the second and third weeks with over 1300 auctions each.
It’s crunch time every November, being the last month to secure a new property and move in before the Christmas/New Year holidays.
Two big goals for Buyer Marketing clients!
Buyer Marketing had two great outcomes this month – 5403/135 A’Beckett Street Melbourne is a beautifully presented west-facing apartment with bay views, two bedrooms, 1 bathroom and one car space. It was well negotiated by Buyer Marketing and purchased for $525,000, resulting in a very happy client. 18/73 Spring Street Preston is a fantastic 4 bedroom, 3 bathroom, 2 car townhouse overlooking a leafy reserve, in a quiet sought-after location, purchased through Buyer Marketing for $1,225,000. The clients are over the moon with the successful outcome. Another great acquisition achieved by Buyer Marketing!
Why most home sellers go to market in Spring
Spring rules in Melbourne because buyers really come out in force. Certainly, sellers drive the momentum by waiting for Spring to come to market, showing off blooming gardens and bright homes on perfect warm days. PropTrack data claims that in Melbourne, October is when homes sell for the highest prices, achieving +1.11% against the average. In November, homes get 0.62% above average. But it’s not the same across Australia. In Sydney, hot March is peak selling time and delivers the highest prices. They like it warm there, to showcase swimming pools and proximity to beaches. In Adelaide the peak selling time is July, in the middle of winter – go figure that one. Maybe they love fireplaces! The point to remember is, when competition is strong, with lots of competing buyers, having Buyer Marketing on your side to negotiate is the best way to get that perfect property without paying too much!
Melbourne home values turn a corner
PropTrack’s latest Home Price Report says racing price growth seen in the other capitals has slowed across October, with the national market cooling.
Melbourne however is going against the grain, with prices lifting by 0.49% in October. This was actually the highest growth rate among the capitals. Perhaps the worm has finally turned for Melbourne! But the value growth in Melbourne is selective, generally in Melbourne’s more affordable outer suburbs, rather than inner areas.
Call Buyer Marketing today for more information about how we can secure the perfect property at the best possible price for you, the buyer!
Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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