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November listings jump, adding great choice to the market!
Over November’s first three weekends the Real Estate Institute of Victoria (REIV) recorded more than 2,279 auctions. 1,593 properties sold, 1,095 at auction, with 338 passed in. 498 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged a very high 84.50%. 1,796 homes were bought by private sale.
What does a home buyer need to know right now?
November is bringing a surge in newly listed properties for sale and that means a great opportunity to find the one that’s perfect for you. Buyer Marketing will help you find the best properties in your preferred area and then guide you through the essential steps it takes to seal the deal for your perfect home!
A terrific buy in Camberwell
A great outcome for our client was purchasing 22 Cooloongatta Road Camberwell for $2,530,000 at auction. With keen competition on the day against five other bidders, Buyer Marketing’s strong bidding skills won out, securing the property for our very happy client who is over the moon with the result!
What’s driving the new November listings?
The market usually jumps in Spring but favourable economic conditions are lifting the market further. Cash rates have been reduced enough to boost people’s buying power and serviceability. Owners who were waiting to upgrade or relocate are now coming to market.
Also, the expanded First Home Guarantee scheme (with higher price caps) which started on October 1 has made more expensive properties more affordable for first-home buyers. This has pumped up demand for lower to middle value homes.
What’s happening with Melbourne values
Melbourne’s median home value lifted 0.9% over October. Values are up 1.6% over the last quarter and 3.3% over the last 12 months.
Investment properties hitting the market
According to the recently published Homes Victoria Rental Report the State Government’s targeted taxing of landlords has resulted in 10,000 landlord-owned rental properties being sold off in the last financial year.
About 14% of Australians have an investment property as well as their principle residence. These are often mum and dad investors with just one investment property, set up as an alternative to superannuation.
This added supply hitting the market is good news however for owner-occupiers (particularly first home buyers) who now have more to choose from. The downside is it’s terrible news for renters, who now have less choice and spiralling rents.
Secure your perfect home with Buyer Marketing!
Peter Fox, our lead buyers’ agent has over 35 years experience working across the north, south, east & western suburbs. His knowledge and skills provide the property search, evaluation, and acquisition services that put you in the best position to win the home you want. Call us today for more information on getting the perfect buy!
Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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