Melbourne Property News Monthly Wrap – October 2021

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Melbourne Property News - Buyer Marketing

Hooray for the end of lockdown! Market about to power up.

Over October’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 2,823 auctions. 2,139 properties sold, 1,486 via online auction, with 286 passed in. 643 properties were sold before auction & 10 properties sold after auction. The clearance rate averaged 89%, down from 96%, this time last month.

The Spring market in Melbourne is bowling along regardless of the restrictions and the momentum will build all the way to Christmas as more and more stock tips into the market. The 70% double vaccinated target will be reached this week bringing the return of on-site auctions with up to 50 fully vaccinated attendees.

Market will be supercharged

Despite being the most locked down city Melbourne has topped the national auction
numbers across all weekends in October (CoreLogic). So you can imagine how busy things are about to become when the shackles really come off. Having Buyer Marketing on your side helps you stay ahead in a market this competitive.

Two great acquisitions for our clients

Buyer Marketing has had two terrific acquisitions this month.

402/80 Carlisle Street St Kilda – is a two bed, two bath, one car top floor apartment with a generous balcony overlooking the tree tops in the heart of St Kilda, purchased before auction for well under the client’s budget.

1/13 Princess Street Coburg North – is a double front 4 bed, 2 bath, double garage, brand new luxury home. Buyer Marketing enjoyed working with the selling agent to purchase this amazing property well within the client’s budget. 

Both fantastic outcomes for two very happy clients!

Melbourne house values still climbing

Melbourne’s overall median is now $1,072,500 which adds up to 13.8 % annual growth and lifted 6% in the September quarter alone. REIV data now lists 173 Melbourne suburbs with an over 1M house price median.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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