Negotiating your best buy in a Buyers market!
Over October’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 1,998 auctions. 1,212 properties sold, 939 at auction, with 547 passed in. 270 properties were sold before auction with 3 properties selling after auction. The clearance rate averaged 69.33%, slightly down on September’s 71%.
Auction numbers bounced back in October after September’s public holidays and school break. In many respects it’s a buyer’s market right now so if you have the right ducks in a row, it’s a great time to purchase a property!
Market peak in April
New research from CoreLogic reveals that profit-making sales peaked in the three months leading up to April this year – that is, homes that were sold for significantly more than they cost the owners to buy. It’s another way to gauge the true ‘top of the market’. Rising interest rates then kicked in, putting the downward pressure we now have on many home values. (The latest interest rate rise on October 4 lifted the cash rate to 2.6%). With these conditions, the profit-making cycle for home buyers is likely to take longer to deliver its magic, but it eventually will.
Melbourne market is divided
The market is always divided in parts. Right now the very top is still seeing value gains because those buyers are immune to fluctuating interest rates. The lower end of the market, like some northwest suburbs, are still seeing gains in value because they have affordability in their favour and are attracting plenty of buyers. But Melbourne’s high priced and middle range suburbs are feeling a pinch, with values easing since the peak.
Finding the perfect property
Our experience in the buying process gives you the boost that helps you buy to your greatest advantage, often saving tens of thousands. Buyer Marketing lives and breathes Melbourne property and will save you time and money, while removing the stress, as we find, negotiate and secure your ideal home or investment!
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4. Legal & financial requirements – how to ensure all is in order with the property and sale documentation
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