Melbourne Property News Monthly Wrap – October 2023

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Melbourne Property News - Buyer Marketing

October offers Melbourne some of the best buying value in Australia

Over October’s first two weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,616 auctions. 1,059 properties sold, 782 at auction, with 328 passed in. 276 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 75%, just up on September’s 74.75%.

Why it’s a very good time right now to buy in Melbourne

Although national home values are trending upwards most suburbs in Melbourne are not. Values here lifted only 1.3% over the last quarter, and 1.5% over the last 12 months. Over the same 12 months home values rose 7.3% in Sydney, 5% in Brisbane, 5% in Adelaide and 7.3% in Perth (CoreLogic). So with price growth being so comparaitively restrained here, you can see the terrific value Melbourne offers right now. This advantage will not last. Inevitably Melbourne values will play catch up with the other capitals.

The Spring market is certainly enjoying great turnover though and Melbourne buyers are showing up at auction right across September and October. There have been more than a 1,000 auctions a week in Melbourne for five of the last seven weeks. The market stayed busy despite the referendum on Saturday the 14th. Clearance rates are running high, actually going right to 100% so far in some hotspots like leafy Blackburn North and affordable Carrum. Midrange suburb Ormond has hit 94.1% (Domain).

Good homes are busting reserves

Prime properties showed their potential to zoom past reserves last weekend when a renovated 1930’s style home in Brunswick went $350,000 above reserve to sell under the hammer at $2.65M. A Port Melbourne Beacon Cove home, opened at $2.04M and went $485,000 over reserve to sell at auction for 2.5M. It can be a better strategy to try and negotiate a buy before the auction, before competing bidders run the sale price up.

Competition for good properties is tough and to maximise your chance of securing one you need Buyer Marketing on your side. We have the skill and experience to find you your perfect property, and then negotiate the sale process to achieve the most advantageous outcome for you, the buyer.

House rents still on a 30 month roll

The rental market is making news again in October with record low vacancy rates of .08% nationally. National house rents have now increased for 30 consecutive months in a row. Sydney’s average is at $720 a week. Melbourne houses are at the most reasonable end of the scale with a $550 average and for most of this year Melbourne has been the cheapest capital city in Australia for renting a house. But now Hobart is holding the wooden spoon, at $530 a week.

Demand for dwelling rentals is so high Melbourne units are only slightly behind houses, getting an average $520 a week.

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

Google Reviews

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Gail Lobo profile picture
Gail Lobo
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Peter's knowledge and expertise were invaluable when purchasing my first home. He guided me through every step and kept me informed regularly, which made the process easier and less stressful. I felt supported and in good hands throughout. Everything fell into place within a few weeks, quicker than expected! I would highly recommend Peter and his services.
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Charlotte St John profile picture
Charlotte St John
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Peter Fox is an outstanding buyer’s advocate. I am so glad that I hired him. It was incredibly helpful to have someone so experienced in real estate navigate the ins and outs of buying a home on my behalf. He achieved the result I was looking for in record speed, and took the stress out of everything. Thank you Peter.
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Colby Hart profile picture
Colby Hart
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Peter was a fantastic buyers advocate - identified and negotiated our dream home for us extremely quickly. Couldn't recommend higher.
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Beatrix Neville profile picture
Beatrix Neville
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I had an excellent experience working with Peter in purchasing my first home. Peter has a calm demeanour and is a clear communicator - never once did I feel stressed, pressured or uncertain of where I was in the journey or what the next steps would be. Peter understood me and my brief, selected quality properties to inspect and took me through off-market properties to compare. Within 3 weeks of contracting Peter we secured the perfect place. I am absolutely thrilled with my purchase, and believe I would have missed out on the property without Peter's rapport and expertise in communicating with Real Estate, and then guidance once the negotiation process started. Peter made the process of finding a property so fun and exciting that I was almost sad when it was over! Thanks Peter!
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Jean-Pierre Eid
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We engaged Peter Fox for bidding and negotiating, hands down one of the best decisions we ever made. He was clear and comforting ahead of auction and on the day witnessing Peter go to work was awe inspiring. Having done his due diligence beforehand, he was quick to assess a sizable field of interested parties and surgically execute a winning strategy securing for us our dream home. All that aside Peter was empathetic and understood our worries and motivations while also demonstrating strong discipline and an ethical approach throughout. Thank you Peter Fox
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Jessica Fagioli profile picture
Jessica Fagioli
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Peter is nothing short of a real estate king. I engaged Peter because I was looking at buying a specific house in a very competitive area, and which was being sold under a complex set of circumstances. Before even formally engaging him, Peter had gone to see the house in question, had spoken to the real estate agent, and had a good idea of what we were working with. From that moment on, I knew I was in safe hands. Peter was always available to alleviate any concerns and answer any questions, and when he wasn’t in a position to know the answers, he knew exactly how to get them in a prompt manner. Peter established a strong rapport with both the vendor’s solicitor (which ensured my lawyers and I were comfortable with the state of affairs before auction day) and the selling agent (which was critical to my ultimate success at auction). I cannot even begin to describe Peter’s mastery on auction day: there is no way I would’ve succeeded had he not been there. I cannot recommend Peter highly enough. Infinite thanks to you, Peter!
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patty goodman profile picture
patty goodman
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I purchased an investment property through Peter and he made the process so easy and stress free. I saved so much time being able to work while he inspected multiple property’s and negotiated a good deal for the right one. Highly recommend this bloke!
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Peter Mallen profile picture
Peter Mallen
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Peter Fox from Buyer Marketing helped us buy a property in Vermont South recently. We have been looking to downsize for some time and, honestly, are fairly fussy with our criteria. So when a house came along which ticked many of the boxes for us, we enlisted Peter's help to negotiate with the agent and to get the deal across the line. Peter was friendly, approachable and professional throughout. His knowledge and experience of the real estate market and the buying side in particular meant that we could leave the conversations and timing of offers to Peter. We were able to secure the property we wanted at a price that met our budget and met our criteria. So we are very grateful for Peter's advice, assistance and good communication throughout the process.
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Peter Villinger profile picture
Peter Villinger
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With Buyer Marketing’s Peter Fox I was in good hands from the beginning. An initial meeting with Peter set me on the path to a successful purchase of a property. This was an informal chat whereby he was able to understand precisely what my requirements were.From there the process was clear and efficient, Peter explaining not only what he would do but also how and why those were his strategies.Regular updates and the knowledge that he was up for a chat anytime was most reassuring. Peter V
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James Ireland profile picture
James Ireland
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Peter provided us with deep knowledge of the local areas, the real estate market and contacts within the industry that allowed us to quickly purchase a property that suited us perfectly. He gave us calm and thoughtful recommendations and was there for us at every step. He gave us insights we would not have otherwise known, and made the whole process simple. He conducted all the negotiations on our behalf and we came away with the perfect property at the right price. Could not recommend his services higher.

Buyers Agent Melbourne

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