Melbourne Property News Monthly Wrap – October 2024

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Melbourne Property News - Buyer Marketing

First home buyers lead the hunt in October

Over October’s first 2 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,437 auctions. 959 properties sold, 694 at auction, with 306 passed in. 265 properties were sold before auction with 0 properties selling after auction. The clearance rate averaged 76%, slightly down on September’s 78%. 602 properties were sold by private sale. compared with 491 in September’s first 2 weeks.

Great Spring wins for our clients

Buyer Marketing had two good recent wins with the purchase of 16 Grand Boulevard Montmorency, a completely original 60’s retro home in a very desirable leafy location, purchased for $1,080,000. The property was an ‘expressions of interest’ sale, well negotiated by Buyer Marketing. The client was extremely happy with the successful result! Also, 170 Heatherhill Road Frankston, was negotiated by Buyer Marketing and purchased for $690,000, a great updated brick family home in sought-after Frankston Heights location. A fantastic outcome for our very happy client!

October’s increased private sales figures show more sellers going this route. Private sales can involve considerable negotiating and we’re very skilled at it. Our 35 years experience will help land you the perfect home and get you the best outcome with the purchase price!

First home buyers stepping up

ABS figures show 24.6% of all sales in the 12 months leading to August this year were to first-home buyers. So besides existing homeowners making their upsizing or downsizing moves, first home buyers are leaping into the market. Outlying suburbs with median values under one million are their main targets.

According to PropTrack, because suburbs with the best affordability are attracting so many buyers, they are also generating a lot of Melbourne’s best home value growth so far in 2024. It’s not only first-home buyers buying in, many people are upgrading into better homes in these neighbourhoods, which reinforces values and contributes to rising prices.

On the other hand, Melbourne’s vast middle range suburbs have seen some of the biggest drop in values so far in 2024. Elsternwick, Caulfield and Deepdene for example have seen declines in median house values of more than $100,000.

Less homes for sale right now than last year

In October’s first week there were 627 reported auctions. October’s same week last year had 942. That’s a drop of one third. In October’s second week there were 638 auctions reported, that same week last year had 841 – so that’s a quarter less. It means fewer sellers are coming to market this October, making it a very competitive environment for buyers.

But less competition from investors

Increases in land tax for investors in 2024 means many investors have already sold their rental properties. PropTrack estimates nearly 5,000 investors have sold up in Victoria since the taxes were introduced. With house and unit investors leaving the State it follows the lion’s share of new owners of those homes are owner/occupiers. Great news for them but not so good for renters!

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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