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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

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