September waiting game almost over
Over September’s first two weekends the Real Estate Industry of Victoria (REIV) recorded more than 334 auctions. 287 properties sold, 152 at auction, with 11 passed in. 135 properties were sold before auction & 0 properties sold after auction. The clearance rate averaged 96%, up from 92.5%, this time last month.
Supply of homes for sale is going up and down with the lockdowns. Many home sellers have held back of course because they want to market their home with proper inspections, in these ideal Spring conditions.
Getting ready for homes to hit the market!
One on one inspections are expected to retun on September 23rd based on reaching 70% of first round vaccinations and many agents expect a flood of homes will start hitting the market. Potential sellers are busting to go and don’t want to be caught up in yet more lockdowns. The buyer competition that comes with this will be pretty fierce though and Buyer Marketing can make a big difference in getting the successful outcome you need. In these conditions getting the jump on off-market opportunities is very important and Buyer Marketing is an expert at this.
Growth rate peaked in March
By March this year the rate of value growth (capital gains) reached a 32 year high, but has now eased off. According to CoreLogic, Melbourne’s median dwelling price has risen 11.1% so far in 2021 and looks like topping out around a big 18% by the end of the year. House values are rising faster than unit values because the pandemic has made personal living space more important than ever. But affordability still ensures apartments and units have a strong place in the market.
More rises expected in 2022
The banks see value rises again for 2022, but they will be lower with the affordability ceiling slowing down the growth. NAB now forecasts just 3.5% growth. Westpac says 6%. CBA forecasts 8%. For 2023, both NAB and Westpac predict a decline in values, as we hit the down side of the current boom.
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