Melbourne Property News Monthly Wrap – September 2023

Spring comes alive as more homes hit the market!

Over September’s first three weekends the Real Estate Industry of Victoria (REIV) recorded more than 2,331 auctions. 1,465 properties sold, 1,079 at auction, with 505 passed in. 385 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 74.5%, the same as August.

Spring is firing the market up with over a thousand homes in total per week going to auction so far in September (Corelogic). With interest rates kept on hold at the last review on September 5, both sellers and buyers have had a boost in confidence.

More rental stock hits the home sale market

Melbourne investors keep bailing out of their properties which is good news for buyers because it means more choice. Many buyers still prefer perfect turnkey homes and these attract the most attention. Making the right moves when competing for these is essential and Buyer Marketing’s experience gives you the extra edge you need to secure one of these A-graders.

Buyer Marketing has an eagle eye for value

Alternatively, rental properties that go pretty much straight to market can come with some wear and tear. Some may need work, or look a little out of style, but still present very good value. Buyer Marketing has the experience to weigh up these pros and cons for you. We find a quality property that’s perfect for you, then guide you through the auction or negotiating process, using our strategies to get the best possible purchase price for our buyer.

Why are so many Melbourne landlord’s selling up?

25% of all Melbourne landlords sold off one or more property in the last 12 months, compared to just 12% of landlords nationally. So the sell off is mostly happening here in Melbourne. Rising interest rates, other expenses and stalling capital values are mainly to blame, but the Victorian State Government’s grasping new land tax on investment properties earlier this year was the straw for many investors.

New tax on Airbnb’s?

There is speculation the State Government is considering another new tax – this one on Airbnb lettings. This might take the form of a daily levy as high as 7.5%. The idea is to penalise Airbnb owners, to make them return more properties to the traditional rental market. This is likely to backfire, with many owners just selling up. But for buyers, at least it means more properties coming to market!

Call Buyer Marketing on 1300 835 835 for more information about how our 30+ years of buying experience can help you achieve the best possible outcome on your next home purchase!

Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing