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Getting the best possible buy in the hot Spring market
Over September’s first 2 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1.469 auctions. 1,019 properties sold, 711 at auction, with 296 passed in. 307 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 77.50%, slightly down on August’s 79.80%. 490 properties were sold by private sale.
Buyer Marketing just had a great outcome for a September buyer – my client was showing interest in buying 65 Stanhope Street, Malvern, which was quoting 2 to 2.2 million on the statement of information. It sold however at a hotly contested auction on August 31 for $2.8m. But we then negotiated off-market for 1/59 Jordan Street, just around the corner, for 2.3 million. The vender wanted 2.5m originally. This was a fantastic outcome for our client, purchasing 200k under their budget. A good example of Buyer Marketing’s great negotiating skills put to work, with a very happy client and an amazing result!
Buyer Marketing helps you find the ideal property, in the location you’re after, for the right price. But then comes the most important step – securing that property! With Buyer Marketing you’re in the best position to win the home. This is highly competitive and it takes experience to secure the property, without overpaying.
More than 50% of homes selling off market or before the auction.
Over half the homes sold so far in September have been sold by negotiation before the auction, or by private sale. Our negotiating skills can make all the difference and put you in the best possible position to not only get the buy, but buy very well.
What’s happening right now in Melbourne
There’s a lot of supply in Melbourne at the moment which is good for buyers, because for the most part it’s keeping prices down. The latest figures show Melbourne’s median home value in September is now $776,000 (CoreLogic), which puts Melbourne sixth down the capital city home values list. Only Darwin and Hobart are lower. Values in 79% of Melbourne suburbs eased in the last quarter including a 0.2% drop in August. Melbourne now has many of the most affordable (capital city) homes in Australia.
Where some of the best value is – according to analysts
For those with a tighter budget, homes are certainly more affordable in the outer fringe suburbs, but there’s also still a range of affordable inner suburbs under 10 kms of the CBD, where you’ll find family homes with established gardens and real backyards for way under a million.
A good example is Glenroy, where the median house price is still just $674,568 according to Domain. Braybrook is great value at $684,000 and prices have actually dropped 3.3% over the last 12 months (Domain). Sunshine North is great value at $715,500. Some pockets in these kind of suburbs have some wear and tear, but the new generations of residents and city workers moving in are bringing the right kind of changes.
Whether your buy is negotiated off-market, or under pressure at auction Buyer Marketing’s skills and experience will help you land that perfect property!
Peter Fox
Principal Advisor &
Licensed Estate Agent
Buyer Marketing

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