Autumn market - how we’re travelling.
And now the perennial question: How is Melbourne’s property market travelling?
Half way through the autumn selling period, the answer is steady but not spectacular growth.
Auction clearances.
Two weeks ago, Melbourne hosted its busiest auction day of the year with more than 1,600 homes going under the hammer. The clearance rate at 66.9% shows a market with power balanced between buyers and sellers.
But that’s quite different to last year’s boom conditions where in the same week, 1,929 auctions were held with an 81% clearance rate.
20% of Melbourne suburbs have now registered a fall from their peak median price in 2021.
Looking through these numbers, what strikes me is that most of the downward movement is coming from $1 million plus suburbs, with more affordable locations doing better.
A national picture.
What’s happening in Melbourne fits into a national picture of slowing growth.
Property sales are down in March nationally, with volumes over the first three months of 2022 showing their biggest declines in Hobart, Regional NSW and Regional Victoria.
Sydney sales are lower than a year ago while in Melbourne, they were 6% lower.
The high volume of new listings is partly to blame leaving buyers with more choice.
Certain regional areas appear to be losing their appeal with properties listed for sale down, including Geelong (-15.1%) and Latrobe-Gippsland (-21.7%).
Rental market.
There’s good news for investors in the rental market.
Melbourne’s rent values, which saw a peak-to-trough decline of -4.0% in 2020, have recovered and hit new record highs.
It’s only inner Melbourne which is yet to fully recover due to the slowdown in the overseas student market.
Rent values have now seen four consecutive rises in quarterly growth.
Author; Miriam Sandkuhler
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