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Melbourne Property Market Update - November

Melbourne’s property market is transitioning from a balanced market to a market that is more conducive to selling according to recent auction clearance rates and reports from CoreLogic RP Data.

We recently discussed the property market cycle and the Melbourne market’s position moving from a balanced market with rapid construction, to a market that is starting to favor sellers. We used the analogy of a clock, with 1 o’clock being the bottom of the market, 6 o’clock the mid-point and 12 o’clock the top end indicating that the Melbourne market is currently sitting at about 9 o’clock.

A recent article by Andrew Wilson on discussed exactly this. He highlighted auction clearance rates in Melbourne are steady and that signs remain positive for sellers. The inner city recorded the highest clearance rate at the weekend of 72.5%, highlighting that buyer demand for quality inner city residences is still very high.

Further to this, an article by indicated that Melbourne’s market continues to favour sellers. Results of the latest Home Buyers Index from Commonwealth Bank and CoreLogic RP Data showed in third quarter 2015, Victoria was the only state that moved from a balanced market to favoring sellers.

Are you looking to sell? Contact our dedicated sales team for a free appraisal on your property and for more information on Melbourne’s property market.

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