As the financial year ends, numerous Victorians are eagerly embracing the opportunity to escape the chilly weather and embark on a winter getaway during the school holidays.

Melbourne’s property market continues to showcase resilience, evident through the robust auction clearance rates recorded in June. At an impressive 78.5%, these figures only slightly deviate from the preceding month’s average of 79.2%.

Buyer demand remains strong due to the limited supply of properties on the market. A significant increase in off-market properties and transactions has been observed, and this trend is expected to continue until the onset of spring, which is historically the busiest season for real estate sales.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients and unlock the potential of each property to create remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocates. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

https://mailchi.mp/beckettproperty.com.au/beckett-market-snapshot-june2023

The post Beckett Property Market Review for June 2023 appeared first on Beckett Property.

The Melbourne property market remained steady in May despite the ongoing economic uncertainty and unexpected rate rise.

Buyer demand remains high as evidenced by the REIV’s latest data with 2,526 auctions reported for the month, at an average clearance rate of 79.2%. Because of this, we’ve seen a surge in off-market stock for those wanting to secure property before the sales campaign even begins.

Everyone wants to know – how long will the property shortage last? We anticipate confidence will return for sellers when interest rates level off, hopefully in time for spring. We would then expect a flow on effect with more transactions from buyers and sellers (in particular upsizers and downsizers) which should directly boost the stock supply.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients and unlock the potential of each property to create remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocates. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

The post Beckett Property Market Review for May 2023 appeared first on Beckett Property.

As Autumn sets in, the Melbourne property market continued to buck the trend in April as house prices remained stable amidst global economic uncertainty. With many families taking a break due to Easter, Anzac Day and school holidays, we still witnessed strong buyer activity and competitive results across the city. With stock levels at an all-time low and the April interest rate pause, we expect this trend to continue in the coming months.

According to the REIV’s latest data, 2,724 auctions were reported for the month of April, with an average clearance rate of 78.2%. This indicates that the market remains hotly contested with buyers eager to secure their dream homes.

The current stock supply crisis is mainly attributed to vendors not wanting to sell their current property first. Many vendors are either upsizing, downsizing or wanting a change of scenery and with stock levels so low, they can’t see their next home to purchase. The risk of selling first and buying second seems too great as vendors fear being locked out of the market for a long time.

Many other vendors (especially upsizers) have put their future buying plans on hold due to the enormous interest rate rises issued over the past 12 months. Buying a bigger home means a bigger mortgage which many see as unfeasible right now.

These patterns (which is unusual for an uncertain economic market) is causing a form of trading halt.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients and unlock the potential of each property to create remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocates. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

https://mailchi.mp/beckettproperty.com.au/beckett-market-snapshot-april2023-20259246

The post Beckett Property Market Review for April 2023 appeared first on Beckett Property.

As the air begins to cool, so typically does the property market. However, if these last 12 months have shown us anything, it’s that best laid plans and forecasting is at best speculative. With news of a suspected interest rate pause in April, we are expecting a return of confidence sooner than expected – and with this, the potential for an influx of buyers.

In March we noticed more traction in the property market and slightly increased stock levels as vendors rushed in to beat the Easter break and school holidays. This resulted in a larger number of property transactions and very competitive results. Overall stock levels still however remain approximately 35% lower compared to this time last year, which is keeping prices relatively at bay.

According to the REIV’s latest results, 2,965 auctions were reported for the month of March, and the overall auction clearance rate remained hot at 74.7%

Saturday 1^st April is predicted to be a super auction weekend as vendors have pushed their campaigns to go under the hammer before the Easter break. The REIV predicts 1,310 homes to go to auction this coming weekend.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients and unlock the potential of each property to create remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocates. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

The post Beckett Property Market Review for March 2023 appeared first on Beckett Property.

With March on our doorstep, it’s a good time to reflect on the start of 2023. February saw an extremely busy period with increased attendance at open for inspections – particularly for A grade properties.

Good quality properties are still in low supply which is creating a frenzy for buyers desperate to secure a new home. Evidently, the results of these sales reflect anything BUT a downturn in the market.

According to the REIV’s latest results, 788 auctions were reported for the week ending 26^th February, significantly down from 1393 auctions this time last year. However, auction clearance rates remain consistent, with 75% last week, compared to 76% this time last year

With Easter approaching in early April, there will be new properties entering the market within the next 1-2 weeks to secure a sales campaign before the holiday period.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocate. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

The post Beckett Property Market Review for February 2023 appeared first on Beckett Property.

Welcome to a brand-new year! We hope you had a great break and are looking forward to the year ahead.

This month, the team at Beckett returned from holidays revitalised, refreshed, and recharged.

During January, despite the negative media surrounding inflation and interest rate hikes, we saw strong buyer demand and confidence with a surge of new client enquiries. The famous stock shortage of 2022 has unfortunately trickled into 2023 and is contributing to large numbers of people attending OFI’s and competition on properties.

The REIV released the December 2022 quarter Median Prices and reported the Melbourne Metropolitan median house prices at $974,500, reflecting a quarterly change of -1.6% and an annual change of -3.3%. Unit and apartment prices recorded a median price of $627,500, with a -2.6% quarterly change and -3.7% annual change.

This year, we are forecasting very low stock levels for the remainder of the first quarter which will keep prices relatively at bay. With future interest rate rises on the horizon, we predict investors will be more incentivised to sell, especially their poor performing assets. This could command an uplift of stock levels for high-rise apartments and large cluster townhouses.

At Beckett, we embrace the changes to our city and varying market conditions. We constantly strive to source new opportunities for our clients which unlocks the potential of each property and creates remarkable lifestyles within the Melbourne community.

Our commitment and dedication to our clients has firmly established our position as one of Melbourne’s most successful, consistent, and creative Buyers Advocate. Our company is built on the foundation of experience, industry and economic knowledge, ethical advice, networks, relationships, world-class customer service and optimal results.

If you are thinking about buying a property in Melbourne in 2023, please feel free to contact us at [email protected].

The post Beckett Market Snapshot January 2023 appeared first on Beckett Property.

And there it goes, the rush for vendors to list their homes for the auction deadline before Christmas has been and gone.

Auctions typically wind up in the last weekend before Christmas, this year being Saturday 17th December and then some twilight auctions being held on the week commencing Monday 19th December.

This year however looks to be an early start to holidays for many in our industry with stock levels being extremely lighter than normal. Compared to November 2021, we have seen the number of auctions drop by 60% and the auction clearance rate reduce by 8%.

While there was new stock entering the market in October and November, it wasn’t the typical spring rush we expected, and it wasn’t enough to service the current buyer demand. December stock levels are also looking dismal and many selling agents are showing concerns about the lack of motivated vendors for early 2023.

Given this limited supply of stock, there is still strong competition for good quality homes with results selling more than the advertised quote range and reserve price.

Turnkey houses are still proving to be the strongest sector of the market with most buyers wanting to avoid any renovations or building works due to the current uncertainty in the building industry and rising material prices.

The post November 2022 Property Review – Beckett Buyers Advocates appeared first on Beckett Property.

Can you believe it? It’s now November – the countdown is officially on.
Vendors are acting now to get their homes on the market to sell before Christmas.

This month we have seen an increase in stock levels, resulting in more properties for buyers to choose from after the extremely low levels over the last few months.

October 22 was a super Saturday for auctions with 788 reported, as most properties launched to the market after the Grand Final long weekend. This is still light in comparison to the 1204 auctions recorded over the same weekend last year.

Despite this, we’re seeing an uplift with competitive auctions returning with multiple bidders. We recently purchased a freestanding period home at auction in Camberwell with 6 bidders for just under $2,000,000 and a single front Edwardian home in Elsternwick with 4 bidders for just over $1,800,000.

Additionally, off market transactions are still very much alive. This month we secured 5 properties off market for our clients. Off market sales can often be a convenient and quick way of selling for vendors to avoid advertising and having their home inspected by hundreds of people.

Good quality properties are still in high demand, in particular turnkey and move in ready that require no renovations. Recently sold in Bentleigh East was a fully refurbished 3-bedroom front villa unit that attracted a huge crowd at auction. 4 bidders competed for this property which ended up selling for over $1,300,000, which was well over the expected range.

We are anticipating a busy November with more homes available and buyers are enjoying the options as more properties hit the market each week!

The post Beckett Buyers Advocates – October 2022 Review appeared first on Beckett Property.

And just like that, September is behind us. With only two months left of Spring, most vendors will now be accelerating their plans to list their home to sell before the year is out.

The combination of social and lifestyle distractions on the calendar in September has contributed to the delay in launching new stock to the market. This month alone has seen the AFL Grand Final which resulted in an extra-long weekend coinciding with the commemoration for Queen Elizabeth and school holidays. These distractions combined with the media focus on interest rate rises, inflation and talk of recession has resulted in the traditionally busy Spring period launching later than expected.

Despite these lower than usual stock levels, we have observed an uplift in properties coming to market this last week great news for buyers as they will have more properties to choose from.

Currently there is excellent demand for properties in certain segments of the market. In particular, larger family homes located in areas with great schools and accompanied by a village lifestyle. The more affluent sector of this market ($4,000,000 plus) also seems unaffected by the recent aggressive interest rate rises as strong competition is still very evident at this level.

A great example of a recent sale that far exceeded the price expectation was 10 Clive Road Hawthorn East. This large 5-bedroom contemporary family home was quoted $4,200,000 – $4,500,000 and fetched $5,860,000 under extreme competition and sold before auction.

As the weather warms up, so will the market. With increased stock levels, we anticipate a busier October with a larger range of very attractive homes available for your consideration.

The post Beckett Market Snapshot September 2022 appeared first on Beckett Property.

September 1st marks the first day of Spring – traditionally the real estate industry’s busiest period.

The property market experienced its first winter season since 2019, with a large contingent of buyers and sellers focusing on holidays rather than transacting in the market. This factored into an extremely low number of transactions for August with 2,436 overall transactions and an auction clearance rate of 68%.

It is hard to ignore that conditions are markedly different compared to this time last year as we settle into a more balanced property market. Four quick interest rate rises, combined with record high inflation has curbed the enthusiasm of buyers and ceased the ‘panic buying’ mentality displayed throughout 2020 and 2021.

Buyer demand is still strong, albeit far more considered and focused on quality and turnkey properties. Compromised properties are now proving harder for agents to sell which is a very common trend for balanced market conditions.

The new trend witnessed this year is the lacklustre interest for properties that require renovations or building works due to the fear of the building industry and the uncertainty around increasing material prices.

With September now underway, we are hoping that we experience our first spring season since 2019 and deliver an increase in stock levels and transactions.

The post Beckett Market Snapshot August 2022 appeared first on Beckett Property.