May 2, 2022 | Beckett Market Snapshot April 2022
With the end of Melbourne’s summer and the turn of Autumn, the Beckett team continued to see strong buyer demand and competition on quality properties, especially turnkey family homes priced up to $6,000,000. This demand is still mainly fuelled by the desire for families to upsize their home and secure great schooling options for their children in 2023. Enormous Covid-19 case numbers in Melbourne are still deterring vendors to list their properties for sale, as they do not want large quantities of people attending their homes during OFI’s. These low property stock levels are putting pressure on pricing as buyers compete for the limited options available.
Auction clearance rates averaged 75% in April, down slightly from 80% in March. This was to be expected with the interruptions of school holidays, Easter and Anzac Day public holiday weekends.
Transitioning from the hottest market Melbourne has arguably ever seen in 2021, Median House prices for the March 2022 quarter were released by the REIV and demonstrated a slight fall of – 0.3% to $1,121,500. This was marginally lower than $1,125,000 in December 2021. This was due to the constant media hype surrounding future interest rises and concerning inflation levels which are encouraging buyers to proceed with a little more caution.