January 31, 2023 | Beckett Market Snapshot January 2023

 

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].

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