April 4, 2023 | Beckett Property Market Review for April 2023
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].
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