June 5, 2023 | Beckett Property Market Review for May 2023

 

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].

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