November Market Update

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    November has seen an increase in stock levels with a 10.7%increase, however we have seen a lot of the increase in stock in the outer ring ratherthan in much of the inner suburbs. Melbourne’s median house price is now$934,000 and this quarter we have seen a moderate growth of 3% this year. Suburbs includingYallambie, Greensborough, Sandhurst, Bentleigh East, Scoresby, Kalorama and Knoxfield join the $1m+ suburbmedian. We have also seen dwelling approvals in Victoria fall by 8.9%meaning that we are unlikely to see any reprieve through the low stock in theimmediate to short term future through development.


    The rental crisis has continued to worsen with average daysto rent a property out now down to just 16 days and the vacancy rate has fallento under 1%. We have continued to see an increase in the volume of stock forsale being investor sales which is no doubt impacting this, Statistics are nowshowing that for the median Australian wage, 45% if their income is now goingtowards their mortgage which is no doubt impacting the increase in those withinvestments either choosing to sell their investment properties or being forcedtoo.


    Themarket is performing well in some areas for some types of properties whileothers are not performing well. Stand out results for the month were thepurchase of a property in David St, Preston for $1,613,500 on behalf of aclient at auction with 4 other competing bidders and a Vendor advocacy sellingin Fraser St, Ormond for $150,000 over reserve with strong competition.  It seems unlikely if stock remains low and with the migration thestate is expecting that we will see any reprieve from the strength in theMelbourne property market in the future.

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