Jellis Craig Bayside Glen Eira July Market Update
Hello and welcome to the July edition of our newsletter.
Melbourne in the heart of winter can be a cold and brutal place and market activity would normally grind to a halt as buyers and sellers head out of town looking for warmer weather.
This year seems to have bucked that trend though, with increasingly strong numbers of buyers out looking at homes. Data from Domain's Homepass platform indicates that more buyers are attending open for inspections with the number of check-ins per property up 14% over June.
While the availability of homes in the market is lower than we would normally see, it is not a winter thing as much as it is something that we have seen all year, with new listings in Victoria down almost 25% year on year. Sellers that are opting to have their homes in the market now are capitalising on strong buyer interest and demand.
The level of competition at auctions is as strong as we have seen in the last 12 months. The REIV have reported the June Melbourne auction clearance rate of 68.5% is the highest rate we have seen since February 2018. Clearance rates in Melbourne’s more exclusive suburbs are strongest, this is a significant indicator as the top-end of the Melbourne market generally leads the overall market.
APRA’s direction to relax some lending criteria along with interest rate drops from the Reserve Bank is giving buyers the confidence to push harder and fight for what limited options they have. As a seller it is a great time to look at your options.