Melbourne Property December 2024 Market Wrap
- Written by BuyerMarketing.com.au
Fierce buying in December, with sky high clearance rates
Over December’s first 2 weekends the Real Estate Institute of Victoria (REIV) recorded more than 1,538 auctions. 1,084 properties sold, 722 at auction, with 253 passed in. 361 properties were sold before auction with 1 property selling after auction. The clearance rate averaged 82.5%, up on November’s 78.5%. 311 properties were sold by private sale.
December's market started with high energy but will quickly wind down for Christmas. Compared with last year though the market is generally quieter, with 586 auctions this last week compared with 1024 in the same week last year. That’s 43% less. A big difference.
Not so many sellers coming to market this December
Things are still a bit up in the air as the market waits for the next interest rate move. Melbourne home values are largely static, with an overall small slide through the year. CoreLogic reports a 1.6% drop in the 12 months to November. This is mostly because Melbourne delivers Australia’s best supply of newly built homes. Other cities have an extreme shortage of new homes which has produced galloping home-price rises. People in those cities are competing harder for the limited stock available.
No joy with Interest Rates
Some of the big banks predicted rate cuts late this year but they didn’t happen and we are still dependent on tricky inflation figures, that keep taking longer than expected to settle down.
What these conditions mean for buyers
For a buyer, it means it’s more competitive at the moment to land the home you want. It’s always competitive, but conditions are making it even tighter. Buyers are snapping up available properties. The clearance rate in December’s second week was extremely high (REIV) at 85%!
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