Market Update April 2023

After the year-long trend of declines, Melbourne’s property market continued on an upward trajectory in April, reflecting the growth that was witnessed in both February and March.

Our capital saw 2,960 auctions occur across April, compared to 4,993 at the same time last year, marking a decline in volume of just over 40%. Low stock volumes have continued to be seen, which has likely contributed to the improvement of auction clearance rates, with Melbourne’s showing an increase for the third consecutive month, delivering the best result since October 2021. Bolstered property prices seen across the last quarter may also be attributed to the lack of listings, paying dividends for those who chose to go to market in what others felt was a period of uncertainty.

Supply and demand are also having an impact on Melbourne’s rental market. April saw a rise in vacancy rates for the first time in four months, rounding out the month at 0.9%; this result is due, in part, to a rise in the number of rental listings for the month. Whilst this increase may appear pleasing for those seeking rental accommodation, the number of rental listings is still down 53.9% annually. This continues to drive fierce competition for available properties, with renters paying a higher premium to secure a property. Domain reported at the end of the March quarter that rental costs had increased 11.1% year-on-year.

An increase in migration continues to be a driving factor in the tight conditions that the rental market is seeing; however, Tim Lawless from CoreLogic believes that the increase in overseas arrivals may also contribute to the results being seen in the sales space. He recently said, “While overseas migration would normally have a more direct correlation with rental demand, with vacancy rates holding around 1% in most cities, it’s reasonable to assume more people are fast-tracking a purchasing decision simply because they can’t find rental accommodation.”

Rental demand could too be credited to a lack of both investors and first-home buyers entering the market. Stabilisation of interest rates has the potential to drive increased purchasing from both groups, helping relieve some of the pressure that has been building steadily over the past 12 months.

Consumer sentiment should continue to improve as the RBA find a suitable balance between interest rates and inflation, and this should strengthen activity in both the buying and selling space.

If we can help you with any aspect of your property journey, connect with your local Noel Jones office or contact us via



More Posts

November CSP Grant Winner Announced

Congratulations to Surrey Park Football Club, the November Noel Jones Community Support Program grant recipient. Surrey Park Football Club was founded in 1995, when the Surrey Hills and East Camberwell Football Clubs came together as one. Prior to coming together both Surrey Hills and East Camberwell had proud and rich histories with origins stretching way back to 1887 when the

Market Update October 2023

October saw strong sentiment exhibited by both buyers and sellers keen to achieve their property goals prior to the end of 2023. PropTrack Economist Anne Flaherty believes that many who held off their plans to sell are now listing their properties in light of greater buyer demand. She suggests buyers are now more confident to purchase property again after a

The benefits and drawbacks of investing in property

If you are considering property investment, it is important to weigh both the potential benefits and drawbacks so that you can decide if it is the right choice for you. The experts at Noel Jones have compiled an in depth list below exploring both sides to help you on your investment journey. The benefits of property investment No specialist skills

27 things to do and see in Melbourne’s east this summer

The eastern suburbs of Melbourne is packed full of things to do and see. Here’s our top 27 picks of things to do this summer. Let the kids burn off some steam at Flip Out, Box Hill Take in a show at Karralyka, Ringwood Take in the view and get lost in a maze at SkyHigh, Mt Dandenong Get back to

Send Us A Message

Good Job!

Thanks for taking the time to let me know about your needs.

I look forward to helping you find your new home.​

Buyer Requirements

Thank you!

I’ll be in touch soon with information on the suburb you’re buying in.

Find Out More