While November saw the spring selling season officially come to a close, robust listing numbers throughout the month has seen auctions continue in strong numbers through December.
Changes to median values and clearance rates were negligible in November, and once again, units outperformed houses, something seen broadly in Melbourne over the year. This is reflective of units offering a more affordable price point at a time when borrowing capacity is in decline. The Reserve Bank of Australia held interest rates steady at 4.35%, and at their final meeting of
the year, it was confirmed that the cash rate would remain unchanged for a 14th consecutive month. Three of the four big banks and many leading economists, including REA Group senior economist Eleanor Creagh, now predict that the cash rate will remain stable until at least April.
Midway through the month, it was also reported that Melbourne had more homes for sale than at any time since 2012. A portion of these are due to the high number of residential rental providers exiting the market in response to multiple factors, including the increase in land tax, and the work required on some properties to meet new minimum standards for the rental market.
The REIV warns that some of the new measures, which will be introduced to the Victorian parliament over the next 12 months, could create further deterrents for rental providers in an already challenging market. These include an expansion of factors that can be considered by Consumer Affairs Victoria and VCAT in rent reviews, the removal of no-fault evictions, and increases in notice to vacate terms to 90 days.
Social Butterfly Community Connections, a group focused on enhancing disability services in Melbourne’s eastern suburbs, has been awarded Noel Jones’ November CSP grant. The grant will support the organisation’s Crafty Collective Market, which aims to provide more opportunities for people with disabilities to showcase their creativity, gain independence, and connect with the community.
If you’re thinking about making a move in 2025, it’s not too early to engage with your local Noel Jones agent via phone or at noeljones.com.au.
