It’s hard to believe we are past the halfway mark of the year, yet we’re starting to see daylight hours lengthen and whispers of spring appear, signalling the start of what is traditionally an exciting time in the property market.
Whilst we continue to operate in a market that is slightly more cautious than what we saw earlier in 2022, the inner and outer East continue to outperform many other regions of Melbourne, with above-average auction clearance rates being reported again in July.
The number of properties being brought to market across the reporting period was reflective of the usual winter pattern, with declining levels compared to warmer months, and this has kept overall stock levels low.
An increase in listing numbers is expected across spring as traditionally, it is a favoured season with vendors and buyers alike. If demand remains at the current levels, however, this could be great news for buyers and investors actively looking to make a purchase, as they should have greater choice and less urgency when making a decision.
The rental market continued to gain further strength, mirroring the competitive situation that’s being seen across the country. Melbourne delivered its seventh consecutive drop in vacancy rates, ending the month of July at 1.4%. This is the lowest rate registered since March 2019. Domain has reported that we could see rental conditions stabilise across the months ahead with an increase in investment activity assisting in alleviating tightening conditions.
At Noel Jones, we are as dedicated to our core values as we are to the growth and success of our team. On Saturday, 30th July, we held the Noel Jones End of Financial Year Awards at Crown Aviary; a beautiful venue where we were thrilled to be able to celebrate the hard work and success of our amazing team over the past year. It was a night where we also recognised our high achievers and the individual team members who reflect our company values.
Last month Noel Jones announced the inception of its exciting new Community Support Program, an initiative that will see us offer grants of $1,000 to deserving applicants each month.
On the 21st July, we revealed the first of our successful recipients, with the July grant being awarded to the Maroondah Winter Shelter, a Maroondah churches and community response to local homelessness.
The mission of the Maroondah Winter Shelter is to provide shelter, food and honour for people that need it most in the Maroondah area. We are honoured to be able to assist them in delivering this vital community service.
You can read more about the Noel Jones Community Support Program and find application dates for our next round of grants by visiting www.noeljones.com.au/communitysupportprogram.
To discuss your current property needs, contact your local Noel Jones office, or visit our website at www.noeljones.com.au