Market Update June 2023

The Melbourne property market continues to exhibit strong resilience across many key metrics, fuelled by factors such as migration, a competitive rental market, and growing confidence in the housing sector. This positive trend is expected to extend into the upcoming Spring market.

The scarcity of available properties is contributing to a sense of urgency among buyers. This is reflected in Melbourne’s auction clearance rate, which improved for each of the months within the June quarter, making a run of five consecutive months.

Throughout the quarter, the nationwide trend showed that unit clearance rates surpassed those for houses. Melbourne diverged from this trend in both April and May, but in June, it aligned with the national outcome.

Changes to median prices across the June quarter also saw units outperform houses, with units recording a solid increase of 3.2% and houses recording a minor decline of 1.1%. Contributing to the strong performance of units in the marketplace are factors such as affordability, reduced borrowing capacity, and perceived value.

The suburbs where our Noel Jones offices are situated all enjoyed increases in their median house prices across the quarter, surpassing the metropolitan average. This trend is also reflected in annual figures, with Wantirna and Mitcham enjoying double-figure growth of 14.6% and 11.10%, respectively.

Among Melbourne’s municipalities, the City of Knox enjoyed the most significant upsurge in the state this quarter, with a positive change of 9.7%. Suburbs contributing to this exceptional result were Knoxfield (+15.5%), Wantirna (5.8%), Bayswater North (+5.4%) and Wantirna South (+5.3%).

Buyers are again experiencing ‘fear of missing out’, and as a result, many continue to make pre-auction offers in the hope of securing a property without engaging in competitive bidding on auction day. This may prove to be a good strategy, based on the results for the June quarter, which showed that houses taken to auction across the period enjoyed an increase in their median price.

Although auction volumes remain subdued, the number of properties being withdrawn prior to auctions has decreased. This suggests that those who have chosen to engage in the selling process remain confident in proceeding with their auction campaigns.

While all signs point towards increasing buyer confidence, data suggests that overall seller confidence remains relatively low, with a significant reduction in Melbourne’s auction listings across the quarter, with declines both month on month and year on year.

Though lower auction numbers are not uncommon in winter, it is surprising that so few individuals are taking advantage of the positive selling conditions that Melbourne is currently experiencing.

Spring will likely see a surge of properties enter the market. However, the current conditions, characterised by heightened buyer interest and limited listing numbers, offer an exceptional opportunity for vendors to sell now.

Waiting until Spring may grant buyers a wider selection, increasing the likelihood of price negotiations in their favour. While this scenario benefits buyers, sellers may find it less advantageous.

Considering these circumstances, if you are contemplating listing a property in Spring, we strongly urge you to consider expediting your plans to capitalise on the favourable conditions currently prevailing in the market.

If you’d like to discuss any property-related matters, your local Noel Jones team will be happy to assist. Call us today or contact us via noeljones.com.au.

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