Market Update June 2024

Market Update: June 2024

Author: Ben Reid - Manager VAA

Following on from last month’s Market Update where we talked about the inconsistencies in the Victorian property market as we enter the Winter selling season, we have seen a couple of key pieces of data released which adds to our understanding of what’s currently happening across our state.

Firstly, we have gained greater clarity on the stronger listing numbers across the Victorian market. The total number of properties on the market in Melbourne is currently sitting at 9.6 per cent above the five-year average, confirming the trend we have been reporting through most of 2024. What is even more startling is that areas like Ballarat are reporting listing numbers that are more than 30 per cent above their five-year average, whilst Sunbury, the Macedon Ranges and Melton-Bacchus marsh are upwards of 60%.

We have also seen data from Corelogic that indicates that their Home Value Index across the nation has risen by just 2.8 per cent since April 2022. This contrasts sharply with the 31.7 per cent increase recorded in the two years prior to this.

Whilst these figures reflect a more subdued and predictable national property market in recent times, it is worth remembering that since Corelogic reported that the market had bottomed out in January 2023, values have shown rises in every month since then to be a total of 11.1 per cent higher across the nation.

At a more local level, Corelogic data also shows that just six of the suburbs in Greater Melbourne have regained their peak dwelling values, showing that the large majority of Melbourne still has some territory to regain.

Having taken these statistics on board, I believe it is important to understand that the fundamentals in most parts of Victoria remain strong. Yes, the Land Tax issues have certainly impacted the regional and Peninsula market…but buyers are still active in most areas, and well-advised vendors are continuing to achieve the results they expect in most cases, and results that exceed all expectations in some situations.

The good news for sellers is that we expect stock levels to follow the temperature by dropping over the next month or two, creating positive selling conditions for those who are ready to enter the market before Spring arrives.

On the buying front, our team is continuing to secure good properties for our clients, making full use of our access to off-market opportunities that the general public rarely get to hear about, so don’t hesitate to get in touch if you are looking to buy and keen to ensure that you find the right property at the right price.

As I often like to remind people in these Updates, if you are unsure about your options in taking your next step in today’s property market, our team is here to help. So, feel free to get in touch with us at Ian Reid Buyer and Vendor Advocates by calling 9430 0000.

Cheers,

Ben Reid

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