Market Update: March 2024

Market Update: March 2024

Author: Ben Reid - Manager VAA

With the first quarter of the year now coming to a close, and the traditional Easter break now upon us I thought this was an ideal time to provide you with an update on how the Victorian property market is tracking.

Firstly, I’m pleased to advise that the much-reported shortage of new listings that has been impacting the market for over a year has eased across most markets. Current stock levels are up around 20% when compared with the same time last year, which is great news for buyers. More importantly, this increase is a sign of greater certainty among sellers, which is a positive trend for the market overall.

Property prices have continued to rise since January, albeit slowly and steadily. Interestingly, recent data from Corelogic suggests that properties in the lower quartile have been reporting stronger growth rates than those at the top end of the market. This was not unexpected, as it evens up the trend that was reported in parts of 2023 when the upper quartile tended to lead the way for price growth. Our expectation at this stage is that this slow growth in prices is likely to continue during the remainder of 2024 unless something unexpected occurs.

Recent auction clearance rates have begun to reflect these increased stock levels. We are still seeing some impressive results each week, but the numbers are more typical of what we would consider to be a ‘normal’ level of competition. With so many vendors having targeted a sale prior to the Easter break, there have been some mixed results on auction day due to buyers being spread thin across a greater volume of auctions.

For those vendors who may be considering making a move, it’s worth noting that the majority of properties that are being passed-in on auction day are finding buyers quite quickly, often within a few days of the auction. This is one of the situations where having an experienced negotiator and expert guidance can play a crucial role in your success.

Whilst there are variations between different regions of our state, the overall message for vendors is that good properties are still doing well, and in some cases VERY well. In contrast, those agents who are overpricing listings in order to gain business are being found out. In this environment, the value of good advice, a carefully thought-through plan and experienced guidance during the campaign cannot be overstated.

For buyers, the opportunities are definitely there, but they are not always easy to find, particularly if you don’t have access to the off-market opportunities that only an experienced Buyer Advocate knows about.

Remember, if you would like to discuss your property plans with an objective and experienced property professional, whether buying, selling or both, don’t hesitate to give our team at Ian Reid Buyer and Vendor Advocates a call on 9430 0000.

Best wishes,

Ben Reid

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