October should seethe Melbourne Spring market in full bloom, with a strong supply of stock and a flurry of buyers anxious to purchase. There are certainly buyers but the stock has again remained low with much of what has been available to buyers compromised on main roads, too close to trainlines or big developments. There is of course markets within markets and we have seen a much stronger market in Boroondara for example than in Bayside, with much of the beach suburbs retaining record low stock levels. Overall new listings are 12.3% below the previous five year average.

We have continued to see much of the stock available on the market is investor stock with rental vacancies reaching new lows at just .8% no doubt with the pressure from interest rates and increased cost of living forcing many investors to sell.  With upward pressure on the rental market likely to continue until we see investors return to the market and improve the supply. Melbourne’s Outer East reported the top regional clearance rate of83.3% followed by the Inner South at 78.2% and the Inner East at 77.4%.Thehouse clearance rate was 75.2%, with units lower at 70.8%. We have seen varied results with some properties such as a home in Bell St, Hawthorn selling for close to $900,000 over the quoted range while we are seeing other properties sit on the market for extended periods.  

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