May 2022 Market Update

May 30, 2022

We saw the property market slow down during May with new stock coming to market slowing down and a lot of the stock which was on the market sitting there. This is historically the norm and so not unusual right before an election as buyers and sellers await some clarity on potential policy. We have seen a reasonably consistent clearance rate and the return of a more balanced market than one we have seen in recent months. We have been seeing more family homes sitting on the market across the board however we are still seeing A-grade, renovated and quality family homes in sought after locations still seeing strong results which is why more than ever it is vital to ensure you are purchasing the right type of property.  

Over the weekend a family home in Bolton Avenue, Hampton saw a strong auction result with 4 bidders fighting it out to secure the keys to this family home on 1,070sqm of land with the property selling for $5,870,000. We also saw a strong result in Evans Street, Port Melbourne with a block of land selling for $1,640,000 with competition from 3 bidders pushing the sale price over $100,000 over the properties reserve.

We have also seen concerns around interest rate rises affecting the level of competition in the market with many buyers now choosing to sit back and wait to see what unfolds in the coming months. For many property owners they have never seen a rate increase in the entire time of owning a property as there has not until recently been a rate increase since 2010.

Related Posts

Buy or sell your home with ease with support from the team at Peritum Property

April Market Update

The Melbourne property market has had a few interruptions this month with School holidays and both Easter and ANZAC long weekends. We saw a higher

Read Article »