There has been much hype in the media recently that Melbourne’s home values have slumped, but the citywide numbers don’t tell the full story with portions of the market bucking the negative trend.
At PhilipWebb, our autumn auction clearance rate remained steady at an impressive 80%, well above the REIV’s (Real Estate Institute of Victoria) state average. With more properties passing in at auction, now more than ever it is crucial to choose an experienced agent to negotiate your sale.
Over April’s auction weekends more than 3,387 auctions were reported to the REIV with more than 1,704 sales recorded. Approximately 969 properties passed in, with 460 on a vendor bid. April’s clearance rate averaged 67% – down on March’s 68% and down on April last year at 79%.
CoreLogic’s newest Hedonic Home Values Index reveals dwelling prices in Melbourne slipped 0.4% in April, taking their quarterly decline to 0.7%. The figures take into account both homes and units. The market is still ahead of where it was a year ago with values up 3.7% annually to a median of $720,433.