Melbourne's Residential Property Market Revealed!

As we head into the final months of the selling period 2023, it's become evident on several fronts how the market is currently performing.

Quality renovated and new family homes that turn the key - move straight in that are priced well, are performing very well, and are selling under competition in most cases, just like the photo from Saturday and at a property we missed out on in Caulfield South. 35 Lucas Street Caulfield South sold for $2,410,000 with four bidders and three wounded under bidders still looking for renovated homes. 

On the contrary, compromised homes - EG Homes that need major renovations, poor floor plans, development sites, and assets on main roads are performing poorly and are remarkably price-sensitive. Buyers are now much more selective on what they will say yes to and will only stretch if the home ticks most of their boxes. 

If you're currently a vendor or about to list your home for sale and you own a compromised property, you must ensure that you select an experienced sales agent who will tell you the hard truth about what you need to list your home for to achieve a sale. 

The reality is that many of these compromised homes are coming to market and are not selling because the initial advertised price is too high. Buyers currently are happy to wait for something more suitable that is priced well.

If you need to sell, select a sales agent with years of experience dealing in challenging markets and one that will provide you with an advertised price that will attract buyers. Otherwise, you're simply throwing the $5,000-$50,000 away on marketing expenses. 

To be an informed buyer, you must understand the nuances of the suburb you're buying in, and the asset class you are looking to secure will have a considerable impact on the level of competition you will face. 

Saturday's clearance rates can be misleading. Our team Industry Insider Property uses the data we receive from the team at SQM Research research for the most accurate clearance rates. We look at the clearance rates three days post Auction day, which is much more accurate than what is recorded on a Saturday. You can follow Louis Christopher for accurate clearance rates. 

If you own a compromised property, have passed in at auction are still on the market. To achieve a SOLD sticker on the board, you will need a price reduction to attract buyers to your home and for them even to consider making offers. 

Otherwise, your home will sit on the market for another 30-60 days and eventually help the well-priced homes sell. You will need to find another agent, more than likely the one that provided you with a lower price the first time around. You will sign a new sales authority and pay the marketing fees again. Those in the know what happens the majority of the time when you list for a second time. Two words PRICE REDUCTION!

At Industry Insider Property, we know that buying or selling a property is a significant financial and emotional decision. That's why we provide personalised and expert guidance to ensure you make informed choices and maximise your results. Our team of professionals is passionate about delivering exceptional service and exceeding your expectations. 

Contact us at +61 8374 7652, admin@industryinsider.com.au, or via text message at +61 402 346 810 to discover how we can assist you in your real estate journey—Trust Industry Insider Property to be your reliable advisor and advocate in selling and buying.

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Industry Insider Property

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+61 8374 7652

+61 402 346 810

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