WINTER 2023
Darebin & Merri-bek MARKET WRAP
RECENT SALES
PROPERTY MANAGEMENT
COMMUNITY NEWS
Market Wrap
The Melbourne Market Today The relatively low supply of properties and the increasing demand for established homes is driving the Melbourne real estate prices up, and this trend is expected to continue in the near future. As we come off the back of 12 months of interest rate rises, many buyers have settled into the new lending norm. Development has slowed significantly due to the increased labour and material costs, immigration targets are aggressive, low vacancy rates and increasing rent are the biggest influencers of the increased demand for established homes. In Metropolitan Melbourne over the same period, vacancy rates remained at 2.1%, as did Outer Melbourne’s vacancy
rate, remaining at 1.4%. The weekly median for rent for houses stayed at $525, while it rose to $495 for units - the highest on record. First home buyer loan pre approvals, make up 80% of the current pre approvals, with the balance being mainly up sizers. Houses, townhouses and units that are close to amenities such as train stations, shopping strips and bike trails are seeing bigger jumps in prices. The March quarter saw the bottoming out of the market, and there are clear signs of increasing prices. So, if you’re looking to buy, you may want to act fast, as properties are being snapped up quickly. If you’re selling, you may be able to get a good price, but be sure to price your property competitively in order to attract interest. The Barry Plant Darebin and Merri Bek team are here to assist with any of your real estate needs. Please reach out and we will be more than happy to help. Our market update is based on data submitted by REIV members
MEET MELBOURNE’S INNER NORTH LEADERSHIP TEAM
LORET TA KHO O
JES SE D OLCET TA
HARRY KONTOSSIS
ROCCO SICILIANO
D AV I D D E V L I N
INNER NORTH DIRECTOR, AUCTIONEER
INNER NORTH DIRECTOR, AUCTIONEER
RESERVOIR DIRECTOR, AUCTIONEER
COBURG/BRUNSWICK DIRECTOR, AUCTIONEER
COBURG/BRUNSWICK DIRECTOR, AUCTIONEER
M 0437 751 641 E lkhoo@barryplant.com.au
M 0432 499 509 E jdolcetta@barryplant.com.au
M 0419 337 719 E hkontossis@barryplant.com.au
M 0408 348 032 E rsiciliano@barryplant.com.au
M 0418 343 469 E ddevlin@barryplant.com.au
OUR OFFICES 509 High Street, Northcote 295 Spring Street, Reservoir 450 Sydney Road, Coburg 1/32-34 Lygon Street, Brunswick
If your property is exclusively listed with another agency, please disregard this communication.