A handful of popular Melbourne neighbourhoods are defying the property market downturn, and the city’s housing values are inching higher.
Auction clearance rates in the outer east of Melbourne were 78 per cent in February, pointing to price growthLow numbers of homes for sale are helping to keep competition up between buyers.
Melbourne’s outer east recorded a 78 per cent auction clearance rate in February, while the inner east recorded a clearance rate of 75.5 per cent and the southeast region was 71.6 per cent. Interest rates may rise further, previous rate hikes are yet to take full effect, the economy is likely to weaken this year as unemployment rises and households spend their savings, for example.In Melbourne’s outer east where the clearance rate was close to 80 per cent, quality properties that are renovated and have a good layout were attracting competition.
But it had become trickier to sell homes and rising interest rates meant some buyers were now looking for sales with a ‘subject to finance clause’ to ensure they could get a mortgage. He said overseas buyers were coming back to the market, although not in the numbers agents had been expecting. “Even during downturns it waxes and wanes,” Oliver said. “Prices can edge higher and then come off again. You could argue there’s an element of that now.”
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