November Housing Market Report

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November Housing Market Report
The national clearance rate from last Saturday’s auctions (9 November) was a healthy 73%. Victoria saw a 76% clearance rate for houses and a 67% clearance rate for units.   Source: REIV Market Insights, 11 November 2019.

Auction clearance rates have remained above 70% for most weeks since mid-September and median selling time has continued its falling trend over the last quarter.

House prices in Melbourne rose by 2.3% in October and by a total of 5.5% over the three months to October.

New research by CoreLogic also suggests that Melbourne’s property market is on track to make a full recovery from the downturn and reach record high prices by the start of next year.

According to Tim Lawless, Head of Research at CoreLogic, ‘values only have to rise a further 5.8 per cent before staging a recovery’.

Source: CoreLogic: Melbourne property values could reach new heights by January

The Home Inspection Hub can help you take advantage of these favourable market conditions with a pre-purchase or pre-sale house inspection from an independent and reliable inspector. Our experienced inspectors will check over 250 separate items and provide a comprehensive report with photographic evidence, which is emailed to you within 24 hours of your inspection.

Phone us on 1300 071 283 or visit our website for more information or a free quote.