October Property Market Update

October Market Update – What’s Hot and Where

The Melbourne property market right now is a story of mini-markets within the bigger picture. Auction clearance rates sit around 67%, but that headline hides what’s really happening beneath the surface.

In key pockets, competition is fierce. The leafy east and inner bayside suburbs like Middle Park and Prahran are flying. Agents are flat out, and off-market deals are thriving — often the smartest way to buy right now.

A year ago, we were negotiating directly with vendors. Today, every property has two or three active buyers in play. Under $2 million? It’s red hot. Homes that struggled to sell last year are now achieving well above previous expectations.

How long will it last? We’re in a rising market. Stock remains tight, so a flood of listings could cool things slightly. But for now, buyers are out there — and ready to spend.

That’s why strategy matters. We recently secured a home by shutting out other buyers entirely — a move that saved our client time, stress and around $50,000 if they’d spent another few months missing out while prices rise.

The Suburbs to Watch (and Watch Out!)

If you’re looking to buy in any of these suburbs, you’re onto a good thing — these markets are running hot. But with momentum comes competition, and prices are climbing. Our advice? Have a clear strategy (that’s where we can help), know your numbers and be ready to move fast. Properties here don’t linger. A buyer’s advocate can get you in before anyone else and give you a competitive advantage.

The hot list: Hawthorn, Hawthorn East, South Yarra, Prahran, Middle Park, Albert Park, Malvern and Armadale.

The Perils of Low-Balling

It can be really tempting to low-ball an offer to a vendor. And some purchasers love negotiating in this way. But there are perils, as our Managing Director Lauren Staley shares: “I learned the hard way that low-balling can backfire. Early in my career, a client pushed me to make a low-ball offer. Against my better judgment, I did — and the vendor was so offended that when we came back with a fair price, he refused to deal with us at all. He’d

rather sell to anyone else. It was a good lesson: go in too low, and you risk shutting yourself out completely.”