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Adrian Nyariri
Sale Consultant / Auctioneer at Jellis Craig
Adrian Nyariri is a Senior Sales Consultant and Auctioneer at Jellis Craig, a prominent real estate agency in Australia. He is part of the Ringwood team and is involved in sales and auctioneering within the property market. His contact details include a phone number (0455 089 610) and an email address ([email protected]) for professional inquiries.12
Highlights
Ado's Wrap - How does Melbourne property market compare?
868 homes were scheduled for auction across the City of Melbourne this weekend; preliminary results indicate a 71% clearance rate, according to REA. Compared to this time last year, this week’s activity is -31.4% less than the 1,266 homes auctioned at this time last year.
Jellis Craig Whitehorse achieved a 100% clearance rate this weekend and a 96.61% clearance rate YTD.
With the Victorian government planning to increase Melbourne's population to 8 million by 2050, many moving to Melbourne from overseas and others states are drawn by the affordability factor, cheaper houses, and lower living costs compared to the likes of Sydney.
Melbourne’s affordability factor shows property prices were 19.2% lower than Sydney's in March 2020, when COVID went into effect. By April 2022, the difference in home prices between Sydney and Melbourne had widened to 30.3%, the largest difference since May 2006. The disparity has narrowed slightly since then, but in May 2023, Melbourne's median house value was 29.6% lower than Sydney's.
With housing supply in Melbourne trending -13.45% lower than this time last year, median house values will continue to increase, and this raises the question whether, Melbourne will lose its status to Sydney as the most affordable city for houses in the near future due to this increase in population.
#property #housing #planning #melbourne #future
Ado’s Wrap - ‘Why NOW is a better time to sell!'
According to #corelogic National Home Value Index (HVI), #property values across the nation rose by 1.2% in May. This was the third consecutive monthly rise since February, where values increased 0.6% and 0.5% in March & April.
The upward trend in #property values is driven by low levels of housing supply. According to Tim Lawless “Inventory levels are -15.3% lower than they were this time last year & -24.4% below the previous 5 year avg. for this time of year”. With continued low supply, buyers who had observed caution to enter the market have become more competitive as the FOMO sets in.
Melbourne's HVI rose 0.9% last month, whilst over the last 3 months, it’s risen by 1.6%. The rate of price decline has eased, the market rebound is supported by a recent AFR report confirming 2 x consecutive weeks where the national auction clearance rate was above 70%.
With selling conditions & confidence improving, it’s likely more #homeowners could enter the market.
The BIG question “Should I sell now or wait until Spring"?
Traditionally stock levels trend higher in spring & remain subdued in the winter months. Owners on the market now are taking advantage of the low stock & seeing strong results. Whilst those who wait for spring, risk a lift in supply rebalancing stock in favour of buyers.
My opinion: "NOW" is the time to sell, whilst springtime is a great time to buy.
#housing #melbourne #realestate #property
