Melbourne is approximately 9,992 square kilometres in size and currently ranks as the second most liveable city in the world. It was also ranked as the world’s most liveable city for seven years in a row, from 2011 until 2017. The population of Melbourne is approximately 4,9 million. The predominant age group in Melbourne is 25-34 years. Households in Melbourne are primarily childless couples and are likely to be repaying between $1800 – $2400 per month on mortgage repayments. In general, people in Melbourne work in a professional occupation. In 2006, 32.9% of the homes in Melbourne were owner-occupied compared with 34.5% in 2011. (source: Australian Bureau of Statistics).
Agent commissions in Melbourne are lower than most other states, to sell a property in Melbourne with a conventional agent you can expect to pay around 1.99% – 2.05% plus GST on average. On top of the commission, you would also generally have to pay additional advertising fees such as Realestate.com.au upgrades, which can increase your total cost significantly. All up, your total cost is likely to be $14,000 – $20,000+ if you decide to sell through an agent, as opposed to as low as $694 if you sell your home yourself with the help of PropertyNow.
Melbourne’s housing market has lifted by half a percentage point between April and May 2021, with values up 1.8% at June 2021. This takes the three month gain to 5.5%.
The impact of Victoria’s extended lockdown last year is still weighing on the annual returns for Melbourne, with housing values up a relatively small 5% since June 2020, which is the lowest Australian capital city gain.
Dwelling values increased by 5.5% over the last three months, leaving them 5% higher over 12 months. From a broader perspective, we’ve seen annual growth of 4.5% over the past decade.
The median dwelling price in Melbourne is $740,562, with median house values at $908,239 and median unit values at $605,525, higher than previous years.
Weekly rent is at $430 for houses (no change since 2018) and $380 for units. Gross rental yields are still low compared with previous years: up 2.6% for houses and 3.5% for units.
The average number of days on the market for sale properties dropped to 28 days, compared to 31 days at May 2020.
Melbourne is one of the two capital cities that experienced a slight downturn in Australian property prices during the Coronavirus pandemic, with -0.3% slip during the COVID-laden month of April, 2020.
According to experts, the pandemic property slide isn’t alarming and was somewhat expected, as larger capital cities (such as Sydney and Melbourne) are more vulnerable to a higher level of downside risk, due mainly to overseas migration.
Given Melbourne’s cooling market, selling your home without an agent could be a great option to save on agent fees. By not paying a commission, you get more room to negotiate the sale price with buyers.
So, where do you start? If you’re in Melbourne and want to sell privately, your first step is to determine your property’s market price. We can help. Request a free property value report from us here at PropertyNow.
We also provide access to agent-only websites like realestate.com.au and a full platform to manage your listing for a flat fee of $694.
If you’d like to know more about selling your property privately in Melbourne, contact us for more information or a free guide.
Julian sold his property in Fitzroy North and said “Great customer service, quick response and good chat function.”
Angela sold her property in Mill Park. “PropertyNow provided the support and knowledge I needed to have the confidence to sell my property on my own. Their support and feedback throughout the process was great. I highly recommend them,” she enthused.
Eve sold her property in Montmorency. She told us, “I can’t recommend PropertyNow highly enough. Forget about paying real estate agent percentages and just do it! The site is easy to use, all the information and all the help you need is available at a moment’s notice, with friendly good humour and excellent knowledge, experience and professionalism.
Signage has a very professional look (unlike some agent-assisted sales sites), extras are not expensive and well worth having, and everything is done with a minimum of fuss or delay. I haven’t been able to think of anything that could have been done better. Even if there is a minor mistake on occasion, it is rectified straight away once queried. I expect I will use PropertyNow for any property that I sell in the future. Thank you again!”