Melbourne suburbs with the most recent relistings — biggest winners and losers revealed
More than 900 recent Melbourne home sales have been by vendors that only bought the properties since January 2020 — with some massive winners and losers revealed.
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Sellers of more than 900 Victorian homes in the past three months had only bought the properties since January 2020, with stressed sales now expected as rates continue to rise.
But of those 935 properties, about 800 came out on top after huge pandemic growth, with only about 100 having to cop a loss on their purchase, Suburbtrends analysis shows.
Savvy sellers of a five-bedroom house at 62 Lohr Ave, Inverloch, managed to gain $1m on their purchase price in just two years with a $2.5m deal on February 1.
They bought the property for $1.5m on February 19, 2021.
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And another five-bedroom house at 8 Glen Shian Ave, Mt Eliza, gained a mammoth $1.75m between June 2021 and October 2022 when it fetched $4.5m.
Pakenham, Glen Waverley and Mt Waverley had the highest number of relistings, with 40, 37 and 36, in the past three years, according to the exclusive data.
One of the sharpest re-sale losses was for a five-bedroom house at 53 North Oatlands Rd, Yarrambat, which sold for $2.2m in January after the sellers paid $2.6m in November 2021.
A house at 8 Johnson St, Hawthorn, sold for $2.37m in November after being bought for $2.675m in June 2021, the Suburbtrends analysis shows.
Another property at 22 Bayview Rd, Mornington, sold for $640,000 in December after being bought for $950,000 in August 2021.
Barry Plant chief executive Mike McCarthy said more stock could hit the market by mid-year if there were another one or two interest rate rises over the coming months.
“Whether they have to sell or in some cases choose to sell to get ahead of the game,” he said.
But many would not be affected by higher interest rates, particularly those who had enjoyed better incomes due to labour shortages, or pay rises over the past few years.
Ray White chief economist Nerida Conisbee said holiday homes and investment properties were likely to be first to go, with homeowners holding onto the family roof where possible.
Suburbtrends founder Kent Lardner said relistings could be driven by cost-of-living pressures or moves to different regions, and he expected they would continue to rise.
“Many homebuyers who are already feeling the pinch financially may be deciding to sell up,” he said.
“Any buyers entering the market in the last two to three years have all paid record prices, creating significant pressure for owners with larger mortgages, especially those now moving into variable interest rates.”
PropTrack economist Angus Moore said real estate was typically a long game.
“Most people don’t buy and sell in six months so what happens on a month-to-month basis should not affect many people,” he said.
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