‘Risky move’: Melbourne buyers and sellers scrambling to seize opportunities before festive property market slowdown
First-home buyers and investors are in a frenzy as the Melbourne property market sizzles before Christmas. But what’s behind the rush — and why are some experts calling selling a ‘risky move’?
Melbourne’s auction market is ending the year with a bang, as first-home buyers rush to secure properties before the festive season.
PropTrack data revealed the city recorded a 57.1 per cent clearance rate over the weekend, with 362 homes selling — 195 of those sold before auction, leaving 160 deals sold under the hammer on Saturday.
Ray White Mill Park’s Daniel Nardella said the pre-Christmas pressure was noticeable with buyers scrambling to lock in their dream homes amid rising uncertainty of interest rates cuts in the new year.
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“Every year, first-home buyers tend to impulse buy before Christmas,” Mr Nardella said.
“If they don’t buy now, they know they’ll be waiting until February.
“So, yes, we’re seeing a lot of buyers out there just trying to snatch and grab.”
Mr Nardella said one of the standout auctions from the weekend was in Mill Park’s Blossom Park estate at 37 Veronica Crescent, Mill Park, which sold for $800,500 – $70,500 above reserve.
“We sold the home to a first-home buyer in the area who was renting –
The property hasn’t had a cheap makeover for sale — it’s raw, authentic, and ready for the new buyer to put their own stamp on it.”
Ray White Werribee’s Rene Mawad said the western suburbs were as a hotspot for budget-conscious buyers and investors after he sold a home in Manor Lakes on Saturday for $500,000 to a Ballarat investor, outbidding three first-home buyers hoping to snag a home on this side of Christmas.
“If buyers want to secure a property before Christmas, they should’ve called me yesterday,” Mr Mawad said.
“Right now is the perfect time to buy with interest rates holding steady, and established homes becoming the go-to option as new builds slow down.”
Mr Mawad’s advice came as Wyndham Vale’s Mambourin Green development reported a 70 per cent sale on its first release, offering a mix of large family blocks and compact lots priced between $328,000 and $445,000.
Frasers Property Australia’s Sarah Bloom said the success to buyers’ was due to the confidence in Mambourin Green’s sister community, Mambourin, which is already thriving with parks, schools, and a shopping centre under construction.
“From what buyers told us on the day, it’s exactly the kind of amenity, all within walking distance of home, that they’re looking for,” Ms Bloom said.
With just two weeks left until Christmas, PropTrack economist Anne Flaherty noted the urgency gripping both buyers and sellers.
“There’s a lot of stock available right now, but agents are under pressure to sell before the market slows down in the last week of December,” she said.
Ms Flaherty said for investors, the looming January 1st land tax and Airbnb tax changes are another motivator for buyers to act now.
“Many investors are rushing to offload properties before the tax kicks in, but December’s tight time frames make it a risky move,” she said.
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Originally published as ‘Risky move’: Melbourne buyers and sellers scrambling to seize opportunities before festive property market slowdown
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